Binance Coin (BNB) Signals Bullish Breakout Ahead of CZ’s Possible Early Prison Release

Coinspeaker
Binance Coin (BNB) Signals Bullish Breakout Ahead of CZ’s Possible Early Prison Release

Less than four days to the end of the dreaded September, Binance Coin BNB $607.6 24h volatility: 2.1% Market cap: $88.58 B Vol. 24h: $1.21 B has signaled the return of the bullish sentiment. The large-cap altcoin, with a market capitalization of about $88 billion and a daily average traded volume of about $1.2 billion, gained around 2 percent in the past 24 hours to reach a range high of about $608.

If BNB’s price closes the month trading above $600, the fourth quarter will be set for further bullish sentiment.

Moreover, BNB’s price established a robust support range between $460 and $491 in the past two months. From a technical perspective, BNB price formed an inverted head and shoulder (H&S) pattern coupled with a bullish divergence in the daily Relative Strength Index (RSI).

With the weekly RSI having rebounded from the 50 percent level, BNB price is well positioned to reach a new all-time high in the near term.

The altcoin is aiming for $921 next, which coincides with the weekly 1.618 Fibonacci Retracement.

$BNB Weekly Moving Averages pic.twitter.com/eVqMiak4kM

— Into The Cryptoverse (@ITC_Crypto) September 26, 2024

Binance and the entire crypto community have eagerly been waiting for the release of former CEO and co-founder Changpeng Zhao alias CZ from prison in the United States. A report by the media outlet Forbes indicated that CZ may be released later today, two days before the official date. Furthermore, the official release date for CZ coincided with the weekend, of September 29, 2024.

The inevitable release of CZ by next week has stirred significant hype among the related meme coin holders and the entire BNB ecosystem. Already, the Binance ecosystem has registered significant growth in the meme coin sector, with a specific project dubbed 4 (FOUR) dedicated to CZ having spiked over 22 percent in the past two weeks.

While the release of CZ will only be a positive symbolic gesture, the Binance ecosystem has grown under the leadership of CEO Richard Teng. According to the official website, Binance Exchange has registered more than 231 million global users, thus maintaining the leadership position.

According to the latest market data, the BNB network has maintained strong growth with a total value locked (TVL) of about $4.82 billion and a stablecoin valuation of around $5 billion.

As Coinspeaker previously noted, Binance has acquired over 19 regulatory approvals in different jurisdictions including the UAE and El Salvador.

The BNB price breakout is gradually following the Bitcoin (BTC), which rallied above $65K earlier today. The crypto market has been following the bullish breakout of major precious metals, such as gold and silver, following the notable global economic shift.

The recent interest rate cuts in China, the United States, Canada, and the European Union have sparked bullish sentiment for the crypto industry ahead of the fourth quarter.

Binance Coin (BNB) Signals Bullish Breakout Ahead of CZ’s Possible Early Prison Release