Can CZ’s Return Help BNB Break the $600 Resistance Barrier?

Former Binance CEO, CZ, makes his comeback this week.
Binance persists in its efforts to surpass the $600 price mark.

Binance [BNB], holding the fourth position by market capitalization, is a notable altcoin to monitor, particularly with optimistic forecasts for gains in Q4 2024.

Despite facing challenges like other cryptocurrencies, BNB remained stable, even as its founder, CZ, the previous CEO of Binance, completed a four-month sentence for anti-money laundering infractions.

CZ’s release on September 29 signifies a pivotal moment for both Binance and the wider Binance Smart Chain (BSC).

As news of CZ’s release surfaced, BNB began trading close to the $600 price point, a crucial resistance it has struggled to overcome since July 5. Presently, the BNB/USDT pair could potentially break through this level.

Source: TradingView

Earlier, BNB/USDT hit a low on July 5, reached the $600 level two weeks later, and then declined again on August 5. Another attempt to breach $600 was made three weeks later, but that too was unsuccessful.

However, the current market conditions, combined with CZ’s return, may signal a change this time around. This unique scenario could provide the necessary momentum for BNB to rise.

Binance gearing up for altseason

With Bitcoin’s dominance nearing its peak, it paves the way for the anticipated onset of altcoin season, which could further boost BNB’s price trajectory.

If past trends hold, we might see altcoin season commence in about 50 days, coinciding with BNB’s potential breakout surpassing $600.

Given these dynamics, traders might witness a move toward $800 if market indicators maintain a bullish outlook.

Source: TradingView

Additionally, the daily relative strength indicator (RSI) for the crypto market stood at 59 at the time of reporting, reflecting positive sentiment across most cryptocurrencies.

This RSI level indicates bullish momentum, yet it remains shy of the overbought zone, suggesting there’s opportunity for further upward movement.

With this positive sentiment, BNB could continue its rise as it approaches a strong Q4.

Furthermore, BNB Chain’s involvement in the gaming industry is enhancing its overall acceptance.

It ranks among the top five gaming blockchains by monthly active users as of September 2024, trailing Solana (33%), Tron (27%), Ronin (22%), and ahead of Polygon (8%), with BNB at 10%.

As BNB Chain gains momentum in gaming and other blockchain uses, its heightened usability fortifies its ability to break and sustain levels above the $600 resistance.

Source: Token Terminal

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

BNB is well-positioned for growth, bolstered by critical elements such as CZ’s return, favorable market sentiment, and escalated blockchain adoption that enhance its likelihood of climbing higher.

If circumstances align appropriately, BNB could exceed the $600 hurdle and target higher objectives in the upcoming months.