Binance Coin Eyes $600: Surge Anticipated as CZ’s Release Approaches
Binance Coin (BNB) is witnessing a notable rise, driven by anticipation surrounding the imminent release of Changpeng Zhao (CZ), the co-founder and former CEO of Binance.
With only six days left in CZ’s four-month prison term, BNB is on the verge of breaking a significant resistance level, potentially leading to a surge that could elevate its price above $600.
As of the latest update, BNB is priced at $592.95, reflecting an 8% gain over the past week. This upward momentum can be attributed to a shift in market sentiment following the recent FOMC rate cut and the expected release of CZ on September 29.
BNB’s performance has recently brought it close to the upper boundary of a trading range established since July 1, characterized by resistance at $597.80 and support at $464.80.
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Technical indicators suggest that BNB may soon surpass this resistance level, with the Directional Movement Index (DMI) indicating strong buying interest, as shown by the positive directional indicator being above its negative counterpart.
Further supporting this bullish outlook is the Balance of Power (BoP) indicator, which measures the strength of buyers compared to sellers. Currently, the BoP is at 0.30, indicating that buyers hold a stronger position in the market.
If this buying trend continues, BNB is likely to breach the $597.80 resistance level, confirming an upward trend that would see it trading above $600 for the first time since July.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
