Over the past few days, the BNB price has grown up, as the cryptography market has remained in the rigid range, while Bitcoin hover above $ 84,000. On Sunday, BNB is trading at $ 592, which is about 18% compared to the lowest level this year. This article discusses potential scenarios for Binance coin before updating Lorentz.
BSC Lorentz Hard Fork in front
The next important BNB price catalyst is the upcoming Lorentz and Hard Fork update. In the X message, the developers noted that OPBNB Hard Fork will occur on April 21 this year. It will be followed by BSC Hard Fork on April 29.
Lorentz Mainnet HardForks appear: • OPBNB → April 21 @ 03:00 UTC • BSC → April 29 @ 05:05:05 UTC Testnet Live with faster blocks. Operators of nodes + developers, make sure you are ready. Full information in the post below 👇
The purpose of the Lorentz Hard Fork is to make the network faster, because it seeks to become the best alternative to Ethereum and SOLANA.
Lorentz Hard Fork will appear a month after the developers have introduced Pascl Hard Fork. Pascal’s goal was to help him integrate more with Ethereum, the largest network in the crypto industry. This improved the compatibility of the Ethereum virtual machine (EVM), the optimized gas abstraction of FES and added a function to avoid block calculation errors.
The purpose of the Lorentz renewal is to significantly reduce the BSC chain blocking time by about 1.5 seconds.
Then the Maxwell update will follow it, which will reduce the block time further from 1.5 to 0.75. These updates will make the BSC network one of the fastest circuits in the crypto industry. Historically, cryptocurrency prices are far ahead of a large network update.
In particular, BSC hopes to become the best alternative to SOLANA and ETREUM. The Solana network was clogged with memes, while Ethereum is destroyed using a network of level-2, such as Base and Arbitrum.
Read more: BNB price analysis: that’s why Binance Coin is going to take off
Tributaries and burning bnb
Another potential BNB price catalyst is that its influx has been positive in the last few days. This market capitalization has increased by 1.3% over the past 24 hours to more than 18 billion dollars. This delivered a static coefficient of up to 20.8%. The alleged data using Stakingrecards show that the tributary has gradually increased. BNB has a profitability of about 3.5%, which makes it higher than Ethereum 3.14%.
At the same time, BNB has become one of the most deflation tokens in Crypto. This reaches this due to its mechanism of burns in real time, which burns hundreds of tokens worth more than 366 km. This burn is obtained from the gas fee that the network pen.
The network also has a quarterly combustion that burns tokens worth more than $ 1 billion per quarter. These token burns will continue in the foreseeable future, since the network is working to reduce the number of coins from more than 144 to 100 million.
Read more: The best cryptocurrencies for viewing: Sonic, XRP, Cardano, Solana
BNB prices analysis
Block price diagram of coins | Source: TradingView
Daily diagram above – send mixed signals about the price of BNB. He formed a symmetrical template of the triangle, two trend lines, approach their merger level. This triangle can break out in any direction.
The BNB price also formed a cross of death, as 50-day and 200-day sliding media crossed each other. This scheme often leads to a bear rupture over time.
At the same time, ongoing consolidation is part of the formation of the section of the cup handle and the pattern of the handle in the weekly diagram. Therefore, the prospects for the price of BNB are currently neutral. An additional profit will be confirmed if the BNB price increases above the resistance level by $ 720, which is the highest swing in June.
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