bullish

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<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bnb-price-experiences-fluctuations-following-czs-release-from-prison/" data-wpel-link="internal" rel="noopener noreferrer nofollow">BNB Price Experiences Fluctuations Following CZ’s Release from Prison</a><br></p>
<p style="text-align: justify">The price of BNB has been on an upward trend for weeks but has yet to reach the record level of 720 dollars. Despite the overall stagnation in the market, <a href="https://en.coin-turk.com/bnb-token-surges-as-binance-secures-new-licenses/" data-wpel-link="internal" rel="noopener noreferrer nofollow"></a><a href="https://en.coin-turk.com/binance-invests-in-16-crypto-projects-this-year-announces-new-investment-today/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Binance</a> Coin has unexpectedly gained value. This development has been influenced by the bullish trend in the market and the release of Binance’s founder, Changpeng Zhao (CZ), from prison.</p>
<h2 id="impact-of-changpeng-zhao-s-release-on-bnb-price">Impact of Changpeng Zhao’s Release on BNB Price</h2>
<p style="text-align: justify">Changpeng Zhao, the founder of Binance, is a well-known figure in the industry. However, due to legal issues, he had to step down from his role as CEO. CZ completed a four-month prison sentence after paying a fine of 50 million dollars and was released on September 27. This event led to an immediate increase in BNB’s price.</p>
<p style="text-align: justify">CZ’s first tweet after his release generated significant excitement among investors. With a “GM” message, CZ greeted his followers, resulting in BNB’s price rising from 606.25 dollars to 616.53 dollars, marking the highest level of the month.</p>
<h2 id="technical-analysis-and-future-expectations">Technical Analysis and Future Expectations</h2>
<p style="text-align: justify">Since reaching 464.63 dollars at the beginning of August, BNB has exhibited an upward trend. The rise from 540 dollars to 616 dollars in September represents an 11% increase for the month. However, technical indicators are providing mixed signals. While an RSI of 64.3 suggests the trend could continue, other indicators warn of overbought conditions.</p>
<blockquote>
 <p>“This rise in BNB is seen as a result of CZ’s return,” said a <a href="https://en.coin-turk.com/insights-on-altcoin-trends-bnb-sol-and-xrp-price-predictions/" data-wpel-link="internal" rel="noopener noreferrer nofollow">crypto analyst</a>.</p>
</blockquote>
<h2 id="sell-pressure-and-price-corrections">Sell Pressure and Price Corrections</h2>
<p style="text-align: justify">In the past week, BNB has increased by 4.27% but has subsequently faced a decline, currently trading at around 604 dollars. Sellers are issuing strong sell signals through indicators such as William %R, CCI, and Momentum. This situation indicates that the price may experience consolidation or decline in the short term.</p>
<p style="text-align: justify">However, there is a belief that the bullish market could be effective in the long term. Yet, uncertainty remains about whether the token will escape the overbought territory.</p>
<p style="text-align: justify">The former CEO’s release from prison significantly impacted BNB prices. While technical indicators suggest a potential continuation of the bullish market in the long run, short-term overbought signals may lead to fluctuations. Investors should carefully monitor market movements.</p>
<p>The post <a href="https://en.coin-turk.com/bnb-price-experiences-fluctuations-following-czs-release-from-prison/" data-wpel-link="internal" rel="noopener noreferrer nofollow">BNB Price Experiences Fluctuations Following CZ’s Release from Prison</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal" rel="noopener noreferrer nofollow">COINTURK NEWS</a>.</p>

BNB Price Experiences Fluctuations Following CZ’s Release from Prison

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