Binance Coin (BNB) is experiencing a bullish surge, driven by excitement surrounding the impending release of Binance co-founder and former CEO Changpeng Zhao (CZ).
With just six days remaining until the end of CZ’s four-month prison sentence, BNB appears poised to break through its long-standing horizontal resistance. This move could pave the way for a potential rally, pushing the price above the $600 mark.
Binance Coin Bulls Take Charge
At press time, BNB is trading at $592.95, noting an 8% increase over the past seven days. This price surge is largely fueled by a shift in broader market sentiment following the FOMC rate cut and the anticipated release of CZ on September 29.
BNB’s rally over the past week has driven its price toward the upper line of the horizontal channel it has traded within since July 1. This channel forms when an asset’s price fluctuates within a defined range, with the upper line acting as resistance and the lower line providing support. For BNB, resistance stands at $597.80, while support is at $464.80.
Read more: Binance Coin (BNB) Price Prediction 2024/2025/2030
BNB’s technical setup suggests a potential break above the resistance line in the near term. The Directional Movement Index (DMI) shows strong accumulation, with its positive directional indicator (blue) positioned above the negative directional indicator (red).
This signals that buying pressure is currently outweighing selling activity, further supporting the bullish outlook for BNB.
BNB’s Balance of Power indicator supports the bullish stance. The BoP, which measures the strength of buyers versus sellers, is currently positive at 0.30. A BoP reading above zero indicates that buyers have more control over the market than sellers, reinforcing the upward momentum for BNB.
BNB Price Prediction: Coin May Rally Past $600
If the current buying momentum is sustained, BNB’s price is poised to break above the $597.80 resistance. A successful retest of this level would confirm the uptrend, positioning BNB to trade above $600 for the first time since July.
Should this occur, the next price target for BNB will be $645.80.
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However, if buying momentum slows and bears regain control, BNB’s price may drop back into the horizontal channel and possibly slip toward support at $464.80.
Disclaimer
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Source: https://beincrypto.com/bnb-price-targets-600/