BNB Price Prediction
There are several key points worth noting in the current market regarding the price dynamics of BNB (Binance Coin). First, BNB price is expected to break through the $720 mark against the backdrop of the formation of a bullish wedge pattern and the clarification of rumors about Zhao Changpeng.
This bullish wedge pattern shows that BNB price has been trading sideways within this pattern despite some uncertainty in the market. In order to re-establish a clear direction, the price needs to break through the current trend line.
Meanwhile, rumors about Zhao Changpeng's early release from prison have been officially refuted, and his actual release date is expected to be September 29, 2024. The clarification of this news helps to eliminate market uncertainties.
From the perspective of market sentiment, BNB price is undergoing a positive shift and has recaptured several key moving averages such as the daily EMA (20, 50, 100, and 200).
If the buying momentum can continue, BNB is expected to surpass its all-time high of $720.67 and move closer to the wedge resistance level near $850.
On the other hand, there are also predictions that if the price can break through in the direction of the current trend, BNB may usher in a 30% increase to $414.70.
In summary, the price outlook of BNB seems optimistic, but it is still necessary to pay close attention to market dynamics and further changes in key news.
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