bullish

Shift

Momentum

<p>Binance Coin (BNB), the world’s fourth-biggest cryptocurrency is now poised for a significant upside rally as Changpeng Zhao the former CEO and founder of Binance has been released from jail. Since CZ’s imprisonment, BNB has struggled and experienced a long consolidation.</p>  
<h2 class="wp-block-heading" id="h-whales-activity-signals-bullish-shift"><strong>Whales Activity Signals Bullish Shift</strong></h2>  
<p>However, it appears that the sentiment has shifted from a downtrend to an uptrend. According to 0xScopescan, <a href="https://coinpedia.org/price-analysis/cex-tokens-to-watch-out-for-as-cz-to-be-released-today/" rel="noopener noreferrer nofollow">crypto whales </a>have staked over $154 million worth of BNB tokens on Binance Smart Chain (BSC), indicating bullish market sentiment.</p>  
<h3 class="wp-block-heading" id="h-bnb-price-momentum"><strong>BNB Price Momentum</strong></h3>  
<p>At press time, BNB is trading near $613 and has experienced a price surge of over 2.75% in the last 24 hours.&nbsp; During the same period, its trading volume jumped by 20%, indicating increased participation from traders amid ongoing market reversal.</p>  
<h2 class="wp-block-heading" id="h-bnb-technical-analysis-and-upcoming-level"><strong>BNB Technical Analysis and Upcoming Level</strong></h2>  
<p>According to expert technical analysis, BNB appears bullish not only due to CZ's release from jail but also because of its price action pattern and the upcoming breakout of the $620 resistance level.</p>  
<figure class="wp-block-image size-large"><a href="https://image.coinpedia.org/wp-content/uploads/2024/09/27203358/BNBUSDT_2024-09-27_20-33-43.png" rel="noopener noreferrer nofollow"><img src="https://image.coinpedia.org/wp-content/uploads/2024/09/27203358/BNBUSDT_2024-09-27_20-33-43-1024x448.png" alt="" class="wp-image-356506"></a>
 <figcaption class="wp-element-caption">
  Source: Trading View
 </figcaption>
</figure>  
<p>Over the past three months, BNB has tested this resistance level multiple times, and it now appears to be weakening. Additionally, the token has formed a bullish triple-bottom price action pattern and is on the verge of the breakout of the neckline or resistance level.</p>  
<p>If BNB breaches the current resistance level and closes a daily candle above the $625 level, there is a strong possibility that BNB could soar to the $700 level in the coming days. This bullish thesis will only hold if BNB closes its daily candle above $625, otherwise, it may fail.</p>  
<h2 class="wp-block-heading" id="h-bullish-on-chain-metrics-nbsp"><strong>Bullish On-Chain Metrics&nbsp;</strong></h2>  
<p>The current positive sentiment is further supported by on-chain metrics. <a href="https://www.coinglass.com/currencies/BNB" target="_blank" rel="noopener noreferrer nofollow">Coinglass’s</a> BNB Long/Short ratio currently stands at 1.076, indicating a strong bullish sentiment among traders.</p>  
<p>Additionally, its future open interest has increased by 5.5% and continues to rise, indicating growing interest from traders and investors.</p>

Coinpedia Fintech News

Table of Contents

CoinPedia News

Other articles published on Sep 27, 2024

Biggest Net Inflow Day for Spot Bitcoin ETFs in 2 Months as BTC Price Eyes $66K

Bitcoin Surges Past $65K After Fed Rate Cut, Experts Eye IntelMarkets For A Big Move

Bitget Wallet OmniConnect Launched to Expand Web3 Integration for Users

Legendary Trader Peter Brandt Issues Bullish DOGE Tweet: “Get Along Little Doggie”

Solana Memecoin Pepe Warrior to Surge 18,000% Ahead of Exchange Listing, While Shiba Inu and DOGE...

Are Bitcoin Bulls Gearing Up for an Imminent $70K Run?

Join our free newsletter for daily crypto updates!