A major block of resistance centred around the previous all-time high of $691 per BNB is gradually but definitely being approached by the price of the native token on the BNB chain and the biggest cryptocurrency exchange in the world, Binance. Despite many attempts, the cryptocurrency’s price has never been able to rise above this level since its launch three years ago.
But maybe this time is different.
Why? It is anticipated that Changpeng Zhao, often known as CZ, the former CEO of the exchange and well-known market influencer, would be freed in just four days, on September 29.
CZ, 4 and Binance
Remember that the exchange was slammed with a massive punishment of over $4.2 billion earlier this year as part of an agreement with the DoJ and the U.S. SEC, and that CZ himself spent four months in jail?
As the previous CEO of Binance approaches the conclusion of his term, BNB is reaching a multiyear high in price.
Naturally, given the current state of the crypto market’s convergence of technical and fundamental elements, traders and fans are beginning to theorise that CZ’s withdrawal may be the catalyst required for BNB’s price to break through the hefty barrier and rise towards a new all-time high.
There is a significant doubt as to whether it will succeed.
Still, it appears that the convergence of elements is amazing. It will also be fascinating to observe how quotations are affected by the release and reappearance of such a significant person in the cryptocurrency world. Regardless of the result, we are going to witness a precedent that the market has never seen before.
