Binance Coin (BNB) is experiencing an increase in investor confidence attributed to the imminent release of co-founder and former CEO Changpeng Zhao (CZ).
With only six days remaining in CZ’s four-month incarceration, BNB is poised to surpass its resistance levels, perhaps elevating the price beyond the $600 threshold. The coin has been oscillating within a horizontal band since July, encountering resistance at $597.80 and support at $464.80.
Technical indicators indicate a possible breakout, with the Directional Movement Index (DMI) demonstrating significant accumulation and the Balance of Power (BoP) indicator corroborating the positive trend for BNB.
Should BNB surpass the existing resistance level, its subsequent objective will exceed $600, representing a notable milestone since its previous peak in July.
Analysts forecast that the forthcoming price target may ascend to $645.80. Nonetheless, should the bullish momentum diminish, BNB may revert to its horizontal trading channel, potentially declining towards the support level of $464.80.