CZ's full release could trigger a bull market for BNB as both market sentiment and technical indicators say so.
CZ’s full release could trigger a bull market for BNB as both market sentiment and technical indicators say so.CZ, who owns a 90% stake in Binance valued at $33B, stepped down as CEO in November 2023 following a settlement with the U.S. Department of Justice, where he pled guilty to anti-money laundering and sanctions violations.
The news of CZ’s transfer caused a 3.46% surge in BNB’s price yesterday, and today it is up by 1.40% at the time of writing.The big question remains: Will CZ’s full release trigger a bull market for BNB?With the launch of new meme tokens on BSC, such as BinanceDog and Simons Cat, BNB’s price could potentially skyrocket.
These memecoins are likely to drive significant activity on BSC, which would, in turn, boost BNB’s value. There’s also potential for a Binance listing once enough trading volume is generated, as these tokens have already secured listings on other major exchanges.On a weekly timeframe, BNB presents a strong chart pattern. After consolidating under its previous all-time high and sweeping both the top and bottom of its range, BNB has now set to reclaim its previous high.This setup suggested a potential bull run that could push BNB’s price toward the $1,000 level, especially once CZ is fully released.
Net longs at the $597-$600 price level are valued at $122.6 million. Also, those at the $666-$669 level were worth $89.2 million.CZ’s full release could trigger a bull market for BNB, with the potential for significant price increases driven by both market sentiment and technical indicators.Lennox is a professional financial market analyst who's enthusiastic about blockchain, cryptos, and web3. He started blogging about cryptos back in 2019 and has since never looked back.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
How BNB, DOGS fared as Binance Launchpool lists the memecoinBinance lists DOGS as the 57th launchpool project. Users to stake BNB and FDUSD with trading set to start from 26th Aug
Read more »
Binance to pay $1.7M fine to Brazil’s CMV: How will this effect BNB?Binance agrees to pay $1.7m to Brazilian the CMV, who accused the exchange of providing derivatives trading without proper compliance.
Read more »
Binance pays $2.25M fine, returns to India: Impact on BNB?Binance URL is now accessible in India. The exchange has paid a $2.25 million fine over non-compliance with local regulatory requirements.
Read more »
Binance hits record $1.2B inflows in 24 hours: What’s in it for BNB?Binance has recorded a significant net inflow of $1.2 billion during one of the biggest trading days in 2024.
Read more »
Binance Coin hit hard: BNB loses 31%—Brace for more pain?BNB plunges 31% in four days amid market turmoil. Discover the reasons behind the drop and potential future moves.
Read more »
Assessing the impact on BNB as SEC amends its case against BinanceSEC amends case against Binance to redefine crypto securities. SECs' decision comes after the court ruling that BNB is not a security.
Read more »