With the release of Changpeng Zhao (CZ) from prison, a significant increase in BNB prices was observed. CZ’s first tweet caused the prices to rise. Despite the uptrend that has been going on for weeks, BNB has not yet reached the record level of $720. However, despite the general stagnation of the market, Binance Coin has made an unexpected gain in value to $597.
CZ, in addition to being a well-known name in the industry, had to resign from his position as CEO due to legal issues. After serving four months in prison, CZ was released on September 27 and paid a $50 million fine. His release caused an instant increase in the BNB price. His “GM” post after his release from prison created excitement among investors and the BNB price increased from $606.25 to $616.53, which was the highest level of the month.
Technical Analysis and Future Expectations
BNB$BNB
, has been in an uptrend since the beginning of August at $464.63. In September, the price rose from $540 to $616, marking an 11% monthly increase. However, technical indicators are giving mixed signals. The RSI is at 64.3, which suggests that the trend may continue, but some indicators are warning of overbought.
“BNB’s rally was driven by CZ’s comeback,” one crypto analyst commented.
Selling Pressure and Price Adjustments
Over the last seven days, BNB has recorded a 4.27% increase, but then it fell again and is currently trading at $604. Sellers are giving strong sell signals through indicators such as William %R, CCI, and Momentum. This suggests that the price may consolidate or decline in the short term.
It is thought that the bull market effect may continue in the long term, but it remains uncertain whether the token will break out of the overbought region. CZ’s release from prison provided a significant increase in the BNB price, while technical indicators indicate that the bull market may continue in the long term. However, overbought signals may cause fluctuations in the short term. It is important for investors to follow market movements carefully.
