Binance Coin Price Analysis

Binance Coin price rose for three consecutive days, with four crucial catalysts potentially pushing it to over $1,100 in the near term.

Binance Coin (BNB) climbed to a high of $610 on Thursday, marking a 20% increase from its lowest level this week. It remains about 26% below its highest level from December last year, outperforming most altcoins.

Catalysts for Price Increase

1. Pascal Hard Fork: A bounce back in BNB price is anticipated ahead of and after the Pascal hard fork, crucial for the BNB Smart Chain (BSC). This upgrade will improve EVM compatibility, introduce smart contract wallets, gas abstraction, batch transactions, and offer more flexibility for developers.

2. Rumored Investment: Speculation that the Trump family might purchase a stake in Binance US could bolster BNB’s price if confirmed, although CEO Changpeng Zhao has denied these claims.

3. Market Share Growth: The BSC is gaining market share against networks like Ethereum (ETH) and Solana (SOL). A promotion providing $4.4 million in permanent liquidity to dApps in the ecosystem aims to support its growth.

Technical Analysis

BNB price has formed a Cup and Handle (C&H) pattern, regarded as one of the most bullish indicators in the market, characterized by a rounded bottom and horizontal resistance. Currently, BNB is forming the handle section, signaling a potential rebound.

The coin remains above the 50-week and 100-week moving averages, indicating bullish control. The C&H pattern has a depth of about 74%, suggesting a target of $1,160 based on the cup’s upper side. However, a drop below the support level at $500 would invalidate the bullish outlook.

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