Binance Coin (BNB) price bulls are nurturing a potential breakout to breach the next key resistance. Meanwhile, the recent development in the crypto community has been the transfer of Changpeng Zhao (CZ), the founder and former CEO of Binance, from prison to the RRM Long Beach halfway house.
BNB Price Market Movers: CZ Transfer To RRM Long Beach halfway house and Rising Weighted Sentiment
BNB price 4.3% increase in the last 24 hours and a 9.5% surge in seven days are testaments to improving the market structure. Moreover, volatility is expected to escalate with CZ’s transfer from prison to the RRM Long Beach halfway house in California. Contrary to what many believe, Zhao is still in jail and has not been freed. The crypto mogul was previously held at FCI Lompoc II prison in California; however, based on the federal inmate tracker, he has been moved to the new holding facility.
It is worth mentioning the RRM Long Beach is categorized as a ‘residential reentry management (RRM) field office,” mainly used to attend to inmates nearing their release dates, hence the name ‘halfway house.’ Such facilities do not have any “security level other than voluntary compliance,” however, inmates are required to adhere to house rules, according to the InmateAID strictly.
The confusion over CZ’s release correlates to his April 30, 2024 sentencing. However, Zhao was imprisoned later in May, implying he still has 38 days to serve before his possible release on September 29. CZ was charged with failing to use the resources at Binance to prevent money laundering by implementing AML and KYC practices.
The spike in the weighted social sentiment, according to Santiment mirrors the anticipated release of Zhao. Binance Coin price tends to increase with rising sentiment, which means most comments regarding the token are very positive. Nonetheless, investors should be vigilant as sudden corrections often follow such spikes.
Binance Coin Price Analysis: Bullish Revival
BNB price hovered at $575 during the American session on Thursday after breaking free from the confines of a defending channel. The token also sits above all three moving averages, including the 20-day, 50-day, and 200-day EMAs. More traders will buck the uptrend to $600 resistance and ascend to $700 should the 20-day EMA confirm a golden cross by crossing above the 50-day EMA. Also adding credence to this bullish thesis is a buy signal from the Moving Average Convergence Divergence (MACD) indicator.
Conversely, failure to breach the $600 resistance may culminate in BNB price correcting in search of liquidity. Potential support areas include the 50-day EMA and the 200-day EMA.
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