BNB exhibits a golden cross signal as Decentralized Exchange (DEX) volume surges in anticipation of Maxwell upgrade
Binance Coin Takes Lead Over Top Chains With Record DEX Volume
Binance Coin (BNB) has experienced a significant rise in its value, reaching $660 on Sunday, signifying a 13% increase from its lowest point this month. However, the token remains just below its monthly high of $692.
The surge in BNB price is attributed to the increasing demand within the BNB Smart Chain ecosystem. Data reveals that decentralized exchange (DEX) protocols on the network handled over $100 billion in the past 30 days, trumping leading chains like Ethereum and Solana in transaction volumes.
In the last seven days, Binance Smart Chain (BSC) experienced an impressive 133% increase in volume, surpassing $55 billion. PancakeSwap, a prominent player in the BSC ecosystem, has dominated the market, handling $50 billion over the past week and $92 billion in the last 30 days.
Other top DEX networks on the BSC Chain, including Uniswap, THENA, Dodo, and SquadSwap, have also seen heightened activity in recent weeks.
The BSC Chain has witnessed enhanced activity after its last two protocol upgrades: Pascal and Lorentz. Pascal has strengthened its bond with the Ethereum network, while Lorentz reduced block time from 3 seconds to 1.5 seconds.
The Maxwell upgrade, set for June, is anticipated to further improve speeds, placing BSC ahead of competitors like Ethereum and Solana.
In terms of technical analysis, BNB has formed a 'golden cross' pattern, a bullish indicator where the 50-day Weighted Moving Average surpasses the 200-day moving average, suggesting potential long-term gains. A confirmed uptrend will occur when the BNB price breaks through the resistance level at $690, its previous monthly high. If this happens, it could push the price up to the next resistance level at $795, nearly 20% above the current price.
The long-term BNB price forecast remains optimistic, according to expert analysis, attributing this to the cup and handle pattern formation on the weekly chart.
Other cryptocurrencies, such as Pepe, have also seen price growth, despite instances of whale and smart money selling.
- The Binance Coin (BNB) token, intrinsically linked to the Binance Smart Chain (BSC), has outperformed other leading chains like Ethereum and Solana in recent DEX volumes.
- The surge in BNB's value is partly due to the increased demand within the BNB Smart Chain ecosystem, where decentralized exchange (DEX) protocols processed over $100 billion in the past month.
- PancakeSwap, a key player in the BSC ecosystem, has been particularly active, managing $50 billion in transactions over the last week and $92 billion in the past month.
- Other DEX networks on the BSC Chain, including Uniswap, THENA, Dodo, and SquadSwap, have also observed heightened activity.
- The BSC Chain's recent protocol upgrades, Pascal and Lorentz, have contributed to its increased activity, with Pascal strengthening bonds with the Ethereum network and Lorentz reducing block time.
- The upcoming Maxwell upgrade in June is expected to further improve BSC's speeds, potentially positioning it ahead of competitors like Ethereum and Solana in the crypto finance sector, where investing and technology continue to shape the future.
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