Binance Coin (BNB) has seen a surge in price value despite the former CEO of Binance Changpeng Zhao (CZ) beginning his four months jail term on Monday, 3rd June. CZ reported to Lompoc II which is a federal prison in California after being sentenced for failing to set strong anti-money laundering policies during his term as Binance head.

Contrary to expectations the news of CZ imprisonment has triggered a bullish sentiment with BNB price increasing by over 7% in the last seven days. In the last 24 hours it has gained by 2.24% as of writing and trades at $646.76 with a market cap of $95.4 billion and a trading volume of $2.7 billion.

Looking at the technical analysis, it paints a positive and more promising picture for potential new all-time highs. Since reaching a low of $287.6 on January 25th as analyzed earlier in our previous report, the price rallied to a high of $645 on March 16th marking a massive 124% gain in less than two months. After a 22% correction BNB remained trapped in a bullish pennant pattern which eventually broke out and retested as May ended.

On the daily chart the Exponential Moving Average indicators show a strong bullish momentum with the EMA 50 at $589, EMA 100 at $563 and the EMA 200 at $426. This is indicating a sustained uptrend. Next target is at $670 high which was recorded back in early Nov 2021.

On the 4-hour chart the price has also been respecting an ascending trendline in place since April 17th and surging to break the horizontal resistance level around $630.

The Moving Average Convergence Divergence indicator in the 4 hour chart also reinforces the bullish sentiment with the MACD line well above the signal line and a positive histogram signaling maintained buying pressure. These technical analysis suggest that BNB price could see new all time highs.

Looking further at the on-chain metrics, they provide valuable insights into the underlying investor sentiment driving BNB's price movement. According to data from Coinglass BNB Futures Open Interest (USD) has reached an all-time high of over $506 million today, surpassing the previous 12-month high. This increase in open interest which has steadily risen from $344 million on May 4th suggests that there is a growing interest among the market participants

Long short ratio chart for BNB also indicates a higher number of long positions compared to short positions further backing up the bullish sentiment.
Looking at the future price projections, Binance itself has forecasted a positive outlook for BNB stating that it could reach $847 mark by end of 2024 due to its increasing adoption and demand and $7,609 by 2030 pushed by broader acceptance in mainstream finance.