Binance Coin (BNB) is making headlines as its price prediction points towards a significant rally. Speculation surrounding the early release of former Binance CEO Changpeng Zhao (CZ) is creating buzz, and BNB is responding with a sharp upward trend.
BNB price prediction has been the talk of crypto circles, and the anticipation is that the coin could surge past $700, possibly reaching new heights once CZ is back in the spotlight.
As the BNB price prediction gains momentum, it’s critical to consider the factors driving this rally. On September 29, Zhao is expected to be released from prison, following a sentence handed down in April.
However, rumors have surfaced that CZ could be freed earlier than expected, as reported by BeInCrypto. This news has fueled market speculation and pushed the price of Binance Coin upward.
BNB Price Soars in Response to Changpeng Zhao’s Release Rumors
Before the news of CZ’s release, BNB price prediction saw the coin trading at $595. Fast forward, and BNB has surged to $605.60, showing that the market is reacting positively to the potential early release of the former CEO.
A closer look at the daily timeframe analysis reveals that Binance Coin could soon exceed its current value, with experts projecting a further rise if market conditions hold.
It’s worth noting that BNB price prediction reached an all-time high of $720 while Zhao was in prison. Despite currently being 16% below that peak, the formation of an inverse head-and-shoulders pattern on the charts is a bullish indicator. This technical pattern suggests that a reversal from the current downtrend is imminent. If the pattern completes, BNB could break out and see even higher highs in the coming weeks.
As of September 6, BNB was valued at $487.20, and the price has steadily climbed since then. The recent surge past $600 has sparked renewed interest among investors, with many predicting that BNB price prediction could surpass $700.
The excitement surrounding CZ’s release has only amplified this sentiment, with some analysts even forecasting a stronger-than-expected rally driven by market enthusiasm.
Binance Coin’s bull run could be back in full force, as the market braces for Changpeng Zhao’s return. BNB price prediction suggests that the coin’s support at $510 will continue to hold, while resistance at $620 may prove challenging. Should BNB break through this resistance, a new price level of $656 could be within reach, and the next target of $724.70 is not far behind.
BNB Price Prediction: Bulls Defend Critical Support
Looking deeper into the technical aspects of BNB price prediction, the daily chart shows that bulls are aggressively defending support at $533.60. This key level has also allowed BNB to rebound from the 20-day Exponential Moving Average (EMA).
The EMA is a crucial indicator for determining trend direction based on price movements. When the price is above the EMA, it indicates a bullish trend, while a drop below signals bearish momentum.
Currently, BNB is well-positioned for growth as the 20 EMA (blue) has crossed over the 50 EMA (yellow). This crossover is known as a “golden cross,” a powerful technical signal that indicates potential for further gains. With no significant resistance in sight, BNB price prediction shows the coin could continue climbing toward $656 and beyond.
The Chaikin Money Flow (CMF) indicator is another key factor supporting BNB’s bullish outlook. The CMF tracks net accumulation or distribution, and a rising CMF suggests strong buying pressure.
As of now, the CMF is trending upward, which indicates that Binance Coin is experiencing increased accumulation and reduced selling pressure. This adds further credence to the bullish BNB price prediction.
According to prominent crypto analyst Joseph Young, “BNB is benefiting from both strong technical indicators and the speculative excitement surrounding CZ’s return. The combination of these factors makes the current BNB price prediction very favorable.”
Crypto influencer and trader Michaël van de Poppe adds, “The inverse head-and-shoulders pattern, along with the golden cross, is painting a very bullish picture for Binance Coin. If Zhao’s release is confirmed, we could easily see BNB testing the $700 level.”
Such sentiments are echoed across the crypto community, as BNB price prediction becomes a hot topic of discussion. The anticipation of Zhao’s early release, combined with robust technical analysis, makes it clear that Binance Coin could be in for a major rally in the coming days.
Binance Coin’s Path Forward: Will BNB Hit $700?
With all the excitement surrounding CZ’s return, the question remains: will BNB price prediction come true, and could Binance Coin really hit $700? The answer largely depends on market sentiment and whether Zhao’s release materializes as expected. If the rumors hold true and CZ is released ahead of schedule, BNB could see an immediate boost as investor confidence grows.
The current support and resistance levels, combined with favorable technical indicators, make it likely that Binance Coin will continue its upward trajectory. Should market conditions remain stable, BNB price prediction suggests that the coin is well on its way to hitting $700 and potentially reaching even higher levels as Zhao re-enters the crypto world.
In conclusion, BNB price prediction remains optimistic as Changpeng Zhao’s early release speculation continues to fuel market excitement. The combination of strong technical signals, bullish chart patterns, and the anticipation of CZ’s return positions
Binance Coin for a potential breakout above $700. Investors should keep a close eye on developments in the coming days, as BNB looks set to soar to new heights. Get more from The Bit Gazette.
