Binance Coin's price showed significant growth in anticipation of the Pascal update, set to enhance Ethereum compatibility and provide new tools for developing decentralized applications.
Current State of Binance Coin
As of Friday, Binance Coin (BNB), the fifth-largest cryptocurrency, was trading at $660, up 30% from its lowest point this month. The Pascal update could serve as a catalyst for further price growth for BNB in the near future.
Pascal Update and Upcoming Changes
The Pascal update is scheduled for March and includes enhanced Ethereum compatibility, smart contract wallets, and additional tools for creating decentralized applications or dApps. The following updates, Lorentz in April and Maxwell in June, aim to reduce block reward time.
Binance Coin Technical Analysis
Technical analysis indicates that BNB’s price forms an ascending channel, aligning with a cup and handle pattern, a bullish signal. The key resistance level is at $667, and if maintained, the price could rise to $1,125. However, if it drops below $505, the strong trend may be disrupted.
With ecosystem expansion and expected updates, Binance Coin’s price continues to show a positive trend. However, maintaining key support levels is crucial for confirming a long-term bullish scenario.
