BNB Price Outlook After Changpeng Zhao’s Release: What to Expect?
BNB has been a focal point in the crypto market recently, particularly following the release of Binance founder and former CEO Changpeng “CZ” Zhao from a United States federal prison on September 27. Zhao was serving a four-month sentence for violations related to Anti-Money Laundering (AML) regulations. His release has fueled speculation about how BNB will react in the market in the coming weeks and months.
Many traders and investors are now split into two camps regarding BNB’s future price movement. Some believe that CZ’s release could trigger a rally, while others think BNB may simply follow the broader trends of the altcoin market, which has been relatively stagnant recently.
BNB vs. Bitcoin: Can BNB Outperform the Crypto Giant?
Like Bitcoin (BTC), BNB has been trading within a large price range for several months. This indicates a standoff between bullish and bearish sentiments in the market. Despite this, long-term investors remain optimistic about both assets. In fact, some analysts have predicted that Bitcoin could reach a new all-time high in the fourth quarter of this year or at least by 2025. Meanwhile, BNB could also see significant gains, with some experts suggesting that the token could climb as high as $1,000.
However, the main question remains: Can BNB outperform Bitcoin, or will it struggle to reclaim its previous highs? To gain more insight into this, a closer look at the BNB/BTC chart might provide some valuable clues.
BNB/BTC Weekly Price Analysis
The BNB/BTC pair is currently attempting to reverse its downward trend, although it is facing resistance near the 38.2% Fibonacci retracement level of 0.010 BTC. This level has proven to be a challenging barrier for bulls, as traders continue to sell into rallies. This indicates that negative sentiment still persists, according to crypto analyst Rakesh Upadhyay.
If BNB/BTC breaks below the 20-week simple moving average (SMA) at 0.009 BTC, the pair could drop further toward the 50-week SMA, which hovers near 0.008 BTC. This level could attract buyers and potentially keep the price range-bound between 0.008 BTC and 0.010 BTC for an extended period.
However, if the price rebounds off the 20-week exponential moving average (EMA), it would signal that bulls are buying on dips. Should the bulls manage to push the price above the 0.010 BTC resistance level, BNB/BTC could climb to the 50% Fibonacci retracement level at 0.012 BTC, and further to the 61.8% retracement level at 0.014 BTC. Breaking through this resistance would likely indicate the end of the current downtrend.
Key Levels to Watch in the BNB/BTC Weekly Chart:
- Resistance: 0.010 BTC
- 50% Fibonacci retracement level: 0.012 BTC
- 61.8% Fibonacci retracement level: 0.014 BTC
- Support (20-week SMA): 0.009 BTC
- Support (50-week SMA): 0.008 BTC
BNB/BTC Daily Price Analysis
On the daily chart, BNB/BTC has been trading within a wide range of 0.008 BTC to 0.010 BTC for several months. Both moving averages (50-day and 200-day) are intersecting, reflecting a lack of clear direction. The Relative Strength Index (RSI) is also near the midpoint, indicating a balance between supply and demand.
A break below the 50-day SMA at 0.009 BTC could push the pair down to 0.0086 BTC. This is an essential level for bulls to defend, as a drop below it could send the pair toward the lower boundary of the range at 0.008 BTC.
On the upside, the first resistance sits at 0.0097 BTC. If bulls manage to break through this level, the pair could retest the critical 0.010 BTC resistance level. A rejection at this level would likely keep the price range-bound, but a successful breakout could spark a new rally toward 0.012 BTC.
Key Levels to Watch in the BNB/BTC Daily Chart:
- Resistance: 0.0097 BTC
- Resistance (key level): 0.010 BTC
- Support (50-day SMA): 0.009 BTC
- Support: 0.0086 BTC
- Lower Range Support: 0.008 BTC
Conclusion
BNB’s future price movement largely depends on how it performs against key resistance and support levels in the coming weeks. If bulls can push the price above the critical 0.010 BTC level on the BNB/BTC chart, we could see a strong rally toward higher Fibonacci retracement levels, potentially ending the downtrend. However, continued bearish sentiment could keep BNB range-bound, with prices fluctuating between 0.008 BTC and 0.010 BTC.
Investors should keep an eye on both the weekly and daily charts for signs of a breakout or further decline. As always in the crypto market, volatility and market sentiment can shift rapidly, so staying informed and cautious is key to making sound investment decisions.
Ecosystem
Research
News Network
About