Textbook Pattern Explains Why BNB Price Will Hit $1,110 as CZ Seeks Trump Pardon

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Textbook Pattern Explains Why BNB Price Will Hit $1,110 as CZ Seeks Trump Pardon

Highlights

  • BNB price has formed a near-perfect cup-and-handle pattern on the weekly chart.
  • This pattern points to a Binance Coin surge if Trump pardons Changpeng Zhao.
  • The initial BNB target will be $1,000, followed by $1,100 over time.

BNB price remained in a tight range today, May 8, even as Bitcoin neared the crucial $100,000 milestone. This consolidation, however, could be a calm before the storm as the Binance Coin has formed a textbook chart pattern that will push it to $1,100 and beyond if Donald Trump grants Changpeng Zhao a pardon.

BNB Price Could Cruise to $1,100 if Trump Pardons CZ

The BNB price remains stuck at $615, a range it has remained in for the past few weeks. A potential catalyst that may propel it higher may come from the United States, where Changpeng Zhao is seeking a presidential pardon.

A Bloomberg report notes that CZ, a billionaire, has hired Teresa Goody Guillen to push for executive relief. Guillen is a high-profile lawyer who works at Baker & Hostetler, a well-connected law firm. While CZ has served his prison sentence, he is still a convicted felon, a term that may have implications if he wants to do business in the US.

A presidential pardon would be a good thing for the value of Binance Coin for two main reasons. First, it would boost sentiment on the coin because of CZ’s popularity. For example, the coin rallied when he moved out of prison in 2024.

Second, it would make it easier for him to relaunch Binance US, a key market for any crypto company. That’s because some mainstream banks and service providers would be unwilling to work with a company associated with a convicted felon.

While BNB is not directly associated with Binance, its performance often reacts to what is happening at the company. A good example is when it rallied after the SEC settled with Binance during the Gary Gensler era.

Trump has already pardoned some key players in the crypto industry, including Arthur Hayes, Roger Ver, and Ross Ulbricht. Odds of a CZ pardon have also risen now that Trump’s family is doing business with Binance through the World Liberty Financial.

Binance Coin Price Forecast as Cup and Handle Pattern Forms

The ongoing BNB price action is part of a bullish chart pattern that has been forming since May 2021, when the coin peaked at $662. This pattern is known as a cup and handle and is one of the top bullish continuation signs.

A C&H is made of a rounded bottom, whose lower side is at $210. The consolidation that has been forming since March last year is the handle of this pattern. The easiest way of identifying the price target when using this pattern is to measure its depth. In this case, the depth is about 70%. After this, one measures the same distance from the cup’s upper side, which brings the BNB price forecast to $1,100. This bullish outlook will be confirmed if it rallies above $740, the upper side of the handle, and the psychological point at $1,000.

BNB price chart
BNB price chart

Conversely, a drop below the key point at $485 will invalidate the bullish Binance Coin price forecast. Such a price will send a signal that bears have prevailed against BNB bulls, and push it to $350, its highest swing in April 2022.

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Frequently Asked Questions (FAQs)

1. Will the BNB price rise if Donald Trump pardons CZ?

Yes, odds are that the BNB price will go parabolic if Donald Trump pardons CZ because of the sentiment and its growth in the US.

2. How high can the BNB price surge this year?

The cup and handle pattern indicates an eventual BNB price surge to $1,100 in the medium term.

3. Which is the other catalyst for the Binance Coin?

The other top catalyst for the BNB price the ongoing ecosystem growth in DeFi and DEX industry.
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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
Crispus is a seasoned Financial Analyst at CoinGape with over 12 years of experience. He focuses on Bitcoin and other altcoins, covering the intersection of news and analysis. His insights have been featured on renowned platforms such as BanklessTimes, CoinJournal, HypeIndex, SeekingAlpha, Forbes, InvestingCube, Investing.com, and MoneyTransfers.com.
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.