As a seasoned crypto investor with a knack for spotting trends and reading market signals, I can confidently say that the bullish momentum behind Binance Coin (BNB) is undeniable. The early release of Binance founder Changpeng Zhao (CZ), despite his brief stint in legal trouble, has injected a fresh wave of optimism into the market.
Since Binance founder Changpeng Zhao (CZ) was released on September 27, there’s been a strong upward trend in Binance Coin (BNB), fueled by the optimistic feelings generated by his early discharge.
The individual known as CZ had been given a four-month prison term for allowing money laundering through the Binance platform by criminals. His earlier release, which is before the expected date of September 29, has added more positivity to the market, strengthening the already growing optimism surrounding BNB, a momentum that started building in early August.
BNB’s Price Action: Breaking Through Key Resistance
Since August 5, the value of BNB has been steadily increasing, bouncing back from a low of $468.5. It managed to reclaim the $495 support point and created a lower base in its price trend, signifying an important shift for the cryptocurrency. By September 13, BNB reached $616, momentarily breaching the significant resistance at $605 before being temporarily held back.
Regardless of the short-term dip, BNB‘s recent advancements seem promising. It has managed to reverse its pattern of lower peaks and set a higher peak, implying that it might surge past $605. If this happens, BNB could potentially reach a new record high.
Technical Indicators Support Bullish Momentum
Based on technical analysis, the Bull Run for BNB seems to be lasting longer. The Relative Strength Index (RSI) is now over 50, a significant sign of increasing bullish power. Similarly, the Moving Average Convergence Divergence (MACD) is above zero, suggesting that the current upward trend has robustness. Notably, neither indicator shows any signs of negative divergence, which further strengthens the positive outlook.
Long-Term Wave Count Points to All-Time High Potential
The comprehensive study of BNB‘s long-term patterns suggests an increasingly positive perspective. It seems that BNB is nearing the final stage of its bullish run, which started in June 2022, and this could lead to a substantial surge beyond the existing $605 barrier. If our analysis holds true, experts predict a potential peak at around $920. This optimistic forecast is derived from the similarity in length between wave five and wave three, as well as the application of the 1.61 external Fibonacci retracement level.
As a crypto investor, I’ve noticed that the latest price fluctuations seem to be in line with my wave count analysis. The bottom of what appears to be wave four has not only confirmed the 0.618 Fibonacci retracement level but also an ascending parallel channel. These are crucial signs suggesting that the bullish trend I’ve been observing might continue.
Outlook for October: Aiming for a New All-Time High
With Binance Coin (BNB) hovering around $600 and just one significant barrier to surpass before reaching its old peak of $698.9, robust market activity and the optimistic news about Changpeng Zhao’s release might provide the necessary momentum for it to hit unprecedented highs. Analysts predict that a successful breakthrough could propel BNB towards $920 within the next few weeks, possibly establishing a fresh all-time high in October.
In the immediate future, investors are keeping a close eye on BNB‘s response to the $605 barrier. Should it successfully breach this level, we might witness significant growth, particularly given the optimistic atmosphere surrounding Binance as its leader, CZ, regains control.
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2024-09-27 21:24