The BNB price has been showing signs of positivity over the past several weeks, although it still has a ways to go to reach its all-time high of $720. In a surprising turn of events, Binance Coin experienced a rally that propelled its price upwards while the rest of the market was struggling. It is expected that a similar scenario may unfold again, especially with the prevailing bullish sentiment and the recent release of Binance Founder CZ from custody. Even though the exchange has been functioning smoothly in the absence of the former CEO, crypto investors have been eagerly awaiting this moment for the BNB’s value to surge.
Following his release from prison, Changpeng Zhao, a prominent figure in the crypto industry as the founder of Binance, made his first tweet indicating his freedom. The event of CZ’s return from prison had a positive impact on the price of BNB, causing it to jump from $606.25 to $616.53, marking the highest peak in the month.
Despite the legal issues surrounding Binance, the release of Changpeng Zhao has significantly influenced the BNB price. The excitement surrounding CZ’s tweet and his release played a role in the recent surge in the Binance Coin price. The surge has been part of a larger upward trend that began when the BNB price fell to $464.63 in August and gained momentum throughout September.
Looking ahead, there are mixed signals in the market regarding the future price movement of BNB. While technical factors suggest bullish momentum, there are indicators pointing towards a potential trend reversal due to overbuying. As the market remains volatile, it is essential to monitor the various technical signals such as moving averages, RSI, and other indicators to gauge the cryptocurrency’s performance.
The return of the former Binance CEO has fuelled speculation among crypto analysts about the BNB price potentially reaching new heights. The market sentiment is also influenced by the anticipation of Uptober and a potential crypto market rally. Despite the association with CZ and the exchange, the Binance Coin price has shown resilience and reacted positively to recent developments. If the token can navigate the overbuying phase, indicated by key technical indicators, there is potential for sustained bullish activity in the long run.
Source: Coingape.