As a seasoned researcher with a knack for deciphering market trends and a keen eye for potential opportunities, I must say that the current surge in BNB coin price has piqued my interest. The imminent release of Binance founder Changpeng Zhao from federal imprisonment seems to have set the stage for this digital asset’s growth.
On Monday, before the U.S. trading session began, the price of BNB coin climbed by 1.2%, reaching approximately $594. As the current recovery continues, there’s a strong possibility that it will break through the resistance at $600. This development comes ahead of Binance founder Changpeng Zhao’s release from the Long Beach RRM federal facility. Given these circumstances, is now the ideal time to invest in BNB?
3 Reasons to Invest in BNB Coin Ahead of Binance Founder CZ’s Release
As per records from the Bureau of Prisons database, Changpeng Zhao, the ex-CEO of Binance, is scheduled for release on September 29, 2024, from Long Beach RRM, a federal detention center in San Pedro, California, after serving a four-month sentence. Here are three compelling reasons to consider investing in BNB coin:
Bohr Hard Fork to Transform BNB Smart Chain: Key BEPs Introduced
The Bohr hard modification marks a significant advancement, ushering in an age of enhanced efficiency and scalability for the BNB Smart Chain. As per a recent blog post announcement, this enhancement is set to be deployed on the BSC main network on September 29th, introducing four fresh BEPs (Binance Chain Evolution Proposals).
- BEP 341: enabling validators to produce consecutive blocks.
- BEP 402: Completes missing fields in the block header to generate signatures.
- BEP 404: Clears miner history when switching validators set
- BEP 410: Adds an agent for validators
Out of all these elements, BEP 341 stands out as the vital part of this hard fork, enabling validators to generate successive blocks in sequence. Moving away from the current one-slot system will substantially accelerate block processing, resulting in a more seamless experience for both users and developers.
BNB Coin Futures Surge: Open Interest Spikes 28% in Two Weeks
The BNB cryptocurrency is showing signs of a resurgent uptrend in future contracts open interest. As per Coinglass’s data, the Open Interest (OI) figures have surged from $460 million to $589 million – an increase of 28% – over a two-week period.
Generally speaking, an increase in Open Interest (OI) suggests that investors are becoming increasingly confident about a market, as they are buying more BNB futures contracts, which means more money is being invested in these contracts.
Binance Coin Price Hints Major Breakout from Reversal Pattern
Over the past three weeks, the BNB coin has experienced a swift V-shaped recuperation from $471 to $596, marking a 27% increase. Upon closer inspection of the daily chart, it appears this recovery played a role in the development of a recognized reversal pattern known as an “inverted head and shoulder.
This afternoon, the price of Binance coin increased by 1.83% and broke through the upward trendline of its resistance pattern at approximately $600. If this resistance level successfully flips into support, it could boost the bullish trend and trigger a jump of around 20%, taking the price up to $722. Subsequent to that, a further rally is predicted, potentially reaching $783.9.
Instead, if there’s increased selling activity for the BNB coin around the $600 mark, the sellers might push the price downward, extending the ongoing period of sideways movement or consolidation.
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2024-09-23 18:12