BNB price remained in a tight range today, May 8, even as Bitcoin neared the crucial $100,000 milestone. This consolidation, however, could be a calm before the storm as the Binance Coin has formed a textbook chart pattern that will push it to $1,100 and beyond if Donald Trump grants Changpeng Zhao a pardon.
BNB Price Could Cruise to $1,100 if Trump Pardons CZ
The BNB price remains stuck at $615, a range it has remained in for the past few weeks. A potential catalyst that may propel it higher may come from the United States, where Changpeng Zhao is seeking a presidential pardon.
A Bloomberg report notes that CZ, a billionaire, has hired Teresa Goody Guillen to push for executive relief. Guillen is a high-profile lawyer who works at Baker & Hostetler, a well-connected law firm. While CZ has served his prison sentence, he is still a convicted felon, a term that may have implications if he wants to do business in the US.
A presidential pardon would be a good thing for the value of Binance Coin for two main reasons. First, it would boost sentiment on the coin because of CZ’s popularity. For example, the coin rallied when he moved out of prison in 2024.
Second, it would make it easier for him to relaunch Binance US, a key market for any crypto company. That’s because some mainstream banks and service providers would be unwilling to work with a company associated with a convicted felon.
While BNB is not directly associated with Binance, its performance often reacts to what is happening at the company. A good example is when it rallied after the SEC settled with Binance during the Gary Gensler era.
Trump has already pardoned some key players in the crypto industry, including Arthur Hayes, Roger Ver, and Ross Ulbricht. Odds of a CZ pardon have also risen now that Trump’s family is doing business with Binance through the World Liberty Financial.
Binance Coin Price Forecast as Cup and Handle Pattern Forms
The ongoing BNB price action is part of a bullish chart pattern that has been forming since May 2021, when the coin peaked at $662. This pattern is known as a cup and handle and is one of the top bullish continuation signs.
A C&H is made of a rounded bottom, whose lower side is at $210. The consolidation that has been forming since March last year is the handle of this pattern. The easiest way of identifying the price target when using this pattern is to measure its depth. In this case, the depth is about 70%. After this, one measures the same distance from the cup’s upper side, which brings the BNB price forecast to $1,100. This bullish outlook will be confirmed if it rallies above $740, the upper side of the handle, and the psychological point at $1,000.
BNB price chart
Conversely, a drop below the key point at $485 will invalidate the bullish Binance Coin price forecast. Such a price will send a signal that bears have prevailed against BNB bulls, and push it to $350, its highest swing in April 2022.
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