BNB price has been bullish for weeks but is still far from reaching the highs of $720. Even so, it has staged a surprising rally that has pushed the price of Binance Coin higher when the rest of the market fell. The same is expected to happen this time around, especially with Bull dominating and Binance founder CZ out of jail. Although the exchange has been functioning well without the former Binance CEO, crypto investors have been waiting for this moment to witness BNB’s value surge.
BNB price rises after CZ posts first tweet after being released from prison
Changpeng Zhao is a well-known figure in the cryptocurrency industry as he is the founder of Binance. However, he resigned from his position as CEO after one of the largest cryptocurrency exchanges got into legal trouble. However, the story does not end with his resignation. Changpeng Zhao had to pay a $50 million fine and serve four months in prison, which he eventually completed on September 27. And this simple incident has driven the BNB price up today.
Although Binance’s legal issues did not have much impact on BNB prices, CZ’s departure brought a significant price increase. What’s more, CZ’s first tweet on X was even more impactful, saying “GM”, which was his greeting to fans and a way to tell them that he had left. With the announcement, the price of Binance Coin rose from $606.25 to $616.53, hitting its highest point for the entire month.
BNB has been on a bullish run since it dropped to $464.63 in August, but the process accelerated in September. This month, its value rose from $540 to $616, up 11% month-on-month. This rise was the result of the hype surrounding the removal of the former Binance CEO, which has continued to increase with each passing day. Even in the last seven days, it has surged by 4.27%. However, this demand did not last long as the price fell again and is currently at $604.
What happens next? Will BNB price rise or fall in the long term?
The return of the former Binance CEO from prison has created a stir in the crypto market, with many crypto analysts suggesting that BNB price will rise to new highs. This has become more serious with the anticipation of Uptober and a rally in the crypto market. However, it is clear that the price of BNB is hardly affected by the exchange or CZ news. Nevertheless, after CZ’s first tweet about X, BNB price surged significantly to $616. Technical indicators also hint that if the coin survives the overbought zone, the bull run will dominate in the long term, as shown by CCI, Williams %R and some other indicators.
Conclusion:
Time 2024.9.28 17:16 BNB (597.57)
CZ's release from prison did not reach the expected 620. I am bearish and BNB will definitely pull back, but since BTC is continuing to rise, I do not recommend any operation.
CZ's return to freedom is definitely good for the cryptocurrency world. Having completed suffering and redemption, CZ has become a symbol of the industry, and the boost to confidence in the cryptocurrency world is self-evident.
#cz回归 #BNB走势
