CZs Return This Week BNB Aims for 800 Milestone New High Within Reach

CoinWorld reported:
BNB is a top altcoin worth paying attention to, especially with an expected rise in the fourth quarter of 2024. Like other currencies, BNB faces challenges, but despite its founder CZ being sentenced to four months in prison, BNB remains stable.



CZ’s return on September 29 marks an important moment for Binance and the broader Binance Smart Chain (BSC).
As news of CZ’s announcement spread, BNB began trading near the $600 price level, a key resistance point that has not been breached since July 5. Now, BNB/USDT may break through this level.



Previously, BNB/USDT touched the $600 threshold on July 5, fell again two weeks later on August 5, and attempted to break through $600 again three weeks later, but similarly failed.
However, the current market conditions, coupled with CZ’s return, suggest that this time may be different. This combination could provide the necessary momentum for BNB’s surge.
Binance focuses on altcoin season
Bitcoin’s dominance is nearing its peak, paving the way for the anticipated altcoin season, which could further propel BNB’s price trajectory.
If history repeats itself, the altcoin season could commence in approximately 50 days, aligning with BNB’s potential breakout above $600.
Considering these factors, if market indicators continue to show an upward trend, we may see prices move towards $800.



Additionally, as of the time of writing, the daily Relative Strength Index (RSI) for the cryptocurrency market stands at 59, indicating a generally positive sentiment among most cryptocurrencies.
This RSI level suggests bullish momentum but is still below the overbought threshold, indicating further room for upward movement.
Driven by this positive sentiment, BNB may continue its rise and enter a strong fourth quarter.
Top gaming chains’ monthly active user share
Furthermore, BNB Chain’s role in the gaming sector is facilitating its overall adoption.
As of September 2024, it ranks among the top five gaming blockchains based on monthly active users, trailing behind Solana (33%), Tron (27%), and Ronin (22%), while leading Polygon (8%) with a 10% share.
As BNB Chain gains attention in gaming and other blockchain applications, its enhanced usability strengthens its position above the $600 resistance level.



BNB is in a strong growth position, with key factors such as CZ’s announcement, favorable market sentiment, and increased blockchain adoption enhancing its upward potential. If all goes well, BNB may break through the $600 level and aim for higher targets in the coming months.
BNB breaks above the 100-day moving average
Recently, BNB broke above the 100-day moving average, triggering bullish sentiment among traders. Breaching this technical barrier is viewed as a key indicator of upward momentum. On the 4-hour chart, BNB exhibits strong buying pressure, with the RSI climbing above 76.37%, reflecting a bullish trend that could propel prices to the $650 resistance level.
The 100-day SMA is a widely watched indicator in technical analysis; when prices exceed this average, it typically signals strengthening. For BNB, this breakout has sparked optimism for sustained price increases.
The critical resistance level for BNB’s price is $650, a key price point closely monitored by traders. As of this writing, the altcoin trades at approximately $613, and a rise to this level could open the door for further increases.
The $650 threshold is not the only point of focus. If BNB breaks this resistance level, the next areas of interest include $670 and $690. These levels are crucial for determining whether BNB’s rebound can extend into a broader bull market, potentially targeting historical highs above $720.
What is the outlook for BNB?
The outlook for BNB’s price relies on its ability to maintain above key support levels and break through the $650 resistance level. If successful, BNB’s target price could be $680 and above. However, failing to hold above $600 may signal a bearish correction, leading to lower price levels.
Currently, technical indicators remain bullish. The hourly MACD shows a strong upward trend, while the RSI is above the 50 level. The price movements in the coming trading days will determine whether BNB can break its high or experience a short-term pullback.
BNB has demonstrated impressive strength after breaking above the 100-day SMA and is expected to test the critical $650 resistance level. With increasing bullish momentum and solid support levels, the cryptocurrency may experience further short-term increases. However, traders should monitor key support levels, as failing to breach $620 could lead to a downward correction