Binance’s native token BNB token readily started a major rally to $400.The BNB witnessing massive upside momentum after the quarterly BNB burn price and ahead of a BNB Beacon Chain
hard fork upgrade scheduled this week.
BNB Chain in a
tweet on April 17 announced that the BNB Beacon Chain is scheduled to undergo the Barral hard fork upgrade at block height 310,182,000.Ahead of the major upgrade, Binance will perform wallet maintenance for BNB Beacon Chain (BEP2) at 07:00 UTC on Tuesday, April 18.The exchange will suspend BNB withdrawals and deposits for an hour.
The upgrade is named after French physician and anatomist Jean-Augustin Barral.The BNB Beacon Chain upgrade requires 2/3 validators to upgrade to the latest release to continue processing blocks on the blockchain.Thus, Binance team has asked node operators to update to the v0.10.10 release before April 21.
The Barral hard fork upgrade introduces several security enhancements for the cross-chain bridge between BNB Beacon Chain and BNB Smart Chain.It includes an IAVL proof verification upgrade, massive funds cross-chain transfer time lock, auto-pause transfers during forged proof detection, and power to validator to pause cross chain channels.
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On April 14, Binance
burned 2,020,132.25 BNB tokens in the 23rd quarterly BNB token burn mechanism.The latest burn is also the reason behind the latest price jump.
BNB Price To Witness Massive Rally
Binance Coin price soars over 5% in the last 24 hours, with the price currently trading at $345.
The 24-hour low and high are $333 and $350, respectively.Furthermore, the trading volume has increased by over 50% in the last 24 hours, indicating an increase in interest among traders.
In the daily timeframe, BNB price has broken the key resistance level at $340, making a 6-month high.
If it breaks above the local resistance in the $355-$360 range, a swift rally to $400 is likely.
Moreover, the
RSI and Bollinger bands are showing more strong upside move.The RSI is moving near 70.Whereas, the Bollinger bands show breakout in BNB price.
In the weekly timeframe, the RSI, Bollinger bands, and moving averages indicates the possibility of more upside in the coming weeks.
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