BNB Price Jumps After Ex-Binance CEO CZ’s First Tweet Since Prison Release, What’s Next?

The BNB price has turned bullish for weeks now, but it is still far from its ATH of $720. Even then, it had an unexpected rally, boosting this Binance Coin price when the rest of the market failed. The same is anticipated to happen this time, especially with Bull’s dominance and Binance Founder CZ released from prison.  Though the exchange is already working fine without the Ex-Binance CEO, the crypto investors have been waiting for this moment to witness the BNB’s value surge.

BNB Price Jumps After CZ‘s First Tweet Since Prison Release

Changpeng Zhao is a popular personality in the crypto industry because of his status as the founder of Binance. However, he had left his CEO position after the legal disputes circled one of the biggest crypto exchanges. However, the story did not end with his resignation. CZ had to pay $50M in fines and complete four months of imprisonment, which he finally completed on September 27. And this simple event has boosted the BNB price today.

Though the BNB price has not been much affected by Binance’s legal issues, a significant price surge is seen with the release of the Changpeng Zhao. More importantly, it got more influential with the CZ’s first tweet on X, saying “GM,” which was his greeting for his followers and a way to inform them that he was out. With this, the Binance Coin price has shifted from $606.25 to 616.53, the highest peak in the entire month.

BNB was on the bullish side since its fall to $464.63 in August, but the process sped up during September. It pushed value from $540 to $616 over the month, representing an 11% surge over the month. This surge is the result of the hype around the ex-Binance CEO’s release, which grew over time. Even in the last seven days, it has surged 4.27%. However, this demand did not last long as the price has dropped again, currently at $604.

What Is Coming Next? Long Uptrend or BNB Price Fall

The crypto market has its share of demons, where volatility often causes price drops, and BNB is no exception. The ex-Binance CEO’s tweet gave a singificant push to BNB, but it only lasted for a few minutes and the price fell again.

On a bigger scale, there are signs of bulls taking over the cryptocurrency as the major technical factors indicate the high buying pressure. It includes the simple and exponential moving averages, which indicate the buying signal on all the levels. Additionally, the RSI sits at 64.3, a neutral zone, which indicates the continuity of the ongoing trend. However, it is pretty close to the overbuying zone, which could result in a trend reversal.

The sellers are also not missing the opportunity, as the Willaims %R, CCI, and Momentum show a strong selling signal. Here, these indicators indicate an overbuying period of the token, which could result in a price consolidation or a short-term downtrend, which has already caught in the charts in the last few hours.

Final Thoughts

The Ex-Binance CEO’s return from prison has created a stir in the crypto market, where many crypto analysts have spoken of BNB price rising to new highs. This gets more serious with the anticipation of the Uptober and crypto market rally. However, it is also clear that the Binance Coin price is almost unaffected by the exchange or CZ’s news. Despite that, a significant surge to $616 was seen right after Changpeng Zhao’s first tweet on X. The technical indicators also hint at the bull’s dominance in the long run if the token survived the overbuying zone, as indicated by CCI, Willaims%R, and a few other indicators.

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Pooja Khardia

With a deep-seated passion for reading and five years of experience in content writing, Pooja is now focused on crafting trending content about cryptocurrency market.

As a dedicated crypto journalist, Pooja is constantly seeking out trending topics and informative statistics to create compelling pieces for crypto enthusiasts. Staying abreast of the latest trends and advancements in the field is an integral part of her daily routine, fueling a commitment to delivering timely and insightful coverage

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.