As a seasoned crypto investor with over a decade of experience in the digital asset market, I’ve learned to navigate through the volatile and unpredictable world of cryptocurrencies. The recent drop in BNB price on a low-volatility Sunday, while seemingly insignificant, is often a telltale sign for savvy investors like myself. This bearish pullback could signal a brief cooling period before buyers regain their bullish momentum.
On a tranquil Sunday, BNB‘s price dipped by 0.75%, now standing at $597. Similar to other significant altcoins, this dip could indicate a temporary pause as investors gather strength to resume their bullish trends. The latest move by Changpeng Zhao (CZ) has boosted Binance Coin, and its resilience in maintaining key support levels hints at the possibility of an extended surge.
Will Binance Founder CZ’s Future Plans Drive BNB Price to a $700 Rally?
As reported by the U.S. Bureau of Prisons (BOP), Changpeng Zhao, also known as ‘CZ’, was freed from a California correctional facility this past Friday. Previously, in April, Zhao served a four-month sentence due to his violation of the Bank Secrecy Act (BSA) because Binance did not establish a proper know-your-customer (KYC) system.
The release announcement triggered an intraday gain of 1.5% in BNB price and retested the $614 level. Earlier today, CZ shared his first public statement, shedding light on his future endeavors.
Initially, he requested some time for relaxation, but later on, he brought up the topic that the educational platform Giggle Academy was seeing consistent advancements.
Zhao shared that he intends to keep pouring funds into areas such as blockchain technology, decentralization, artificial intelligence, and biotechnology. He considers himself a patient investor who prioritizes the positive effects over financial gains.
He emphasized his growing interest in philanthropy and will continue his book.
Even though Changpeng Zhao’s comments do not directly impact the BNB price, his observations about Binance continuing to prosper despite his reduced activity might increase investor confidence.
As a researcher delving into the realm of gastronomy, I must say, the flavors are simply delightful… It’s a genuine pleasure to indulge in multiple servings of fruit every day – a true indulgence indeed!
I know some of you may have a lot of questions. I won’t have all the answers.
Let me chill for a bit. Then figure out the next steps. There are always more opportunities in…
— CZ BNB (@cz_binance) September 29, 2024
BNB Eyes $800 Amid Inverted Head and Shoulders Breakout
Over the past three weeks, Binance coin’s price has significantly rebounded from a low of $482 to a high of $618 – that’s a 28% rise. This bullish surge has formed an inverted head and shoulder pattern, and it broke decisively above its neckline on September 23rd.
After breaking through its previous resistance, the altcoin has been moving horizontally, aiming to maintain a position above the breached level. If the buying pressure continues, the coin could surge by 34%, potentially reaching a new high and testing the $800 mark.
When the Bollinger band indicator pushes upwards, it suggests that buyers are still strongly influencing the market, potentially leading to an extended bullish trend.
Although the CZ release took place, the BNB price has found it challenging to deliver a fitting response to the breakout signals, suggesting a potential bull trap. If the price falls below the neckline at $595, it may trigger a correction down to approximately $528.
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2024-09-29 18:52