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

Coin World reported:
BNB is a top-tier altcoin worth paying attention to, especially as it is expected to rise in the fourth quarter of 2024. Like other currencies, BNB also faces challenges, but despite its founder CZ being sentenced to four months in prison, BNB remains stable.


CZ’s return on September 29th is an important moment for Binance and the broader Binance Smart Chain (BSC) community.
With the news released by CZ, BNB started trading around $600, a key resistance level that has not been broken since July 5th. Now, BNB/USDT may break through this level.


Previously, BNB/USDT touched the $600 mark on July 5th, then fell again on August 5th, and attempted to break through $600 again three weeks later, but failed.
However, the current market conditions, combined with CZ’s return, suggest that this time may be different. This combination could provide the momentum needed for BNB’s surge.
Binance focuses on altcoin season
Bitcoin’s dominance is nearing its peak, paving the way for the expected altcoin season, which could further drive the price of BNB.
If history repeats itself, the altcoin season could begin in about 50 days, which would align with the potential price breakthrough of $600 for BNB.
Considering these factors, if market indicators continue to trend upward, we may see the price move towards $800.


Furthermore, as of the time of writing, the Relative Strength Index (RSI) for the cryptocurrency market is 59, indicating positive sentiment for most cryptocurrencies.
This RSI level suggests a bullish momentum but is still below the overbought threshold, indicating further room for upward movement.
With this positive sentiment driving it, BNB may continue to rise and enter a strong fourth quarter.
Top game chain’s monthly active user share
In addition, the role of BNB Chain in the gaming sector is promoting its widespread adoption.
Based on the number of monthly active users in September 2024, it ranks among the top five gaming blockchains, trailing behind Solana (33%), Tron (27%), Ronin (22%), and leading Polygon (8%), with BNB accounting for 10%.
As BNB Chain gains attention in games and other blockchain applications, its improved usability enhances its position above the $600 resistance level.


BNB is in a strong growth position, with key factors such as CZ’s announcement, positive market sentiment, and increased blockchain adoption boosting its potential for upward movement. If all goes well, BNB may break the $600 level and aim for higher targets in the coming months.
BNB breaks 100-day moving average
BNB recently broke the 100-day moving average, sparking bullish sentiment among traders. Breaking this technical barrier is seen as a key indicator of upward momentum. On the 4-hour chart, BNB shows strong buying pressure, with the Relative Strength Index (RSI) climbing above 76.37%, reflecting a bullish trend that may push the price towards the $650 resistance level.
The 100-day SMA is a widely watched indicator in technical analysis, and when prices surpass this average, it usually indicates strength. For BNB, this breakthrough has fueled optimism for a continued price increase.
The key resistance level for BNB is at $650, which is closely monitored by traders. As of the time of writing, the trading price for the altcoin is around $613, and an increase to this level could open the door for further upward movement.
The $650 mark is not the only focus. If BNB breaks this resistance level, the next key areas to watch include $670 and $690. These levels are crucial in determining whether the rebound in BNB can continue into a larger bull market, with the potential to target historical highs above $720.
What are the prospects for BNB?
The outlook for BNB’s price depends on whether it can maintain above key support levels and break through the $650 resistance level. If successful, the target price for BNB could be $680 and above. However, if it fails to stay above $600, it may indicate a bearish correction, with prices falling to lower levels.
Currently, technical indicators remain bullish. The hourly MACD shows a strong upward trend, and the RSI is above the 50 level. The price trend in the next few trading days will determine whether BNB can break its high or experience a short-term correction.
BNB has shown impressive strength after breaking the 100-day SMA and is poised to test the key $650 resistance level. With strengthening bullish momentum and solid support, the cryptocurrency may continue to rise in the short term. However, traders should keep an eye on key support levels, as failure to break $620 may lead to a downward correction.