BNB Price Approaches All-Time High With CZ Release Looming
Can BNB Reach a New All-Time High? | Credit: Derek Fenech
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.
Binance founder Changpeng Zhao will be released from jail on Sept. 29 . He had been serving a four-month sentence for allowing criminals to launder money on the Binance platform. CZ may be released from jail as early as today , on Sept. 27, since inmates often leave jail early when the release date falls on a weekend.
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.
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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.
BNB All-Time High in October
The BNB token price action has been bullish since the Aug. 5 lows. Currently, the BNB price faces only one more resistance area until its all-time high.
Besides the bullish price action, CZ’s release from jail could further improve the sentiment around it, potentially aiding its upward movement.
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