Binance BNB Token To Hit $400 After Major Upgrade This Month

Varinder Singh
April 17, 2023
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Binance BNB Token To Hit $400 After Major Upgrade This Month

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.

Also Read: Elon Musk Reveals US Govt Can Access Twitter DMs, Bitcoin And Dogecoin Fall

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.

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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.

BNB price
BNB Price. Source: TradingView

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.

Also Read: Binance Removes Shiba Inu, 1INCH, FXS, TWT From Innovation Zone

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.