Binance Coin (BNB) has experienced significant bullish momentum since the release of Binance founder Changpeng Zhao (CZ) on September 27, driven by the positive sentiment surrounding his early release.
CZ was receiving a four-month sentence for letting criminals launder money over the Binance platform. His release, which comes ahead of the anticipated September 29 date, has injected further optimism into the market, bolstering BNB’s already optimistic momentum that has been building since early August.
The price of BNB has been rising since August 5, rebounding from a low of $468.5. It regained the $495 support level and formed a higher low, marking a key turning point for the coin. By September 13, BNB reached $616, briefly breaking the important $605 resistance level before being pushed back.
Despite the temporary pullback, BNB’s recent developments appear to be encouraging. It has reversed its downward trend of lower highs and set a higher high, suggesting that a breakout above $605 could occur. If it does, BNB could potentially reach a new all-time high.
Technical Indicators Support Bullish Momentum
Technical indications point to a prolonged positive trend for BNB. The RSI is over 50, a major indicator of bullish momentum, and the MACD is also above zero, indicating strength in the present trend. Importantly, neither indicator displays evidence of negative divergence, which reinforces the optimistic picture.
Long-Term Wave Count Points to All-Time High Potential
The long-term wave count analysis presents an even more optimistic outlook. BNB appears to be in the fifth and final wave of its upward trend, which began in June 2022. If this wave count is accurate, BNB is poised for a significant breakout above the $605 resistance. Analysts estimate a target price of $920, based on the length comparison between wave five and wave three, along with the 1.61 external Fibonacci retracement.
Recent price movements also align with this wave count, as the bottom of wave four validated both the 0.618 Fibonacci retracement level and an ascending parallel channel, key indicators of a continued bullish trend.
Outlook for October: Aiming for a New All-Time High
With BNB sitting near $600 and only one major resistance level left before its previous high of $698.9, strong price action and the positive news of CZ’s release could give it the boost needed to reach new record levels. Analysts think a successful breakout could push BNB toward $920 in the coming weeks, potentially setting a new all-time high in October.
The market is closely watching how BNB reacts to the $605 resistance in the short term. If it breaks through, it could see big gains, especially with positive sentiment around Binance as CZ returns to leadership.