Can BNB Reach a New All-Time High? | Credit: Derek Fenech
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Key Takeaways
Binance founder Changpeng Zhao (CZ) will be released from jail this week.
The BNB price made an unsuccessful breakout attempt above the $605 area.
Will CZ’s release be the catalyst for a new all-time high price?
The BNB price action has been extremely bullish since Aug. 5. In September, the price made several attempts at breaking out above the $605 resistance area. Albeit unsuccessful, they broke the downtrend of lower highs that had been in place for several months.
Since the BNB price action is already bullish, will the positive news regarding CZ’s release from jail be the catalyst it needs to reach a new all-time high? Let’s find out!
BNB Reaches $600
The BNB price has fallen since its all-time high of $698.9 in June, culminating with a low of $468.5 on Aug. 5. The ensuing BNB upward movement reclaimed the $495 horizontal area and created a higher low.
BNB reached a high of $616 on Sept. 13, briefly moving above the $605 resistance area. However, it was rejected and fell afterward.
Despite the decline, the BNB price broke its pattern of lower highs (black icons) by creating a higher high (white icon). This is a positive sign that makes an eventual breakout more likely.
If BNB breaks out, there will be no more resistance until the all-time high.
Despite the rejection, technical indicators do not show any weakness. The RSI is above 50, the MACD is above 0 and neither has generated any bearish divergences.
Bullish BNB Price Trend
The long-term wave count gives a bullish outlook for the future BNB trend. According to the count, BNB has begun its fifth and final wave of the increase since June 2022.
If the count is accurate, BNB will successfully break out from the $605 area and reach a new all-time high. The most likely target is near $920, created by giving wave five the same length as wave three and by the 1.61 external Fibonacci retracement.
The bottom of wave four is also characteristic of a five-wave increase since it validated both the 0.618 Fibonacci retracement support level and an ascending parallel channel.
So, the long-term wave count and short-term price action suggest that the BNB price will successfully break out and reach a new all-time high, possibly in October.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.
He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.
Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.
He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.
