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Highlights
- A broadening wedge pattern drives the sideways action for the BNB price.
- The confluence of daily EMAs (20, 50, 100, and 200) near $555 creates a high accumulation zone.
- The intraday trading volume in the BNB coin is $1.78 Billion, indicating a 36% gain.
Amid the early week sell-off, the BNB price recorded a notable pullback from $605 to $553, registering a loss of 8.6%. However, the correction was short-lived as the broader market witnessed a rebound and rumors that Binance’s former CEO Changpeng Zhao will be released from Jail next month. The demand surged around the $555 level and offered buyers suitable support to prolong the current recovery.
Changpeng Zhao Not Set for Early Release: Debunking the Myths
This week, rumors circulated on X (formerly known as Twitter) among Binance enthusiasts that the exchange’s founder, Changpeng Zhao (CZ), would be released from prison on August 30. However, these claims were later confirmed to be unfounded.
@cz_binance was sentenced to four months in prison on Tuesday, April 30, 2024.
If he had started his jail time right away, his due date to be a free man would be August 30, 2024.#facts https://t.co/kk9tVKabkG
— Pahueg 🌐 (@pahueg) July 23, 2024
Confusion arose from a misconception that CZ’s imprisonment started on April 30, when US District Judge Richard Jones issued a four-month prison sentence for him in Seattle. However, due to some procedural delays in the criminal justice system, his term did not begin until late May.
A recent verification using the Bureau of Prisons database revealed that Changpeng Zhao (CZ) is not scheduled for release until September 29, 2024. Contrary to previous reports, he is not housed at the Seattle-based Seatac prison but is instead serving time at the Federal Correctional Institution Lompoc II, a low-security federal facility located three hours north of Los Angeles.
BNB Price Eyes $720 Breakout amid Wedge Pattern Formation
Over the past 4-months, the BNB price showcased a sideways trend resonating within a broadening wedge pattern. In theory, the diverging trendlines indicate market uncertainty and a need for a trendline breakout to regain direction rally.
Amid the recent market recovery, the Binance coin rebounded from the pattern’s support trendline at $454. The bullish turnaround uplifted the asset 32% to $603 before a short pullback.
This rising price reclaimed daily EMAs (20, 50, 100, and 200) highlights a positive shift in market sentiment. The BNB coin currently trades at $578 and holds a market cap of $84.4 Billion.
However, the circulated rumor accentuates that the upcoming CZ release could boost BNB’s price and bolster the ongoing rally. If the buying momentum persists, BNB could potentially exceed its all-time high of $720.67 and approach the wedge resistance near $850. A decisive breakout from this resistance will signal a sustainable directional trend.
On a contrary note, if the overhead trendline persists, the ongoing sideways trend could prolong and spark a fresh correction.
Frequently Asked Questions (FAQs)
1. Who is Changpeng Zhao (CZ)?
2. What impact could the confirmed false rumors about CZ's early release have on Binance?
3. What is a "broadening wedge pattern"?
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