Will BNB finally break the $600 barrier as CZ returns this week?

Former Binance CEO, CZ, returns this week.
Binance continues its attempts to break past the $600 price level.

As a researcher with years of experience analyzing the crypto market, I find myself excited about the upcoming events surrounding Binance [BNB]. The return of CZ, the former CEO of Binance, marks a significant moment for not only Binance but also the broader Binance Smart Chain (BSC).

In simple terms, the digital currency Binance [BNB], currently holding the fourth spot in market value, is an altcoin worth keeping an eye on, particularly as predictions point towards potential increases in the last quarter of 2024.

Regardless of the legal troubles faced by its founder, Changpeng Zhao (CZ), who was imprisoned for four months due to anti-money laundering offenses, BNB, similar to other cryptocurrencies, has shown resilience and maintained its consistency.

On September 29th, Binance will unveil a noteworthy development concerning their Binance Smart Chain (BSC) project, which carries great significance not only for Binance but also for the wider BSC community.

Following the announcement of CZ’s release, the price of BNB approached the significant barrier at around $600. This level, which BNB has been unable to surpass since July 5th, may now be broken by the BNB/USDT pair.

Will BNB finally break the $600 barrier as CZ returns this week?

Two weeks after hitting the $600 mark on July 5th, the BNB/USDT pair saw a dip, and another drop occurred on August 5th. Attempts to surpass the $600 level were made thrice: first three weeks later and then two more times, but all these attempts ended unsuccessfully.

But given the present market situation and Charles Zhang’s (CZ) recent performance, it seems this period might not follow previous trends. Instead, this unique mix could potentially fuel a significant increase in the value of BNB.

Binance eyeing altseason

The dominance of Bitcoin is nearly reaching its peak, signaling the beginning of the predicted altcoin surge. This event might accelerate the price movement of Binance Coin (BNB).

If history tends to repeat, we might be looking at an altcoin surge within about 50 days from now. This timeline coincides with Binance Coin (BNB) potentially breaking through the $600 mark, if past patterns hold true.

Considering the current situation, traders might anticipate a price rise approaching $800 as long as market signs persistently point towards a bullish direction.

Will BNB finally break the $600 barrier as CZ returns this week?

Additionally, as we speak, the daily Relative Strength Index (RSI) of the cryptocurrency market stood at 59, suggesting a generally optimistic outlook for many digital currencies.

The indicated RSI level hinted at a strong push from buyers, yet it stayed under the limit of being overbought, implying potential for additional price increases ahead.

With this favorable sentiment, BNB may continue to rise as it heads into a strong Q4.

Share of monthly active users on top gaming chains

Moreover, BNB Chain’s role in the gaming sector is contributing to its overall adoption.

In September 2024, it’s one of the top five blockchains popular among gamers, trailing Solana (33%), Tron (27%), Ronin (22%), and lagging slightly behind Polygon (8%) but leading BNB (10%).

With growing popularity in gaming and various blockchain uses, BNB Chain’s enhanced user-friendliness is fortifying its potential to surpass and sustain levels beyond the $600 resistance barrier.

Read Binance Coin’s [BNB] Price Prediction 2024–2025

BNB finds itself well-positioned for expansion due to several positive elements. These include the launch of CZ’s new projects, a positive atmosphere in the market, and an uptick in blockchain usage, all of which suggest that BNB could see further growth.

If the stars align, BNB may surpass the $600 level and aim for higher targets in the coming months.

2024-09-24 05:12

Binance eyeing altseason

Share of monthly active users on top gaming chains

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