The price of Binance Coin has formed an important cup and handle pattern as its ecosystem continues to expand further to the Pascal update.
Benance Coin (BNB), the fifth largest cryptocurrency, trading at $ 660 on Friday, was 30% from its lowest point this month.
The next potential catalyst for the price of BNB is the upcoming Pascal Hard Fork, which is prescribed for activation in March.
This will be an important update for the network as it will introduce better atherium compatibility, smart contract wallet and more equipment for better decentralized applications or DAPP.
Pascal will be one of some Scheduled BNB chain upgrade this year. This will be followed by Lorrentz in April and Maxwell in June. These upgrade block reward will aim to reduce the time from 1.5 seconds to 0.75 seconds.
These upgrade come at a time when the BNB series is doing relatively well. For example, it has flipped the solana (soul) and atherium (ath) in terms of decentralized exchange volume. it Handle Over $ 21.48 billion in the last seven days, Solan’s $ 21.31 billion and Etherium more than $ 13.5 billion.
The total value of the BNB chain locked in the ecosystem has increased $ 5.7 billionWhile Bridge TVL has increased by $ 14 billion. Its StableCoin market cap is 6.9 billion dollars.
BNB price technical analysis
The two -week chart indicates that the price of BNB is getting consolidated this year, making a ascending channel connecting high and high levels since December. This price movement aligns with the development of a cup and handle pattern, a rapid indicator in technical analysis.
BNB has now reached a major resistance level at $ 667, marking the upper range of C & H pattern, with a depth of 70%.
If it keeps the pattern, the price of BNB may rise to $ 1,125 over a long period, which represents a 70% increase from current levels. However, if BNB falls below $ 505, the outlook will be rapidly rejected, its lowest point this month.
