The BNB price has been showing positive signs recently, although it has not yet reached its all-time high of $720. In a surprising turn of events, Binance Coin experienced a rally when the rest of the market was struggling. It is expected that a similar scenario might unfold again, especially with the dominance of the bulls and the recent release of Binance Founder CZ from custody. While the exchange has been functioning smoothly even in the absence of the former CEO, crypto investors have eagerly been waiting for this moment to witness a surge in the value of BNB.
Following his release from prison, Changpeng Zhao, a prominent figure in the crypto industry due to his role as the founder of Binance, saw a spike in the price of BNB after sending out his first tweet. Despite facing legal issues and stepping down from his CEO position, CZ paid hefty fines and completed a four-month prison sentence, which concluded on September 27. This seemingly simple event had a significant impact on the value of Binance Coin.
The price of BNB had been on an upward trajectory since dropping to $464.63 in August, with a notable acceleration in September. The hype surrounding CZ’s release contributed to a surge in demand, resulting in the price increasing from $540 to $616 over the month. However, the price has since dropped back down to $604 after reaching its peak.
While the tweet by the ex-Binance CEO initially boosted BNB, the market’s volatility led to a subsequent price decline. Technical indicators suggest a bullish trend in the cryptocurrency, with signals of high buying pressure from moving averages and the relative strength index (RSI) hovering in a neutral zone. Despite the bullish signals, there are indications of overbuying, which could potentially lead to a trend reversal.
Both buying and selling signals are present in the market, with indicators like Willaims %R, CCI, and Momentum pointing towards an overbought period for BNB. This could lead to price consolidation or a short-term downtrend.
The return of the ex-Binance CEO from prison has triggered speculation among crypto analysts about the potential for BNB price to reach new highs, especially in anticipation of the Uptober and a crypto market rally. While the Binance Coin price has shown resilience against external factors, such as news related to the exchange or its founder, a substantial increase to $616 was observed following Changpeng Zhao’s tweet. The technical indicators suggest a bullish outlook in the long run, provided the token can withstand the overbuying phase indicated by various indicators.