Will BNB Break Out to CZ? Price Charts Warn of Caution!

• Changpeng Zhao’s early release could be a positive market signal.
• The exchange token is indicating potential for price adjustment.

Binance Coin [BNB] has once again reached its 10-week range highs. The recent release of former Binance CEO Changpeng Zhao from prison is likely to generate optimism in the market.

This indeed ignited some positive discussions on social media platforms; however, it didn’t translate to significant movement in price charts. Following CZ’s “gm” tweet, BNB experienced a 3.9% drop within the subsequent six hours. This decline, alongside persistent range highs, raises concerns about the future trajectory of the exchange token.

Chances of breaking out of the trading range

The trading range spans from $464 to $604, with an average at $535. In recent weeks, this level has served as both resistance and support. BNB found strength at this support level in mid-September before surging by 12.7% towards its upper limits.

The daily RSI remained above neutral levels but indicated bearish divergence—showing lower lows while prices increased—hinting at a possible correction ahead.

The On-Balance Volume (OBV) also did not reach July’s peaks; similarly, mid-August showed that BNB faced rejection around the $600 mark previously. Current technical indicators suggest that rejection from these upper ranges is most probable.

$635 price area highlighted by liquidation levels

A heatmap over three months indicates that prices gravitate towards the $621-$635 zone; earlier on, it was observed that prices were drawn to the $600-$614 region before retracting to around $585.

Check out our [BNB] Binance Coin outlook for 2024-25.....

A false breakout above established high ranges remains a possibility. As BNB nears these critical levels, traders should consider securing profits and keeping an eye out for future buying opportunities.

This analysis should not be considered financial advice or guidance regarding trading or investment decisions—it reflects solely one author’s personal views on current market trends and scenarios..