Binance Coin’s price will be in the spotlight this week as the network implements the closely watched Pascal hard fork on March 20. On Sunday, the BNB price was trading at $600, up almost 20% from its lowest level this month.
Pascal Hard Fork Ahead
BNB price will be in the spotlight this week as the network activates the Pascal hard fork that will introduce more changes.
The upgrade will integrate more with Ethereum, including features in the upcoming Pectra upgrade. It will align the BSC Chain more closely with the Ethereum Virtual Machine (EVM), improving its interoperability. The integration will also make it easier for developers on the Ethereum network to build on BSC with minimal adjustments.
The Pascal hard fork will also introduce native smart contract wallets. This is a notable improvement, as it will introduce multi-signature support, spending limits, batch transactions, and gas abstractions. Furthermore, the Pascal hard fork will introduce more security features for the network.
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The Pascal hard fork is one of the few upgrades scheduled for the BSC Chain this year. In April, the developers will incorporate the Lorentz Hard Fork, which will lower block intervals to 1.5 seconds. The Maxwell hard fork will then reduce them to 0.75 seconds, making BNB one of the fastest networks in the blockchain industry.
This upgrade comes as the BSC Chain is continuing to perform well. For example, data from DeFi Llama shows that in the last seven days, DEX networks in the ecosystem handled over $8.96 billion, making BSC the third-biggest chain after Ethereum and Solana.
BSC is positioning itself as the best alternative to the two because of its low transaction fees and fast speeds.
BNB Price Technical Analysis
The weekly chart shows that the BNB price has performed well over the past few months. It has outperformed most high-profile tokens, such as Bitcoin, Ethereum, Solana, and Cardano.
This performance is indicated by Binance Coin remaining above the 50-week and 100-week Exponential Moving Averages (EMA), forming an ascending channel and a hammer candle; both are regarded as bullish signs.
The coin has also formed a cup and handle pattern, a popular continuation sign with a depth of about 75%. Therefore, the BNB price is likely to rebound and retest the key resistance level at $666.95, which is the upper side of the C&H pattern.
In the long term, the token is expected to recover and hit the psychological point at $1,000. This view will be confirmed if it rises above the year-to-date high of $795.
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