The price of BNB has been showing signs of bullishness for weeks now, although it still has a long way to reach its all-time high of $720. In the past, there was an unexpected rally that lifted the Binance Coin price while the rest of the market was struggling. A similar scenario is expected to unfold again, especially with the dominance of the Bulls and the recent release of Binance Founder CZ from custody. Despite the exchange functioning smoothly without the former CEO, crypto investors have been eagerly awaiting this moment for the BNB’s value to soar.
Following CZ’s completion of a four-month prison sentence, the BNB price experienced a jump after his first tweet since his release. Even though Binance had faced legal issues leading to CZ’s resignation, his return from prison had a positive impact on the BNB price. His initial tweet upon release, a simple “GM” greeting to his followers, signaled his return, and subsequently, the Binance Coin price surged from $606.25 to $616.53, marking the highest peak in that month.
BNB had been on an upward trajectory since dropping to $464.63 in August, with a significant acceleration observed in September. The price surged from $540 to $616 over the month, representing an 11% increase. This surge was largely fueled by the hype surrounding CZ’s release, resulting in a 4.27% surge in the last week. However, the demand tapered off as the price has since dropped to $604.
While the ex-Binance CEO’s tweet initially boosted BNB, leading to a short-lived price rise, current indicators suggest a mixed outlook for the future. Technical factors indicate strong buying pressure, with moving averages signaling a buying trend at various levels. The RSI currently sits at 64.3, a neutral zone close to the overbought territory, potentially signaling a trend reversal. Conversely, selling signals are evident from indicators such as Willaims %R, CCI, and Momentum, hinting at a possible price consolidation or short-term downtrend.
CZ’s return has sparked speculation about BNB reaching new highs in the crypto market, particularly with the anticipated Uptober and potential market rally. Despite the Binance Coin price showing resilience to news related to the exchange or CZ, a significant surge to $616 followed CZ’s first tweet post-release. The technical indicators suggest bullish dominance in the long term if the token can navigate the overbought territory highlighted by CCI, Willaims%R, and other indicators.