Binance’s native BNB token easily started a major rally to $400. The BNB is witnessing massive upside momentum after the quarterly BNB burn price and ahead of a BNB Beacon Chain hard fork upgrade this week planned.
BNB chain in one tweet announced on April 17 that the BNB Beacon Chain is scheduled to undergo the Barral hard fork upgrade at block height 310,182,000. Prior to the major upgrade, Binance will be conducting wallet maintenance for BNB Beacon Chain (BEP2) on Tuesday, April 18 at 07:00 UTC at 07:00 UTC. 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. Therefore, the 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 to the cross-chain bridge between BNB Beacon Chain and BNB Smart Chain. It includes an IAVL proof verification upgrade, time slot for bulk money transfers, automatic transfer pause during counterfeit 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 its 23rd quarterly BNB token burning mechanism. The latest burn is also the reason behind the latest price jump.
BNB Price witnesses massive rally
Binance Coin price is up more than 5% in the last 24 hours with the price currently trading at $345. The 24-hour low and high are at $333 and $350, respectively. In addition, the trading volume has increased by more than 50% in the last 24 hours, indicating increasing interest among traders.
BNB price. Source: TradingView
In the daily time frame, BNB price has broken the key resistance level at USD 340, making a 6-month high. If it breaks above local resistance in the $355-$360 range, a quick rally to $400 is likely.
In addition, the RSI and Bollinger bands show stronger upward movement. The RSI is approaching 70. While the Bollinger bands are showing a breakout in the BNB price.
In the weekly time frame, the RSI, Bollinger bands and moving averages point to the possibility of more upside in the coming weeks.
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Varinder is a technical writer and editor, technology enthusiast and analytical thinker. Fascinated by disruptive technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for quite some time and is currently covering all the latest updates and developments in the crypto industry.
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