BNB: This new update may change the rules of the game for profit seekers

BNB [BNB] It represents a promising performance recently, which has led to more hope for the token investors. In the past 24 hours, BNB recorded over 5% gains. This made the altcoin one of the main winners in the list of the top 10 cryptocurrencies by market capitalization.

At the time of writing, BNB is trading at $278.74 with a market capitalization of $44,958,934,096. While the volatility in the cryptocurrency market makes it difficult to pinpoint a specific reason for the slight rally, the recent Binance network upgrade may have played a big role in BNB’s performance.

What’s new in this update?

Binance recently announced the launch of the new zkBNB. The innovation aims to address the issue of blockchain scaling on the BNB chain. zkBNB uses the same basic Layer 1 security as BNB Smart Chain to ensure safe and secure building capabilities.

One notable benefit of the update includes increased scalability. Also, the integration of atomic payments and exchanges will now be possible. In fact, digital assets can be automatically swapped without authorization through built-in AMM swaps and liquidity pools for DeFi use cases.

While talking about the developers who will benefit from this update, Binance mentioned on its official blog,

“In particular, those building NFT dApps will be keen to use zkBNB’s built-in NFT Marketplace and API services, which enable teams to build an out-of-the-box marketplace for crypto and NFT holdings.

BNB is on the rise

The positive evolution of the ecosystem has affected BNB. Code won Bullish momentum over the past day.

Source: CoinMarketCap

A look at BNB chain metrics revealed a similar story. BNB development activity has surged in recent days. This completes the new upgrade as it reflects the developers’ efforts to improve the network.

Interestingly, the rise in BNB price was supported by the large trading volume, which added to the legitimacy of the rally.

The Realized Market Value Ratio (MVRV) also followed a similar path and rose. This increases the possibility of a price increase in the coming days.

Source: feeling

A wedge formation has formed on BNB’s daily chart, somewhat supporting the possibility of a northward breakout soon. The Relative Strength Index (RSI) stabilized below the neutral level of 50. Chaikin Money Flow (CMF) praised the price hike expectations.

However, the exponential moving average (EMA) range showed a bearish crossover. This could lead to some turmoil in the bullish trend of BNB.

Source: TradingView

Leave a Reply

Your email address will not be published.