Binance Coin (BNB) Soars as CZ Returns from Jail: New ATH in Sight?
Elena R27 Sept 20242 min read
Amid the gradual crypto recovery led by Bitcoin (BTC) and some meme coins, Binance Coin (BNB) has attempted a bullish breakout from a multi-week consolidation. The large-cap altcoin, with a fully diluted valuation of about $87 billion and a daily average traded volume of around $1.2 billion, surged over 2 percent to trade about $604 on Friday, September 27, during the early European session.
Despite the daily death cross between the 50 and 200 Moving Average (MA), the BNB price is on the cusp of a major bullish uproar toward a new all-time high (ATH). Furthermore, the altcoin established a robust support level above $487, with the weekly Relative Strength Index (RSI) rebounding from the 50 percent level in the past two months.
A consistent close above $600 in the coming weeks will propel BNB price towards $812, which coincides with the 0.618 weekly Fibonacci extension.
Forces that will Rejuvenate BNB’s Bullish Sentiments
Changpeng Zhao’s Release from Prison
After serving four months in prison in the United States for not implementing proper anti-money laundering measures in Binance during his tenure, Changpeng Zhao (CZ) is set to get an early release. According to a report by media outlet Forbes, CZ may be released later today, two days earlier than the official date.
As a result, CZ could be reunited with his family, the Binance ecosystem, and the larger crypto community as early as this weekend.
The release of the crypto mogul will have a profound impact, especially in the BNB ecosystem, which has significantly gained confidence among retail and institutional investors.
Rising Mainstream Adoption
The Binance ecosystem has registered palpable gains in the recent past, with the exchange taking pride in more than 231 million globally registered users. As a major web3 ecosystem, the BNB network has grown to more than $4.82 billion in Total Value Locked (TVL) and over $5 billion in stablecoins market cap.
Some of the top-tier DeFi protocols leveraging BNB include the Venus lending platform and PancakeSwap DEX.
