Will BNB Price Reclaim $600 as Changpeng Zhao’s Release Date Approaches?

Sahil Mahadik
Updated
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Neiro & 2 Cryptos Coins May Skyrocket as Binance Reveals Listing

Highlights

  • BNB price teases a double-bottom reversal within a broadening wedge pattern, with the potential to break through $600.
  • The PFAK license approval for Binance’s subsidiary, Tokocrypto, in Indonesia is driving positive sentiment for BNB’s price recovery, alongside CZ's upcoming release.
  • A bearish reversal from the 200-day EMA could trigger a decline to $450, indicating a potential 13% loss if momentum falters.

With a recent surge over the weekends, BNB price teases a double-bottom reversal within a broadening wedge. Adding fuel to the recovery, the PFAK license approval in Indonesia boosts the uptrend amid the looming Changpeng Zhao’s Release Date. Will this recovery sustain bullish momentum to hit $600? 

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BNB Price Rebounds with Tokocrypto’s Regulatory Win and CZ’s Imminent Release

According to the Bureau of Prisons database, former Binance CEO Changpeng Zhao (CZ) is scheduled for release on September 29, 2024, from Long Beach RRM, a federal facility in San Pedro, California. CZ’s imminent release is expected to boost bullish sentiment surrounding the BNB price.

Bureau of Prisons

Tokocrypto, a sister subsidiary of the Binance group, has successfully secured the Physical Crypto Asset Trader (PFAK) license in Indonesia. As the subsidiary acquired the license from the Commodity Futures Trading Regulatory Agency of Indonesia (Bappebti), a regulatory approval allows Tokocrypto to operate as a licensed physical crypto-asset trader. This marks a significant step in Indonesia’s commitment to regulatory compliance and investor protection.

With the PFAK license, Tokocrypto will continue to work on its long-term expansion plans and highlight its efforts to foster trust and transparency within Indonesia’s Web3 circle. 

Over the years, Tokocrypto has seen remarkable growth in 2024, with its user base surpassing 4.5 million. Additionally, the platform’s average monthly trading volume has increased by 138%, demonstrating rising investor confidence and consistent expansion.

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Binance coin Price Eyes $720 Breakout amid Wedge Pattern Formation

The BNB shows a broadening wedge pattern in the daily chart pattern. The chart setup is characterized by two diverging trendlines, typically indicating an uncertain market sentiment.

Currently, the Binance coin price within the broadening wedge pattern is taking support at the $468 support. The dynamic support and $468 horizontal level bolster the formation of a bullish reversal pattern called a double bottom.

As BNB price attempts a bullish reversal, the MACD indicator shows the MACD and signal line on the verge of a bullish crossover. However, the 50-day and 200-day EMA is on the verge of a bearish crossover due to the previous bearish influence over the BNB price action.

Furthermore,  a 4-day recovery run since the weekend has uplifted the BNB price by 7.8% to trade at $505. The upside potential increases as the Binance coin asserts dominance over the $500 psychological mark. Amid double bottom formation, the buyers could attempt a $600 neckline breakout, followed by an extended $721.

BNB Price
BNB/USDT -1d Chart

Alternatively, a bearish reversal from the 200 days can result in a drop to $450, registering a 13% potential loss.

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Frequently Asked Questions (FAQs)

1. What is the significance of Tokocrypto securing the PFAK license in Indonesia?

The PFAK license allows Tokocrypto to operate as a licensed crypto-asset trader in Indonesia, demonstrating the country's commitment to regulatory compliance

2. What impact could Changpeng Zhao’s release have on BNB price?

CZ's imminent release is expected to boost bullish sentiment, potentially contributing to further BNB price recovery

3. What chart pattern does BNB currently exhibit?

BNB is showing a broadening wedge pattern with a potential double-bottom reversal, hinting at an attempt to break out toward $600 or beyond.
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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.