Binance Coin (BNB) is showing strength ahead of the release of its co-founder and former CEO Changpeng Zhao (CZ).
With just six days left until CZ’s four-month prison sentence ends, BNB appears poised to break above its long-held horizontal resistance level, which could spark a rally that could take the price above $600.
BNB Positives Likely to Lead Upside
Currently, BNB is trading at $592.95, up 8% over the past 7 days. This price increase is largely due to the change in market sentiment following the FOMC rate cut and the CZ release scheduled for September 29th.
Last week, BNB’s rally pushed the price towards the upper line of the horizontal channel that has been trading since July 1. This channel is formed when the price of an asset fluctuates within a defined range, with the upper line acting as resistance and the lower line as support. In the case of BNB, the resistance line is $597.80 and the support line is $464.80.
Read more: Binance Coin (BNB) Price Prediction 2024/2025/2030
The technical setup for BNB suggests a possible breakout of the resistance line in the near future. The Directional Movement Index (DMI) shows strong accumulation, with positive directional indicators (blue) above negative directional indicators (red).
This indicates that buying pressure is currently outpacing selling activity, further supporting our bullish outlook for BNB.
BNB’s Balance of Power (BoP) also supports the bullish stance. BoP measures the strength of buyers and sellers and is currently positive at 0.30. A BoP above 0 indicates that buyers are more in control of the market, reinforcing BNB’s upside momentum.
BNB Price Prediction : Price Could Go Above $600
If the current buying momentum continues, the price of BNB is expected to break the $597.80 resistance level. A successful retest of this level will confirm the uptrend and BNB will trade above $600 for the first time since July.
In this case, the next price target would be $645.80.
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However, if buying momentum slows down and bears regain control, BNB price could fall back into the horizontal channel, possibly to the $464.80 support level.
