<p>Amid the gradual crypto recovery led by Bitcoin (BTC) and some meme coins, Binance Coin (BNB) has attempted a bullish breakout from a multi-week consolidation. The large-cap altcoin, with a fully diluted valuation of about $87 billion and a daily average traded volume of around $1.2 billion, surged over 2 percent to trade about $604 on Friday, September 27, during the early European session.&nbsp;</p>   
<p>Despite the daily death cross between the 50 and 200 Moving Average (MA), the BNB price is on the cusp of a major bullish uproar toward a new all-time high (ATH). Furthermore, the altcoin established a robust support level above $487, with the weekly Relative Strength Index (RSI) rebounding from the 50 percent level in the past two months.</p>   
<p>A consistent close above $600 in the coming weeks will propel BNB price towards $812, which coincides with the 0.618 weekly Fibonacci extension.</p>   
<h2 class="wp-block-heading" id="h-forces-that-will-rejuvenate-bnb-s-bullish-sentiments">Forces that will Rejuvenate BNB’s Bullish Sentiments</h2>   
<h3 class="wp-block-heading" id="h-changpeng-zhao-s-release-from-prison"><strong>Changpeng Zhao’s Release from Prison</strong></h3>   
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
   https://twitter.com/wublockchain/status/1839470717068603806?s=46 
 </div>
</figure>   
<p>After serving four months in prison in the United States for not implementing proper anti-money laundering measures in Binance during his tenure, Changpeng Zhao (CZ) is set to get an early release. According to a report by media outlet Forbes, CZ may be released later today, two days earlier than the official date.</p>   
<p>As a result, CZ could be reunited with his family, the Binance ecosystem, and the larger crypto community as early as this weekend.</p>   
<p>The release of the crypto mogul will have a profound impact, especially in the BNB ecosystem, which has significantly gained confidence among retail and institutional investors.</p>   
<h3 class="wp-block-heading" id="h-rising-mainstream-adoption-nbsp"><strong>Rising Mainstream Adoption&nbsp;</strong></h3>   
<p>The Binance ecosystem has registered palpable gains in the recent past, with the exchange taking pride in more than 231 million globally registered users. As a major web3 ecosystem, the BNB network has grown to more than $4.82 billion in Total Value Locked (TVL) and over $5 billion in stablecoins market cap.&nbsp;</p>   
<p>Some of the top-tier DeFi protocols leveraging BNB include the Venus lending platform and PancakeSwap DEX.</p>

Coinpedia Fintech News

Table of Contents

CoinPedia News

Other articles published on Sep 27, 2024

PayPal to Enable Crypto For US Business Accounts: Buy, Sell, Hold and Transfer

Ethereum Price: Will ETH Hit $3,000 in October?

New technologies in trading: a global overview from Octa Broker

Immediate Optima Review 2024: Scam or Legit Crypto Trading Platform?

HMSTR Token Soars 581% After Binance Listing and Airdrop

Crypto: Massive Leak Of Personal Data In France, 95 Million Potential Victims

Join our free newsletter for daily crypto updates!