BNB price dropped 0.75% during a low-volatility Sunday, currently trading at $597. Like many major altcoins, this bearish pullback likely signals a brief cooling period for buyers to regain bullish momentum. Following the recent release of Changpeng Zhao ‘CZ’, Binance coin’s ability to hold above key support levels suggests the potential for an extended rally.
Will Binance Founder CZ’s Future Plans Drive BNB Price to a $700 Rally?
According to the U.S. Bureau of Prisons (BOP), the Binance founder Changpeng Zhao ‘CZ’ was released from a correctional facility in California on Friday. In April, Zhao was imprisoned for four months for violating the Bank Secrecy Act (BSA) due to Binance’s failure to implement an adequate know-your-customer (KYC) program.
The release announcement triggered an intraday gain of 1.5% in BNB price and retested the $614 level. Earlier today, CZ shared his first public statement, shedding light on his future endeavors.Â
While his initial comment asked for relaxation time, he later mentioned that the online education platform Giggle Academy is making steady progress.
Zhao stated he “Will continue to invest in blockchain/decentralized technologies, AI, and biotech. I am a long term investor who care about impact, not returns.
He emphasized his growing interest in philanthropy and will continue his book.
Although Changpeng Zhao’s statements don’t directly affect the BNB price, he noted that Binance is thriving without his active involvement, which could boost investor sentiment.
gm, the food taste so good… And what a luxury to be able to have more than one piece of fruit per day!
I know some of you may have a lot of questions. I won’t have all the answers.
Let me chill for a bit. Then figure out the next steps. There are always more opportunities in… https://t.co/9hvgp8Bo97
— CZ 🔶 BNB (@cz_binance) September 29, 2024
BNB Eyes $800 Amid Inverted Head and Shoulders Breakout
In the last three weeks, the Binance coin price showcased an aggressive recovery from $482 to $618 high— a 28% increase. The bullish upswing revealed the formation of an inverted head and shoulder pattern and a decisive breakout from its neckline on September 23rd.
Since then, the altcoin has traded sideways, trying to stabilize above the breached resistance. With sustained buying, the post-breakout rally could drive the asset 34% up to challenge the $800 peak.
The Bollinger band indicator challenged on the upside indicates that buyers remain the dominant force to drive a prolonged rally.
However, despite the CZ release, the BNB price struggle to offer a suitable follow-up to the breakout signals the risk of a bull-trap. A possible breakdown below the neckline at $595 could drive a correction to $528.
Frequently Asked Questions (FAQs)
While CZ’s post-release plans, including investments in blockchain, AI, and biotech, don’t directly impact BNB’s price, his continued influence could boost investor confidence
The inverted head and shoulders pattern is forming on BNB’s charts, suggesting a potential 35% rally that could push the price toward the $700 level if the breakout holds.
Despite the bullish momentum, long-wick rejection candles and the struggle to hold above $600 indicate a possible bull trap
Sahil Mahadik
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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