The price of BNB has been showing a bullish trend for several weeks, but it still has a ways to go before reaching its all-time high of $720. Despite this, there was a sudden rally in the past that boosted the value of Binance Coin even when the rest of the market was struggling. A similar scenario is expected to unfold now, especially with the dominance of the bulls and the recent release of Binance Founder CZ from prison, which has generated anticipation among crypto investors for a surge in BNB’s value.
Following CZ’s imprisonment and subsequent release after paying fines and serving a four-month sentence, the BNB price saw a significant jump. Despite Binance facing legal troubles, the release of Changpeng Zhao had a positive impact on BNB’s price, particularly after he tweeted “GM,” signaling his return to the public eye. This led to a spike in the Binance Coin price, reaching its highest point in the month at $616.53.
The BNB price has been on an upward trajectory since hitting a low of $464.63 in August, with a notable acceleration in September where it climbed from $540 to $616, marking an 11% increase over the month. While the hype surrounding the ex-Binance CEO’s release contributed to this surge, the price has since fluctuated and is currently at $604.
Looking ahead, market indicators suggest a mixed outlook for BNB’s price. While technical factors like moving averages signal high buying pressure and bullish momentum, some indicators like RSI, Williams %R, CCI, and Momentum point to potential overbuying and signal a short-term downtrend in the price. As a result, the future price movement of BNB remains uncertain, with a possibility of either sustained uptrend or a price correction.
The return of the ex-Binance CEO has caused a stir in the crypto market, with many predicting a rise in BNB’s price, especially in anticipation of potential market rallies. However, the performance of Binance Coin seems relatively detached from the news related to the exchange or CZ. Nevertheless, the recent surge to $616 following Changpeng Zhao’s tweet signals the market’s positive reaction to his release. Technical analysis indicates the potential for a bullish trend in the long run, provided the token can navigate the current overbought conditions suggested by various indicators.
The original article “BNB Price Jumps After Ex-Binance CEO CZ’s First Tweet Since Prison Release, What’s Next?” was published on CoinGape.