Binance Coin Sees $1 Billion Inflow – Could This Be the Start of an End of Year Rally?
Sam is a financial journalist with a focus on cryptocurrency market news, based in London. With a Master’s Degree in Development Management from the London School of Economics, Sam’s passion for...
Binance Coin (BNB) has seen a massive $1 billion inflow ahead of Changpeng Zhao’s (CZ) highly anticipated release from his halfway house incarceration on September 29.
Could this be the start of an end-of-the-year rally?
Lowkey BNB had one of the smallest drops, I wouldn't be surprised to see a classic impulse-consolidation-impulse here.
Inevitably bullish for all memecoins on the chain, especially $FLOKI pic.twitter.com/CIGcruqh6o
In this article, explore the latest BNB price trends and uncover whether stronger plays could be available in the 2024 market environment.
Indeed, with former CEO and industry legend CZ on the precipice of release from a lengthy US custodial sentence, many are anticipating that his return could trigger something of a bull-run on the Binance Smart Chain – in a similar light to Justin Sun’s recent activities on Tron.
If the inflow is authentic, then this could be reminiscent of BNB’s late revival in Q4 of 2017, which saw Binance Coin price smash out of rock-bottom support to mount an insane +1,633% rally into the end of the year.
As Binance Coin trades in a HTF retracement from an all-time high on June 6th, BNB is currently trading at a market price of $542 (representing a 24-hour change of +2.41%).
This comes amid a strong performance throughout August, during which bulls produced a well-defended double-bottomed support pattern above bedrock support at $470.
The impressive defense has now set the stage for what appears to be a strong recovery move ahead of CZ’s impending release. Price action is hammering
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