CandleFocus BNB Price Could Soar Above $700 Amid Changpeng Zhao’s Early Release Speculation
2024-09-27
Author: Content Editor
There is rising speculation that the early release of former Binance CEO, Changpeng Zhao (CZ), could lead to a major rally for Binance Coin (BNB). The price of BNB has already surged past $600 from $487.20 on September 6, and analysts believe a stronger-than-expected rally could occur sooner than projected due to excitement around CZ's return. The current chart patterns and indicators suggest a bullish reversal and a potential continuation of the bull run for BNB. The coin has strong support at $510 but could face resistance at $620. The Chaikin Money Flow indicator is trending upward, indicating increased buying pressure for BNB. The golden cross formation between the 20-day Exponential Moving Average and the 50 EMA further supports the possibility of continued appreciation in BNB's price. However, failure to break above $656 could invalidate this theory and lead to a decline in BNB's value.
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