BNB Price Predicted to Retake $600 as Changpeng Zhao Weighs Binance Return

Binance Coin (BNB) Price Analysis:

BNB price consolidated above the $570 level on Oct 31, 2024, as recent comments from Binance Co-founder Changpeng Zhao lifted market sentiment. Technical indicators suggest that BNB price now faces a major million resistance sell-wall at the $600 level in the quest for an early bullish reversal.

BNB Avoids $570 Breakdown as CZ Makes First Public Appearance Since Jail Release

On Thursday, Oct 31, Binance Coin (BNB) price managed to avoid tumbling below a critical support level at $570, as crypto markets entered a consolidation phase after a strong start to the week.

While Bitcoin and Ethereum held firm above the $70,000 and $2,600 levels respectively within the daily timeframe, BNB also mirrored that resilient performance.

The chart above shows that Binance Coin price has declined 6.29% in the last 48 hours, tumbling from $611 on Oct 29 to the $573 mark as of Oct 31.

BNB’s resilience on Thursday has been attributed to recent comments from Binance ex-CEO Changpeng Zhao (CZ) in his first public appearance since his release from prison in late July.

Live from Blockchain Week in Dubai, CZ shared his experience during his time behind bars and his future plans.

During the interview, CZ avoided commenting on the fairness of his sentencing, but he did confirm that he was the only person jailed for violating the Bank Secrecy Act. Despite rumors, CZ refuted claims of a lifetime ban from running a crypto exchange, though he expressed no desire to return as Binance’s CEO.

He shared that his focus would now shift to other ventures, including Giggle Academy, an educational initiative aimed at empowering over a billion people, as well as investments in AI, biotech, and the broader crypto industry.

While he refrained from giving a specific Bitcoin price prediction, CZ expressed confidence in the asset’s performance over the coming months, suggesting a “highly bullish” outlook for 2025 based on historical post-halving trends.

Positive tailwinds from CZ’s public appearance and his optimistic remarks about the crypto industry’s future evidently helped BNB hold above the $570 support level on Thursday.

BNB Price Forecast: Bulls Regrouping to Retake $600

Recent developments indicate that BNB price could be poised for an early recovery, as bulls set sights set on retaking the $600 level. Technical signals on the BNBUSD daily chart below also support this bullish forecast.

The first indicator is the Pivot Point, where BNB currently holds above the main pivot support at $552.43. This level serves as a significant anchor, suggesting that bulls have defended this zone effectively.

If BNB can maintain its position above this pivot, it could provide the momentum needed to challenge the $600 resistance in the coming days. Notably, if buying pressure increases, bulls may aim for the first resistance level (R1) around $620.16, which could act as a springboard for further gains.

The Relative Strength Index (RSI) on the daily chart is at 54.83, leaning slightly bullish. This indicates that BNB is entering a territory where buying momentum may overpower selling pressure if sustained.

A move above 60 on the RSI could validate bullish control, providing confidence that BNB’s uptrend could strengthen in the short term.

For now, the immediate support level at $570 remains crucial for bulls, while the key resistance lies at $600. A sustained close above this level would confirm the bullish reversal, potentially driving BNB towards the $620 resistance zone.

However, if bearish forces reclaim dominance, a breakdown below $570 could see BNB retesting the pivot support at $552.43.