The BNB token price is up 3.10% this Wednesday, as the crypto market continues a gradual recovery from the knee-jerk selloff that was triggered by the discovery of the Omicron COVID-19 variant. This scenario has raised bullish BNB price predictions of a potential run to new highs if the momentum is sustained.
The Binance exchange recently conducted the BSC Bruno Upgrade v 1.1.5, burning 500 tokens in the process. This upgrade will produce a new burning mechanism for BNB tokens, with a portion of fixed gas fees collected by validators to be burned in each block. The full node sync speed is also set to increase by more than 60%.
The upgrade means that the previously announced BEP-195 protocol kicks into gear.
The steepness of the trendline connecting the higher lows points to increasing demand pressure on the BNB/USDT chart amid a gradual weakening of the selling on the coin. The triangle is expected to resolve upward if the trend that precedes the pattern is considered. This outlook expects the violation of the 634.3 resistance to continue until a test of the 669.6 resistance occurs. A break of this level opens the door for a test of the all-time highs at 691.8 (10 May high), with an advance sending the pair into new record territory.
On the flip side, bullish pressure will drop off if there is a breakdown of the triangle, bringing 605.0 and 558.1 into the crosshairs of the bears. If the corrective decline seen in this instance continues, 511.3 and 481.2 will come into the picture as additional downside targets.
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This post was last modified on %s = human-readable time difference 12:26