Binance Coin Price Prediction: CZ's Crypto Takeover

Binance CEO Changpeng Zhao (CZ) plans to hire 2,000 more Binance employees.
14 million tokens have been locked away and burned this summer.
A break above $336 could be the catalyst to induce an additional 40-50% rally in the short term.

Tony M.FXStreet Contributor

Binance coin could shock the crypto world as technicals align with on-chain analysis. Why aren't more people talking about Binance?

Binance coin seems promising

Binance Coin price could qualify as a "crypto-outperformer" amongst its' peers as the digital exchange token has rallied 56% since July 1. When reviewing the technicals, Binance Coin looks extremely promising from a macro perspective and in the short term. Although the crypto community seems to be honed in on Ethereum Merge, Binance could shock sleeping bulls at the wheel and induce a bull rally with jaw-dropping targets.

Binance Coin price currently auctions at $308. Recently, Changpeng Zhao (commonly referred to as CZ) announced on the Binance Exchange website his goal to hire 2,000 more employees by the end of the year. While big companies issue layoffs, CEOs cry on LinkedIn, talks of a housing crash linger, and rate hikes and inflation persist, CZ seems unbothered. Two thousand new employees would bring the workforce to roughly 8,000 individuals.

CZ Forbes Cover

Binance Coin price shows a significant on-chain analysis that every knife-catcher hopes for. Fourteen million tokens have already been locked and burned this summer, drastically reducing Binance Coins' circulating supply back to just 21 million tokens. The last time 21 million tokens were in circulation, the Binance coin traded at $16 in July 2020. A year later, the BNB price rallied more than 4000% to a high of $643 on November 8, 2021.

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When technicals align with on-chain analysis, and on-chain analysis aligns with minimal market discussion over applaudable company ethics and intentions, the price does the cheering. Binance Coin price could be a ticking time bomb with conservative targets in the $700 zone and Crypto-FOMO targets in the $1,400 prize zone. Such a rise would result in a 428% increase from the current Binance Coin price. A breach of the $336 level could be the catalyst to promote the said environment.

BNB/USDT 1-Week Chart

Author

Tony M.

FXStreet Contributor

Tony Montpeirous began investing in cryptocurrencies in 2017. His trading style incorporates Elliot Wave, Auction Market Theory, Fibonacci and price action as the cornerstone of his technical analysis.

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