Will BNB finally break the $600 barrier as CZ returns this week?
The post Will BNB finally break the $600 barrier as CZ returns this week? appeared on BitcoinEthereumNews.com.
Former Binance CEO, CZ, returns this week. Binance continues its attempts to break past the $600 price level. Binance [BNB], ranked fourth by market cap, is a top altcoin to watch, especially with expectations for gains in Q4 2024. BNB, like other coins, faced struggles but remained consistent despite its founder, CZ, the former CEO of Binance, serving a four-month sentence for anti-money laundering violations. CZ’s release on the 29th of September marks a significant moment for Binance and the broader Binance Smart Chain (BSC). As news of CZ’s release broke, BNB started trading near the $600 price level, a key resistance it has failed to break since the 5th of July. Now, BNB/USDT could potentially break this level. Source: TradingView Previously, BNB/USDT made a low on the 5th of July touched the $600 level two weeks later, and dropped lower on the 5th of August. Another attempt to break $600 was made three weeks later, which also failed. However, the current alignment of market conditions, paired with CZ’s return, suggests this time could be different. This combination could provide the momentum needed for BNB to surge higher. Binance eyeing altseason Bitcoin dominance is almost peaking, paving the way for the anticipated start of altcoin season, which could further propel BNB’s price action. If history repeats itself, altcoin season could begin in around 50 days, which would align with BNB’s potential breakout past $600. With these factors in play, traders may see a move toward $800 if market indicators continue to favor a bullish trend. Source: TradingView Moreover, the crypto market’s daily relative strength indicator (RSI) was 59 at press time, indicating a positive sentiment for most cryptocurrencies. This RSI level suggested there was bullish momentum, but it remained below the overbought threshold, signaling room for further upward movement. With…
Filed under: News - @ September 24, 2024 2:07 am