BNB’s Maxwell hardfork upgrade boosts bullish outlook BNB
koinmilyoner
Updated at: 7 hours ago
{"content":"BNB’s Maxwell hardfork upgrade boosts bullish outlook
BNB price breaks a falling wedge pattern, suggesting a bullish turn.
The Maxwell hardfork update on BNB Smart Chain allows 0.75-second blocks and 1.875-second finality.
Positive funding rates and momentum indicators suggest further gains.
BNB(BNB) price breaks out of a falling wedge pattern and trades over $656 on Tuesday, suggesting a positive turnaround. After the Maxwell hard fork update, the BNB Smart Chain has faster block speeds and finality, enhancing investor trust. Positive funding rates and momentum suggest a rally.
BNB Chain completes Maxwell hardfork upgrade
Maxwell hardfork completion was declared by BNB Chain on Monday. This key BNB Smart Chain improvement cuts block durations from 1.5 seconds to 0.75 seconds, boosting network responsiveness, transaction speed, and validator performance. Additionally, achieving rapid finality in ~1.875 seconds enhances confirmation time and consistency.
According to BscScan, the prognosis is positive. After the update, BSC overview statistics indicate more new addresses, transactions, and network use.
CoinGlass's OI-Weighted Funding Rate data suggests that fewer traders expect BNB coin prices to fall than rise.
The indicator became positive on Monday and remained at 0.0034% on Tuesday, showing that longs are paying shorts and sustaining the bullish view.
BNB price forecast: BNB breaks sliding wedge.
On Saturday, BNB price broke above the falling wedge pattern's upper trendline and climbed roughly 2% till Monday. A breakout from this pattern's many high and low levels and mid-May trendline implies a bullish bias. It's roughly $657 as of Tuesday.
If BNB keeps rising, it might reach weekly resistance around $709.29.
The daily chart's RSI is 55, above its neutral level of 50, suggesting bullish momentum. A bullish crossing in the Moving Average Convergence Divergence (MACD) indicator on Saturday signaled a purchase and an upward trend.
BNB might fall below $646.04, its daily support level, if it corrects.
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