CZ’s Sentence: A Surprising Boost for BNB’s Market Sentiment?

Market sentiment as Binance’s CZ faces possible prison sentence BNB-USD From fear to bullishness. While this is an almost trivial event for the broader crypto market, it has huge implications for BNB. Since the beginning of the week, BNB has plunged nearly -9%. However, compared to other altcoin markets and considering the FUD surrounding CZ, it has held up surprisingly well.

From the courtroom to the meme room: BNB’s wild ride

BNB’s latest drama stems from the resolution of former Binance CEO Changpeng Chao’s (CZ) legal situation. As part of a plea deal with U.S. prosecutors, CZ faces four months in prison on felony charges, including violating anti-money laundering laws. But here’s the twist. While CZ was headed to prison, the social buzz around BNB took a bullish turn. why? Well, the fear, uncertainty, and doubt (FUD) surrounding CZ’s fate has finally subsided.

And if you needed proof that everything is “business as usual” on Binance itself, BNB is holding a $1 million meme innovation contest. The contest is a full-fledged battle royale for memecoin developers, with large prizes distributed based on trading volume, market capitalization, and involvement in the meme community. The contest, scheduled to run until May 9th, is a play to inject some serious creativity and volume into the meme coin market.

BNB outperforms its peers

If you didn’t rate BNB, you’ve missed out on its outstanding performance so far in 2024. It’s up 76% for the year, but that’s far behind the 106% increase. Like most of its peers, BNB has remained range-bound for nearly a month and a half. From a technical analysis perspective, there is a slight bullish divergence between price and RSI. A hidden bullish divergence occurs when the price makes a higher low but the RSI makes a lower low.

BNB’s performance in the coming weeks could be determined soon. The RSI is hovering between the first and second levels of the bull market, trading near the bottom of the range. Does this mean the bulls are ready to take over? No, but the odds are the best they’ve been in weeks.

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