The BNB price has remained steady recently as the cryptocurrency industry continued to be under pressure. On Monday morning, Binance Coin was trading at $653, where it has remained. This price is about 30% above the lowest point this month. So, what’s next for Binance Coin ahead of the Pascal hard fork?
Pascal Hard Fork to Be a Catalyst
The BNB price may have a catalyst when the developers implement the Pascal hard fork in the coming days. This will be a crucial hard fork as the network continues to boost its performance in a bid to attract more developers.
The Pascal hard fork will have several features. One of them is that it will enhance its compatibility with Ethereum’s Pectra Upgrade features, such as native smart contract wallets and improved cryptography.
By upgrading the wallet, BSC hopes to introduce features like a simpler and more versatile account recovery option. It will also introduce multi-sign support for enhanced security, spending limits, and batch transactions. As a result, users will have more control and flexibility in managing their funds.
BSC is planning more features for later this year. In particular, the developers want to increase transaction speed to 0.75 seconds later this year.
This is happening at a time when the BNB network is doing well. The DEX volumes have overtaken Solana in recent days. It handled over $17 billion in the last seven days compared to Solana’s $16.1 billion.
Further, the number of BNB coins burned this year has been impressive. It has already burned tokens worth over $1 billion and is on track to burn a similar amount in the next few quarters, reducing the number of tokens in circulation.
BNB Price Forecast
The weekly chart shows that the BNB coin has formed an ascending channel and is now in its middle. It has remained above the 50-week and 100-week Exponential Moving Averages (EMA), a sign that bulls are in control.
The coin has formed a cup and handle pattern, a highly bullish sign. It has also moved above the strong pivot reverse point of the Murrey Math Lines indicator. Additionally, the BNB price has formed a falling wedge pattern.
Therefore, the BNB token will likely have a strong bullish breakout. The next point to watch is $875, the extreme overshoot point. A move above that level will bring the key resistance at $1,000 into view.
READ MORE: Top 3 Solana Meme Coins to Sell and Go Away
