Will Binance Founder CZ's Future Plans Drive BNB Price to a $700 Rally?

According to the U.S. Bureau of Prisons (BOP), the Binance founder Changpeng Zhao ‘CZ’ was released from a correctional facility in California on Friday.

BNB price dropped 0.75% during a low-volatility Sunday session, currently trading at $597. Like many major altcoins, this bearish pullback likely signals a brief cooling period for buyers to regain bullish momentum. Following the recent release of Changpeng Zhao ‘CZ’, Binance coin’s ability to hold above key support levels suggests the potential for an extended rally.

Binance Founder CZ's Future Plans: Will They Fuel a BNB Price Rally to $700?

According to the U.S. Bureau of Prisons (BOP), the Binance founder Changpeng Zhao ‘CZ’ was released from a correctional facility in California on Friday. In April, Zhao was imprisoned for four months for violating the Bank Secrecy Act (BSA) due to Binance’s failure to implement an adequate know-your-customer (KYC) program.

The release announcement triggered an intraday gain of 1.5% in BNB price and retested the $614 level. Earlier today, CZ shared his first public statement, shedding light on his future endeavors. 

While his initial comment asked for relaxation time, he later mentioned that the online education platform Giggle Academy is making steady progress.

Zhao stated he “Will continue to invest in blockchain/decentralized technologies, AI, and biotech. I am a long term investor who care about impact, not returns.”

He emphasized his growing interest in philanthropy and will continue his book.

Although Changpeng Zhao's statements don't directly affect the BNB price, he noted that Binance is thriving without his active involvement, which could boost investor sentiment.

gm, the food taste so good… And what a luxury to be able to have more than one piece of fruit per day!

I know some of you may have a lot of questions. I won’t have all the answers.

Let me chill for a bit. Then figure out the next steps. There are always more opportunities in… https://t.co/9hvgp8Bo97

— CZ ? BNB (@cz_binance) September 29, 2024

BNB Eyes $800 Amid Inverted Head and Shoulders Breakout

In the last three weeks, the Binance coin price showcased an aggressive recovery from $482 to $618 high— a 28% increase. The bullish upswing revealed the formation of an inverted head and shoulder pattern and a decisive breakout from its neckline on September 23rd.

Since then, the altcoin has traded sideways, trying to stabilize above the breached resistance. With sustained buying, the post-breakout rally could drive the asset 34% up to challenge the $800 peak.

The Bollinger band indicator challenged on the upside indicates that buyers remain the dominant force to drive a prolonged rally.

However, despite the CZ release, the BNB price struggle to offer a suitable follow-up to the breakout signals the risk of a bull-trap. A possible breakdown below the neckline at $595 could drive a correction to $528.

Frequently Asked Questions (FAQs)

1. Will Binance Founder CZ's post-release plans fuel a BNB price rally to $700?

Changpeng Zhao's statements mainly focused on his personal endeavors and philanthropic goals. While his future plans may indirectly impact Binance's operations and performance, they are not expected to directly influence the BNB price movements.

2. What technical pattern is forming for BNB, and what is its target?

BNB price is forming an inverted head and shoulders pattern on the 4-hour chart. A breakout from this pattern occurred on September 23rd, targeting a 34% price increase to reach the $800 level.

3. What risks could affect BNB's rally?

Despite the breakout, the Bollinger Bands indicator suggests a possible bull-trap scenario if BNB price fails to follow up on the breakout. A breakdown below the neckline at $595 could lead to a correction towards the $528 support level.

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