The BNB coin price surged 1.2% before the U.S. trading session on Monday, settling at around $594. The ongoing recovery is poised for a major breakout from $600 resistance ahead of Binance founder Changpeng Zhao’s (CZ) release from the Long Beach RRM federal facility. Is this the right time to buy BNB?
3 Reasons to Invest in BNB Coin Ahead of Binance Founder CZ’s Release
According to the Bureau of Prisons database, the former Binance CEO Changpeng Zhao will complete his four months imprisonment on September 29, 2024, and be released from Long Beach RRM, a federal facility in San Pedro, California. Along with his imminent release, here are three reasons why you should buy BNB coin.
Bohr Hard Fork to Transform BNB Smart Chain: Key BEPs Introduced
The Bohr hard fork is a key upgrade, driving a new era of efficiency and scalability for BNB Smart Chain. According to a released blog post, the upgrade will be implemented on the BSC mainnet on September 29th, bringing four new BEPs (Binance Chain Evolution Proposal):
BEP 341: enabling validators to produce consecutive blocks.
BEP 402: Completes missing fields in the block header to generate signatures.
BEP 404: Clears miner history when switching validators set
BEP 410: Adds an agent for validators
Among these, BEP 341 is the key component of this hard fork, allowing validators to produce consecutive blocks. This transition from the current single-slot system will significantly speed up block processing and create a smoother experience for users and developers.
BNB Coin Futures Surge: Open Interest Spikes 28% in Two Weeks
The BNB coin is experiencing a renewed recovery trend in future open interest. According to coinglass data, OI data has spiked from $460 Million to $589 Million— a 28% increase— within two weeks.
Typically, the rising OI indicates growing market confidence as more traders participate in this asset, indicating more capital flowing into BNB futures contracts.
BNB Open Interest | Coinglass
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.
BNB/USDT – 1d Chart
On the contrary, if the BNB coin witnessed a renewed selling pressure at $600, the sellers could revert the price lower and prolong the current consolidation trend.
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