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As the price of Binance Coin (BNB) exceeds the $600 mark, the recent release of former CEO Changpeng Zhao (CZ) and a breakout rally hint at a significant surge ahead.
With CZ’s release set for this Friday, BNB holders are optimistic about a bull run. The price of BNB has risen significantly during the broader market recovery, now trading above $600 per token.
Will this reversal phase boost the Binance coin price above $700?
CZ Steps Out as a Free Man
Changpeng Zhao, the former CEO of Binance, is concluding his four-month sentence this Friday. He holds a fortune of $60 billion and was one of the wealthiest inmates globally when he was detained in late May 2024.
Zhao was arrested on charges related to the failed implementation of an effective anti-money laundering framework at Binance, which reportedly made the platform a haven for cybercriminals and potential terrorists.
BNB Coin’s Inverted Head and Shoulder Breakout Run
Amid the excitement surrounding CZ’s release, BNB is experiencing a bullish momentum. The recent bull cycle, which began at $487 on September 7, has resulted in a 24.71% increase, with the current market price at $607.
This bullish trend is further supported by a positive crossover between the 50-day and 100-day EMAs, while the 200-day EMA remains in a positive trajectory. Additionally, the daily RSI is approaching overbought territory as bullish momentum grows.
The intraday gain of 1.84% from an opening price of $596 has formed a morning star pattern, following a 1.55% jump the previous day. The daily chart also indicates a breakout of an inverted head-and-shoulders pattern for Binance Coin.
Moreover, derivatives data shows an increase in trend momentum. According to Coinglass, open interest has risen by 2.65% to reach $638.50 million, while options volume surged by 229.89% to $501.03K.
This growing interest surrounding CZ’s release heightens the potential for sharp movements in Binance Coin.
Will Binance Coin Price Surpass $700?
Currently, the altcoin has surpassed the neckline at the psychological level of $600. Based on Fibonacci levels during the recent correction phase, Binance Coin has exceeded the 50% Fibonacci retracement level.
The breakout rally is targeting resistance levels at 78.60% and 100% Fibonacci levels of $658 and $710, respectively. On the downside, critical support for BNB is positioned at $555 and $522.