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Sam Cooling
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Sam Cooling
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Binance Coin (BNB) has seen a massive $1 billion inflow ahead of Changpeng Zhao’s (CZ) highly anticipated release from his halfway house incarceration on September 29.
Could this be the start of an end-of-the-year rally?
In this article, explore the latest BNB price trends and uncover whether stronger plays could be available in the 2024 market environment.
Will CZ’s Release From Prison Trigger a New Bull Market?
Indeed, with former CEO and industry legend CZ on the precipice of release from a lengthy US custodial sentence, many are anticipating that his return could trigger something of a bull-run on the Binance Smart Chain – in a similar light to Justin Sun’s recent activities on Tron.
If the inflow is authentic, then this could be reminiscent of BNB’s late revival in Q4 of 2017, which saw Binance Coin price smash out of rock-bottom support to mount an insane +1,633% rally into the end of the year.
BNB Price Analysis: Is Binance Coin on the Verge of a Major End of Year Rally?
As Binance Coin trades in a HTF retracement from an all-time high on June 6th, BNB is currently trading at a market price of $542 (representing a 24-hour change of +2.41%).
This comes amid a strong performance throughout August, during which bulls produced a well-defended double-bottomed support pattern above bedrock support at $470.
The impressive defense has now set the stage for what appears to be a strong recovery move ahead of CZ’s impending release. Price action is hammering back above critical support from the 20DMA (standing at $523).
Now targeting a further push above the 200DMA and beyond to break out from the current LTF upper trendline, $575 has become the key target for Binance coin bulls.
Yet, the journey up might not be as straightforward as it seems, with the RSI rapidly climbing amid the upside recovery – now standing at 55.64.
This suggests remaining upside capacity, yet warns of Binance coin price drifting into overbought territory – a clue that could suggest an impending consolidation – which would make sense above the 200DMA before the trendline retest.
Meanwhile, amid the $1bn inflow, the MACD is reading a bullish 2.3, suggesting major momentum in the move – backed by substantial volumes.
With strong bullish poise at play, BNB is left with an upside target at $575 (a possible +6% move).
Meanwhile, the downside risk could be seen in the return of BNB price to localized 20DMA support at $523 (a possible 3.58% drop).
Overall, then, BNB has a risk: reward ratio of 1.68 on the short-time frame—a bullish entry with a decent upside return.
But while this is good news for BNB holders, it doesn’t necessarily represent the greatest return possible in the 2024 market environment.
Indeed, a meager +6% move on the LTF does little to appeal to hungry retail traders.
What is the best Binance Coin Alternative for Big Returns in September 2024?
While many are gravitating to BSC for a chance to gain off CZ’s return, smart money investors are following the money trail and smell blood in the water with the skyrocketing Pepe Unchained presale.
Now standing at a marvelous $12.9M raised, $PEPU bulls are rapidly closing in on $13M raised in what could emerge as the biggest meme coin launch of 2024.
But what exactly is Pepe Unchained, and why should you care?
At its heart, $PEPU seeks to innovate 2023’s breakout Pepe by launching an innovative high-speed layer-2 scaling solution for the original Pepe.
The idea here is simple: building a home for frog coins – a place where the brightest meme coin developers with the hottest froggy memes can deploy new gems for the Pepe community.
This is important, as Pepe has been shackled down in Vitalik’s high-cost and clunky Ethereum layer-1 for too long.
Whilst rival dog coins such as SHIB have liberated themselves with the launch of their own layer-2s, such as Shibarium, frog coins have remained ERC-20 native – a serious mistake in the high-octane meme coin world.
Investors can follow Pepe Unchained on X or join its Telegram for the latest updates. Otherwise, they can visit its website to buy and stake tokens.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
