As a seasoned analyst with over two decades of experience in the financial markets, I have seen my fair share of bullish and bearish cycles. However, the recent surge in Binance Coin (BNB) has caught my attention for several reasons that suggest this could be more than just a temporary rally.
In less than four days from now, September’s end seems to be signaling a bullish comeback for Binance Coin (BNB). This large-cap altcoin boasts a market cap of approximately $88 billion and daily trading volumes around $1.2 billion. Over the past 24 hours, it has surged by roughly 2%, reaching a high of about $608.
Should BNB‘s monthly closing price surpass $600, it would strengthen the bullish sentiment for the fourth quarter.
Furthermore, over the past two months, the value of BNB has built a strong support level between $460 and $491. Observing it technically, the BNB price appears to have developed an inverted head-and-shoulder pattern along with a positive divergence on the daily Relative Strength Index (RSI).
As a crypto investor, I’m excited to see that the Rebalancing Squeeze Index (RSI) for BNB has bounced back from the 50% mark this week. This strong rebound suggests that we might be on the verge of hitting a new all-time high for BNB in the short term.
The altcoin is aiming for $921 next, which coincides with the weekly 1.618 Fibonacci Retracement.
$BNB Weekly Moving Averages
— Into The Cryptoverse (@ITC_Crypto) September 26, 2024
Binance Ecosystem Receives Major Boost via CZ’s Early Release
Anticipation runs high within Binance and the wider crypto community as they eagerly await the prison release of Changpeng Zhao (CZ), a former CEO and co-founder. A recent report from Forbes suggests that CZ might be freed today, which is two days ahead of the scheduled date. Interestingly, the official release date for CZ falls on a weekend, specifically September 29, 2024.
Anticipation for the upcoming launch of CZ within the next week is causing quite a buzz among those invested in related meme coins and the broader Binance community. In fact, the Binance ecosystem has experienced notable expansion in the meme coin market, with one particular project, FOUR, focused on CZ, experiencing an increase of more than 22% over the past fortnight.
Under the guidance of CEO Richard Teng, the Binance ecosystem has significantly expanded, as evidenced by the fact that over 231 million users worldwide have registered on the Binance Exchange, thereby retaining its leading role in the market. The upcoming release of CZ (Changpeng Zhao) might serve as a powerful symbol, but it’s the growth and success of the ecosystem itself that truly highlights its strength.
As per the most recent market statistics, the BNB network continues to thrive, boasting a Total Value Locked (TVL) of approximately $4.82 billion and a stablecoin valuation roughly equating to $5 billion.
Previously mentioned by Coinspeaker, Binance has secured more than 19 regulatory permissions across various regions such as the UAE and El Salvador.
Market Picture
The cost of BNB, like Bitcoin (BTC), is progressively mirroring an upward trend, having surpassed $65K earlier today. Notably, the crypto market is reflecting the bullish surge experienced by significant precious metals such as gold and silver, in response to the significant global economic transformation.
The reduction in interest rates in China, the U.S., Canada, and the EU has ignited optimistic feelings within the cryptocurrency sector as we approach the final three months of the year.
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2024-09-27 10:51