BNB has been in the spotlight recently as Binance founder and former CEO Changpeng “CZ” Zhao was released from a US federal prison on September 27 after completing a four-month sentence for violating Anti-Money Laundering laws.
While some believe that CZ’s release could trigger a bull run for BNB, others expect BNB’s performance to mirror the general trend of the altcoin market.
Similar to Bitcoin, BNB has been stuck in a large trading range for the past few months, showing indecision between bulls and bears.
However, a positive sign is that investors remain optimistic about the long-term prospects of both Bitcoin and BNB. Some analysts predict Bitcoin will hit a new all-time high in the fourth quarter, while others expect a new high to appear in 2025. For BNB, some analysts predict a price increase to $1,000.
The big question is whether Bitcoin or BNB will outperform? Can BNB, which is below its all-time high against Bitcoin, make a comeback? Let's analyze the BNB/BTC chart to find out.
BNB/BTC Weekly Chart Analysis
The pair is attempting to recover in a downtrend, but the recovery is facing selling pressure just below the 38.2% Fibonacci retracement level at 0.010 BTC. This shows that the sentiment is still negative and traders are selling on rallies.
If the price continues to decline and breaks below the 20-week simple moving average (SMA) at 0.009 BTC, the BNB/BTC pair could drop to the 50-week simple moving average (SMA) at 0.008 BTC. This level is likely to attract buyers, leaving the pair stuck between the 50-week SMA and the 0.010 BTC level for a while.
Conversely, if the price bounces off the 20-week EMA, it will indicate that the bulls are buying on dips. The bulls will then attempt to break above the overhead resistance at 0.010 BTC. If they succeed, the pair could rise to the 50% Fibonacci retracement level at 0.012 BTC and then the 61.8% Fibonacci retracement level at 0.014 BTC. Buyers will have to overcome this barrier to indicate that the downtrend is over.
BNB/BTC Daily Chart Analysis
The pair has been trading in a wide range between 0.008 BTC and 0.010 BTC for several months. Both moving averages have crossed over each other, and the relative strength index (RSI) is just below average, indicating a balance between supply and demand.
If the price breaks below the 50-day SMA (0.009 BTC), the pair could drop to 0.0086 BTC. This is an important level that the bulls need to defend, as a drop below this level could see the pair fall to the bottom of the range at 0.008 BTC.
On the upside, the first resistance level is at 0.0097 BTC. If this level is broken, the pair could retest the important 0.010 BTC level. A strong reversal from 0.010 BTC would indicate continued range-bound trading, while a breakout could start a new rally. A breakout from this range would target the pair at 0.012 BTC.
