Before the start of the U.S. trading session on Monday, the price of BNB coin experienced a 1.2% surge, reaching approximately $594. The ongoing recovery appears to be gearing up for a significant breakout above the $600 resistance level just in time for the release of Binance founder Changpeng Zhao (CZ) from the Long Beach RRM federal facility. This development poses the question: is now the opportune moment to invest in BNB?
With the impending release of former Binance CEO Changpeng Zhao on September 29, 2024, from the Long Beach RRM federal facility in San Pedro, California, there are three compelling reasons to consider buying BNB coin.
One of the main drivers of this decision is the upcoming Bohr hard fork, set to transform the BNB Smart Chain by enhancing efficiency and scalability. Scheduled to be implemented on the BSC mainnet on September 29th, the upgrade will introduce four new BEPs (Binance Chain Evolution Proposals), with BEP 341 being particularly noteworthy as it enables validators to produce consecutive blocks.
Additionally, BNB coin futures have seen a surge in open interest, spiking by 28% in just two weeks, signaling increased market confidence and capital inflow into BNB futures contracts.
Furthermore, the recent price action of BNB coin hints at a potential major breakout from a reversal pattern, showcasing a notable recovery trend and a formation of an inverted head and shoulder pattern. A successful breach of the $600 resistance level could trigger a bullish momentum, propelling the price up by 20% to $722, and potentially further to $783.9.
Ultimately, the convergence of these factors suggests a compelling case for considering an investment in BNB coin ahead of Binance founder CZ’s release.
(Source: CoinGape)