As a researcher who has been closely monitoring the crypto market for several years now, I find myself intrigued by the current state of Binance and its native token, BNB. The price of BNB is steadily approaching a significant resistance level, one that it has failed to surpass in the past. However, this time around, I can’t help but notice the impending release of Changpeng Zhao (CZ) from his legal troubles, scheduled for Sept. 29.
As a researcher, I’m observing that the value of the native token on the Binance Chain is gradually climbing towards a significant barrier of resistance, which lies near the previous record high of around $691 per BNB. Over the past three years, this cryptocurrency has attempted to surpass this level multiple times but hasn’t been able to do so yet.
However, this time may be different.
Four days from now, on September 29th, I eagerly await the release of Changpeng Zhao, commonly known as CZ, who once held a significant position at the exchange and greatly impacted the crypto market.
CZ, 4 and Binance
Keep in mind that this year, the exchange faced a massive penalty totaling over $4.2 billion from both the Department of Justice (DoJ) and the U.S. Securities and Exchange Commission (SEC). As a result, its leader, CZ, spent a four-month stint behind bars.
Currently, the ex-CEO of Binance is approaching the conclusion of his term, coinciding with BNB‘s price reaching a peak not seen in several years.
Indeed, as technical and underlying factors continue to shape the cryptocurrency market, there’s increasing chatter among investors and crypto enthusiasts that Changpeng Zhao (CZ)’s departure could serve as the catalyst for Binance Coin (BNB) to break through a significant resistance level and soar in pursuit of a fresh record high.
Whether it will actually work is a big question.
Yet, the combination of elements seems striking. It’s intriguing to contemplate the impact that the re-entry of such a significant figure into the crypto world might have on prices. Since similar occurrences haven’t happened before in the market, whatever happens next will set a new standard.
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2024-09-25 17:52