BNB price has been on an upward trend for weeks, but it has not yet reached the record level of $720. Despite the stagnation in the overall market, Binance Coin $597 gained unexpected value. The bullish trend of the market and the release of Binance founder Changpeng Zhao (CZ) from prison were effective behind this development.
Changpeng Zhao’s Release from Prison and BNB Price
Changpeng Zhao, the founder of Binance, is a well-known name in the industry. However, due to legal problems, he had to leave his position as CEO. CZ completed his four-month prison sentence by paying a $50 million fine and was released on September 27. This development led to an instant increase in BNB price.
CZ’s first tweet after being released from prison caused great excitement among investors. Greeting his followers with the message “GM”, CZ caused the price of BNB to increase from $606.25 to $616.53. This was the highest level for the month.
Technical Analysis and Future Expectations
BNB has been in an uptrend since early August at $464.63. The rise from $540 to $616 in September represents an 11% monthly increase. However, technical indicators give mixed signals. While the RSI is at 64.3 level, it shows that the trend may continue, on the other hand, some indicators warn of overbought.
“This rise of BNB is seen as a result of CZ’s comeback,” said one crypto analyst.
Selling Pressure and Price Corrections
Over the last seven days, BNB gained 4.27% but then dropped again and is currently trading at $604. Sellers are giving strong sell signals with indicators like William %R, CCI and Momentum. This indicates that the price may experience consolidation or decline in the short term.
It is thought that the bull market may be effective in the long term. However, it remains unclear whether the token will break out of the overbought zone.
The release of the former Binance CEO from prison caused a significant increase in the BNB price. While technical indicators indicate that the bull market may continue in the long term, overbought signals may lead to volatility in the short term. It would be beneficial for investors to follow market movements carefully.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
