Binance Coin has formed a golden cross as its decentralized exchange protocols’ monthly volume surpassed a key milestone.
The Binance Coin (BNB) price was $660 on Sunday, up 13% from its lowest level this month. However, it remains a few points below this month’s high of $692.
BNB price reacted to the ongoing demand of the BNB Smart Chain ecosystem. Data shows that DEX protocols on its network handled over $100 billion in the last 30 days.
This growth means that BSC has flipped top chains like Ethereum (ETH) and Solana (SOL), which handled $67 billion and $97 billion in the same period.
Most of BSC’s volume happened in the last seven days, when it jumped by 133% to over $55 billion. PancakeSwap is handling most of this volume as it continues to dominate the ecosystem. It handled $50 billion in the last seven days and $92 billion in the last 30 days. It also crossed the $1.62 billion cumulative volume mark.
Other top DEX networks on the BSC Chain, such as Uniswap, THENA, Dodo, and SquadSwap, have also seen higher volumes in the past few weeks.
The BSC Chain has had more activity after its last two protocol upgrades: Pascal and Lorentz. Pascal deepened its integration with Ethereum network, while Lorentz reduced its block time from 3 seconds to 1.5 seconds.
The next key catalyst will be the Maxwell upgrade, which will improve its speeds further and make it better than Ethereum and Solana. While the date has not been announced, the developers noted it will happen in June.
BNB price technical analysis
BNB price chart | Source: crypto.news
The daily chart shows that the BNB token bottomed at $510 in February and March. It neared that support level in April, forming a triple-bottom pattern with a neckline at $645.
BNB has now formed a golden cross pattern as the 50-day Weighted Moving Average has moved above the 200-day one. A golden cross often leads to more gains in the long term.
Therefore, more gains will be confirmed when the BNB price rises above the key resistance level at $690, its highest level this month. If this happens, it will increase the chances of it soaring to the next resistance level at $795, the highest point on Dec. 4 and 20% above the current level.
The long-term BNB price forecast is as bullish as crypto.news wrote here, citing the cup and handle pattern formation on the weekly chart.