Binance Coin Hits All-Time High
In June, Binance Coin (BNB) experienced a remarkable price surge, becoming the first altcoin to reach an all-time high (ATH) among the top ten cryptocurrencies, surpassing Bitcoin. This notable achievement came approximately three months after Changpeng Zhao (CZ), the founder and former CEO of Binance, was sentenced to four months in prison. With CZ’s anticipated release next month, speculations are rising about BNB potentially reaching new ATHs in the near future.
CZ’s Return Signals Potential Strength for Binance and BNB
Recent updates from the United States Federal Bureau of Prisons (BOP) indicate that CZ has been transferred from the prison in Lompoc, Central California, to the Residential Reentry Management (RRM) center in Long Beach, San Pedro. This transfer suggests that CZ might be released on September 29, 2024.
With CZ’s situation closely watched by the crypto community, its impact on BNB’s price is significant. According to Artemis data, BNB’s decentralized exchange (DEX) trading volume surpassed $1 billion for the first time since the major market drop on August 5. This surge in volume indicates rising demand for BNB and suggests potential price increases in the future.
As of now, BNB is trading at $587, which is 18% below its ATH of $720.67. If the increase in DEX volume continues leading up to CZ’s release, BNB’s price may also see a corresponding rise, potentially surpassing its previous ATH.
Future Price Predictions for BNB
Despite recent price fluctuations, the 4-hour chart for BNB shows an upward trend within a rising channel. This trend suggests that BNB could potentially retest the $700 level by the end of September if the upward formation holds.
According to technical analysis, BNB’s price might rise to $648.80 in the coming weeks. Should buying pressure increase, the price could potentially jump to $724.67. However, potential risks include:
- Delays or issues with CZ’s release
- New lawsuits from the SEC
- Overall bearish market trends
These factors could negatively impact BNB’s value, with potential declines to $526 or even $472 if the market conditions worsen.
Conclusion
Binance Coin (BNB) has shown impressive growth recently, reaching new ATHs despite the challenges faced by its founder, CZ. With CZ’s anticipated release and increasing DEX trading volumes, BNB could continue to perform well in the coming months. However, investors should stay cautious of potential risks and market fluctuations that could affect BNB’s price trajectory.
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