Changpeng Zhao (CZ) Release Date Approaches, Will BNB Price Hit a New ATH?

In June, Binance Coin (BNB) shocked the crypto market by becoming the first of the top ten altcoins to reach a new all-time high (ATH).

Binance Coin (BNB) price analysis shows that the coin might be preparing for another rally as former Binance CEO Changpeng Zhao is set to be released from prison next month.

CZ’s sentence for violating campaign finance laws is scheduled to end on September 29. However, recent rumors suggested that he might be released early, which turned out to be a case of mistaken interpretation.

Despite the誤解, CZ’s return could boost BNB’s price. According to Artemis data, BNB’s DEX trading volume has already crossed the $1 billion mark for the first time since the August 5 market crash.

This volume represents the amount of cryptocurrency traded outside of centralized platforms like Binance. An increase in this value suggests rising demand and typically foreshadows a price increase for the coin involved.

Currently, BNB trades at $578.72, showing a 19.22% drawdown from its all-time high (ATH) of $720.67. If the DEX volume continues to increase toward CZ’s anticipated release, BNB’s price might follow suit.

Should this happen, the coin value might surpass its current ATH. Moreover, Binance Coin’s Funding Rate is turning increasingly negative, which indicates that traders expect the price to fall in the short term.

However, negative funding and an increase in price are rarely a good combination for those expecting a price decrease. Hence, if shorts (sellers) remain aggressive and the price increases, BNB’s price might experience another upswing.

From the 4-hour chart, we can see that BNB’s price is moving within an ascending channel. This pattern suggests that the bullish sentiment remains intact. If the pattern holds, BNB could potentially retest the $700 level before the end of September.

On the daily chart, the Awesome Oscillator (AO) is positive, confirming that the momentum around the coin is bullish. This indicator compares recent price movements to historical performance.

When the AO is negative, it means that the momentum around the cryptocurrency is bearish. Thus, in Binance Coin’s case, the rising momentum could help drive the price higher.

As seen below, BNB’s price could rally to $648.80 within the next few weeks. If buying pressure increases, it could also jump to $724.67.

However, if Binance’s former CEO CZ is released from prison and the US SEC pursues another lawsuit against him and Binance, BNB’s price might decline. In such a scenario, the coin’s value could drop to $526 or even $472.

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