According to the Bureau of Prisons database, the former Binance CEO Changpeng Zhao will complete his four months imprisonment on September 29, 2024
The BNB coin price showed signs of recovery on Monday, rising 1.2% before the U.S. trading session and settling at around $594. The coin's price is now approaching a crucial resistance level and seems poised for a major breakout.
Meanwhile, the stage is set for Binance founder Changpeng Zhao (CZ) to be released from the Long Beach RRM federal facility. According to the Bureau of Prisons database, the former Binance CEO will complete his four-month imprisonment on September 29, 2024, and be released from the San Pedro, California facility.
In light of CZ's impending release and theBNB coin's promising technical outlook, let's explore three reasons why now might be a good time to buy BNB coin.
3 Reasons to Buy BNB Coin Ahead of Binance Founder CZ’s Release
As CZ's release from federal custody approaches, several factors are converging to potentially drive up the demand for BNB coin. Here are three key reasons why you might want to consider buying BNB before his release.
1. Bohr Hard Fork to Transform BNB Smart Chain: Key BEPs Introduced
The Bohr hard fork is a major upgrade that will usher in a new era of efficiency and scalability for BNB Smart Chain. According to a recent blog post, the upgrade will be deployed on the BSC mainnet on September 29th, introducing four new BEPs (Binance Chain Evolution Proposal).
Among these, BEP 341 is the central focus of this hard fork, enabling validators to produce consecutive blocks. This shift from the current single-slot system will dramatically speed up block processing, creating a smoother experience for both users and developers.
2. BNB Coin Futures Surge: Open Interest Spikes 28% in Two Weeks
The BNB coin is seeing a renewed recovery in futures open interest. According to data from coinglass, OI has spiked from $460 Million to $589 Million— a 28% increase— in just two weeks.
Typically, rising OI indicates growing market confidence, as more traders are showing interest in this asset. This suggests that more capital is flowing into BNB futures contracts, indicating a bullish sentiment.
3. Binance Coin Price Hints Major Breakout from Reversal Pattern
In the last three weeks, BNB coin showcased a sharp V-shaped recovery from $471 to $596, registering a 27% growth. A deeper analysis of the daily chart revealed this recovery assisted in the formation of a well-known reversal pattern called inverted head and shoulder.
Earlier today, the Binance coin price surged 1.83% and released an upside breakout from the pattern’s resistance trendline at $600. A successful flip of this resistance into potential support will accelerate the bullish momentum and drive a 20% surge to $722, followed by an extended rally to $783.9.
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