BNB price could surge to $600 with CZ's return

Interest in Binance Coin (CRYPTO:BNB) is surging as the cryptocurrency's price climbed to $520, driven by anticipation of ex-Binance CEO Changpeng "CZ" Zhao's release from jail. 

With less than 20 days to his return, BNB has avoided dropping below $487, and the renewed market excitement could propel it even higher. 

Several indicators point to a potential rise in BNB's value beyond its current levels. 

Zhao, who founded Binance in 2018, was jailed earlier this year following a US court verdict that found him guilty of various charges related to the exchange. 

This led to a drop in BNB’s price from $590 to $560. 

However, the market is now optimistic that his release could drive further gains for BNB. 

According to data from Santiment, BNB's Open Interest (OI) has climbed from $325 million to $342 million recently, indicating growing market exposure and positioning in the coin. 

A rise in Open Interest alongside a price increase generally supports a stronger uptrend. 

If this trend continues, BNB's price may push higher. 

Analyst CryptoGodJohn echoes this sentiment, noting that CZ’s release could be a catalyst for BNB to exceed $600. 

The analyst describes the scenario as an "easy play" for the market, suggesting more gains ahead. 

BNB's daily chart also shows positive signs, with the price rebounding from $487, a critical support level. 

If the price breaks above the 20-day Exponential Moving Average (EMA) near $518, it could climb to $631 or even $724, especially if CZ's release coincides with the ongoing bullish momentum. 

According to market analysis, potential resistance at $575 and Binance's unresolved legal challenges could impact BNB's performance. 

If these legal issues resurface around Zhao’s release, the coin might face rejection at $575, potentially dropping to $458. 

Traders are advised to remain cautious and closely monitor these developments. 

At press time, the BNB price is $511.13