The recent release of Changpeng Zhao (CZ), the ex-CEO of Binance, has sparked excitement in the crypto market, with the price of BNB surging to a one-month high. The Binance Coin (BNB) jumped significantly following CZ’s first tweet after his release from prison.
BNB Price Boosts After CZ’s First Tweet
On September 27, CZ, a major figure in the crypto world, completed a four-month prison sentence after paying $50 million in fines. His return to the public eye with a simple “GM” tweet on X (formerly Twitter) triggered a quick rise in BNB’s price, climbing from $606.25 to $616.53—a peak for the month.
Though the BNB price had been on a bullish trend since its August low of $464.63, this tweet amplified momentum. In September alone, BNB rose 11%, fueled by market anticipation of CZ’s release. However, after the brief surge, the price dropped back to $604, showing the impact was short-lived.
Is the BNB Price Rally Sustainable?
The crypto market is notorious for its volatility, and BNB is no exception. While CZ’s return temporarily pushed BNB’s price higher, technical indicators point to a potential shift. The Relative Strength Index (RSI) is at 64.3, suggesting the market is nearing overbought levels. Additionally, indicators like Williams %R, Commodity Channel Index (CCI), and Momentum signal strong selling pressure, which could lead to a short-term dip or price consolidation.
That said, there are signs of a bullish trend for BNB in the long run. Both the simple and exponential moving averages show strong buying signals. If BNB can maintain its position without hitting the overbought zone, there may still be potential for a longer uptrend.
Final Thoughts
Changpeng Zhao’s release and his return to social media have undoubtedly stirred the crypto market, creating short-term excitement around BNB. However, despite the initial surge, the coin’s price remains influenced by broader market conditions. With “Uptober” and the anticipated market rally, the coming weeks will be crucial in determining whether BNB can maintain its bullish
