BNB Price Could Surge Above $700 With CZ Release

Binance Coin (BNB) has been at the center of market activity in recent weeks, driven primarily by growing speculation surrounding an early release from Binance’s former CEO Changpeng Zhao (CZ).

With CZ no longer facing jail time, market optimism is high, driving BNB prices up sharply. Investors are excited because the potential return of one of the most influential figures in the cryptocurrency space could catalyze a bigger rise in BNB’s value.

As of September 6, BNB was trading at $487.20. Fast forward to today, and we have witnessed a massive surge in BNB, breaking through the $600 mark. But what’s even more interesting is that this could be just the beginning. Many analysts believe that the market’s reaction to CZ’s return could be much stronger than previously expected. We could be on the verge of seeing BNB’s price move beyond most predictions.

Historically, BNB has shown resilience in its performance. At its peak, BNB hit an all-time high of $720 while CZ remained incarcerated. This was a landmark moment for the coin. Although we are currently around 13% below the peak, recent market signals paint a bullish picture for BNB in ​​the coming weeks.

One key indicator that traders watch is the formation of an inverted head and shoulders pattern on the chart. This pattern often signals the end of a downtrend and the start of a potential upside reversal. Market participants closely watch this technical formation, and once it is completed, the likelihood of a major bullish breakout becomes increasingly likely.

Given the current market conditions, BNB could be gearing up for another bull run. The coin currently holds a solid support level of around $510, which has proven to be a crucial threshold to sustain the upward momentum. However, it is worth noting that the coin could face resistance at $620, which could prove challenging to break. But if BNB manages to overcome this hurdle, the path to $700 and above would become more obvious.

Chaikin Money Flow (CMF)

Another indicator that stands out is the Chaikin Money Flow (CMF). For those who are not familiar with this technical tool, the CMF tracks the net accumulation or distribution of an asset by measuring the inflow and outflow of funds into and out of the asset. A rising CMF, as we are currently seeing on BNB, indicates strong buying pressure, which is a bullish sign. When this type of accumulation occurs, it shows that investors are confident in the future performance of the asset, which further supports the idea that BNB is about to surge.

Regarding price predictions, analysts now see the $700 mark as a start. A closer inspection of the daily chart shows that bulls are firmly defending key support levels, especially around $533.60. This is crucial for BNB’s recent rebound from the 20-day exponential moving average (EMA), which measures the short-term trend strength of the coin. Typically, when the price is above this EMA, it is a bullish sign, indicating that the trend is up.

Further bolstering this bullish outlook, BNB’s price has recently moved above its 100-day simple moving average (SMA), another important technical indicator that often signals continued price gains. With little resistance ahead, analysts predict that BNB could not only break above $660, but could reach $724.70 in the near future — especially as CZ’s announcements become more widespread and his influence in the crypto community becomes more visible once again.

Final Thoughts

In conclusion, the possibility of BNB surging above $700 is becoming more and more realistic as market excitement builds and strong technical indicators point to further upward momentum. As the crypto community eagerly awaits CZ’s return, investors are gearing up for what could be one of the most significant rallies in Binance Coin’s history.