Published on september 30, 2024, 12:26 am
Image source: Fox News
```json [ { "TLDR": "BNB (Binance Coin) is currently under its peak value in comparison to Bitcoin, but there is speculation that the release of Binance's founder CZ from prison could impact BNB's price. Forecasts predict a potential new all-time high for Bitcoin and a rally for BNB. Analysis suggests that BNB may face selling pressure but could see a resurgence if it breaks certain resistance levels." } ] ```
BNB, also known as Binance Coin, finds itself significantly below its peak value concerning Bitcoin. Despite this, the tides may soon turn for this cryptocurrency.
The spotlight is on BNB as Changpeng “CZ” Zhao, Binance’s founder and former CEO, emerged from a US federal prison after serving time for Anti-Money Laundering infractions. Speculation abounds regarding whether CZ’s release could initiate a surge in BNB’s price or if it will follow the lead of the broader altcoin market.
Like Bitcoin, BNB has been fluctuating within a wide range, emphasizing a deadlock between bullish and bearish sentiments among investors. However, optimism persists regarding the future prospects of both Bitcoin and BNB. Forecasts predict a potential new all-time high for Bitcoin either by late 2021 or in 2025. For BNB, some analysts anticipate a rally pushing its value up to $1,000.
The critical question arises: will Bitcoin or BNB outshine the other? With BNB languishing far from its historical peak against Bitcoin, can it mount a resurgence? To uncover insights into this quandary, let’s delve into the analysis of the BNB/BTC charts.
As depicted by the charts, attempts are being made to reverse course within a downtrend; however, selling pressure intensifies near the 38.2% Fibonacci retracement level at 0.010 BTC. This indicates prevailing negative sentiment with traders inclined to sell during any upward momentum.
Should prices decline further and breach the 20-week simple moving average at 0.009 BTC, the BNB/BTC pair might descend towards the 50-week simple moving average around 0.008 BTC – an anticipated level attracting buyer interest that could lead to consolidation between these levels.
Conversely, an upturn from the 20-week EMA would signal buying appetite from bulls upon corrections. This resurgence could prompt challenges towards surpassing barriers at higher levels like 0.010 BTC and potentially advance to levels like 0.012 BTC and even further if buyers manage to break past resistances convincingly.
Noteworthy patterns have manifested on both weekly and daily charts within defined ranges that traders closely monitor to ascertain potential breakout points or support levels crucial for decision-making during trading activities.
It is important to note that investments and trades carry inherent risks; thus readers are encouraged to conduct thorough research before engaging in financial decisions related to cryptocurrencies like BNB or others alike in this volatile market environment.
Original article posted by Fox News
