Binance token BNB is making an attempt to jump higher to $400. BNB saw huge upside momentum after the token burn and the BNB Beacon Chain hard fork scheduled for this week.
BNB Chain in a tweet on April 17 announced that BNB Beacon Chain is scheduled to undergo a Barral hard fork upgrade at block 310,182,000. Ahead of the big 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 one hour.
BNB Beacon Chain upgrades require 2/3 validators to upgrade to the latest release to continue block processing on the blockchain. Therefore, the Binance team has asked node operators to update to the v0.10.10 release before April 21.
The Barral upgrade introduces several security improvements for the cross-chain bridge between BNB Beacon Chain and BNB Smart Chain. It includes improved IAVL proof verification, mass cross-chain transfer time lock, automatic pause transfer during fake proof detection and power to validators to pause cross-chain channels.
On April 14th, Binance burned 2,020,132.25 BNB tokens in the 23rd quarterly BNB token burning mechanism. The recent burning is also a factor in the recent price surge.
The price of Binance Coin jumped over 5% in the last 24 hours, with the price currently trading at $342. Furthermore, trading volume has increased by over 50% in the past 24 hours, indicating increased interest among traders.
BNB price has broken the key resistance level at $340, making a 6-month high. If it breaks above the resistance in the $355-$360 range, a quick jump to $400 is likely.
Additionally, the RSI and Bollinger bands are showing a stronger upward movement. The RSI is moving closer to 70. Meanwhile, the Bollinger band indicates a breakout of the BNB price.
In the weekly time range, the RSI, Bollinger bands and moving averages indicate the possibility of a higher increase in the coming weeks.
