2024-10-1 17:56 |
Binance Coin (BNB) price finds itself at a crucial juncture following the release of its co-founder, Changpeng Zhao (CZ), from federal custody.
After serving a four-month sentence related to Anti-Money Laundering (AML) violations, CZ is now focused on shaping the future of blockchain and has hit the ground running after his recent announcement on X.
Changpeng Zhao’s vision post-releaseIn his second tweet after being released on September 27, Changpeng Zhao outlined his plans to invest in blockchain, artificial intelligence, and biotechnology while emphasizing a commitment to his non-profit educational platform, Giggle Academy.
In his message, he stated that he is a “long-term investor who cares about impact, not returns,” reflecting a shift in focus from immediate gains to long-term benefits for society.
Despite the lack of immediate market excitement, Zhao’s strategic vision could lay the groundwork for BNB’s resurgence in the future.
BNB price briefly surges to $618 but drops below $580Following CZ’s release, BNB briefly surged past the $600 mark. However, the momentum was short-lived as macroeconomic uncertainties, including concerns over future interest rate hikes by the Bank of Japan, weighed heavily on the crypto market.
As of the latest updates, BNB is trading around $577.59, down 2.25% in the last 24 hours bringing to a halt a rally that started at the beginning of September.
However, it is not the first time the September BNB price bullish rally has been affected.
It faced similar pullbacks on September 16 and September 25, 2024, but managed to get back on a bullish trajectory in a day on both occasions.
BNB must stay above $545 to resume the bullish trendCurrently, Binance Coin (BNB) is trading within a range between $576 and $600, struggling to regain upward momentum.
The 20-day simple moving average (SMA), currently at $573.3 and the 50% Fibonacci retracement level at $545 could prove to be major support levels.
Source: TradingViewA bounce at the $545 support level could pave the way for a rally towards $618 and potentially towards $800, but until then, traders are advised to remain cautious.
As traders await clearer signals, the sentiment remains cautiously optimistic, especially among long-term investors.
BNB’s journey post-CZ’s release will depend not only on Zhao’s strategic investments but also on the macroeconomic landscape and the overall market sentiment.
The post Changpeng Zhao's release announcement causes shift in Binance Coin (BNB) market sentiment appeared first on Invezz
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