$BNB#BNB#Binance
Will BNB Price Reclaim $600 as Changpeng Zhao’s Release Date Approaches?
Binance Coin (BNB) price is showing signs of recovery, supported by Binance’s recent expansion into Indonesia, bullish chart patterns, and the anticipated release of former CEO Changpeng Zhao (CZ) by the end of the month. As BNB teases a potential double bottom reversal within a broadening wedge formation, optimism is growing. Will this momentum take BNB to $600?
BNB Price Rebounds on Tokocrypto Regulatory Victory and Upcoming CZ Launch
According to the Bureau of Prisons database, former Binance CEO Changpeng Zhao (CZ) is scheduled to be released on September 29, 2024, from Long Beach RRM, a federal facility in San Pedro, California. This impending event is expected to fuel the bullish sentiment around the BNB price.
Additionally, Tokocrypto, a subsidiary of Binance, has received a Physical Crypto Asset Trader (PFAK) license from Indonesia’s Commodity Futures Trading Regulatory Agency (Bappebti). This regulatory approval allows Tokocrypto to operate as a licensed physical crypto asset trader, marking a significant step in Indonesia’s commitment to regulatory compliance and investor protection.
The PFAK license positions Tokocrypto for further expansion in Indonesia, highlighting the company’s focus on trust and transparency within the country’s Web3 space. Tokocrypto has seen notable growth in 2024, with its user base surpassing 4.5 million and monthly trading volume increasing by 138%, signaling growing investor confidence.
BNB Price Targets $720 as Bullish Pattern Forms
On the technical front, BNB is exhibiting a broadening wedge pattern on the daily chart, characterized by two diverging trendlines, indicating uncertainty in market sentiment. Currently, BNB is finding support at the $468 level, a horizontal support zone and critical momentum. This setup is forming a potential double bottom pattern, a bullish reversal signal.
The MACD indicator is also on the verge of a bullish crossover, which could confirm further bullish momentum. However, caution remains as the 50-day and 200-day EMAs are close to a bearish crossover due to the previous downtrend in BNB price action.
In the past few days, BNB has rallied by 7.8%, trading above the key psychological level of $500. If buyers can sustain this rally, BNB could attempt to break the $600 neckline, with an extended target of $721.
Potential risks: bearish reversal and important support levels
Despite the bullish indicators, there are risks of a bearish reversal. If BNB fails to break above the 200-day EMA, the price could fall back to $450, representing a potential 13% loss from current levels.
Conclusion
As BNB continues to show signs of recovery, driven by technical indicators and market events such as the CZ launch and Tokocrypto regulatory approval, the potential for an upside breakout towards $600 and beyond is growing. However, traders should remain cautious of key resistance levels and the possibility of a bearish reversal if momentum falters.
