Binance’s BNB smart chain will even be faster than you imagined. The network just received a major upgrade to boost its speed and efficiency.
The Binance network has not been left behind this season when many blockchains deploy major network upgrades. This week, the BNB smart chain was given a performance upgrade through the v1.1-12 update version. The new software upgrade promises faster speeds and lowers hardware requirements, which is great news for all investors.
The fast node can slow down the storage growth by 60% to 90%. In addition, it increases syncing efficiency by about 30%. Despite this upgrade happening two days before Ethereum 2.0 merge, the announcement did not mention any improvement in readiness for the update (Merge).
Potential Impact on Binance Coin
The BNB Smart Chain upgrade may not have an immediate, direct impact on the demand or performance of BNB’s coin. But the improvement in efficiency may help the network remain competitive and support the improved user experience. With the BNB smart chain’s faster performance, we could see an increase in utility for this altcoin.
Faster transactions may lead to an improvement in BSC’s rolling daily circulation. This would manifest as a notable change in the network’s circulation. The market has fluctuated significantly in the last 30 days but remains within a similar range.
The Binance coin, or “BNB,” currently trades at $283, representing a 42% discount from its ATH. Of course, this is a small drawdown compared to most top coins. Because of this, the network has been able to maintain its value. This is largely thanks to how useful and popular it continues to be among users daily.
Technical Price Analysis
BNB cracked the 20-day EMA on August 27, but it’s clear that bears are taking profits at higher levels.
The bears continue attempting to sink the price of BNB below $275. If they succeed in completing a bearish head and shoulders pattern, then the BNB/USDT pairing could signal long-term stability for this cryptocurrency. That would result in a decline to $240 and then the pattern target at $212.
But, the price may rise above $308, catching the bears off guard. If they break through the overhead resistance of $338, things will get really interesting. The pair has a good chance of completing an inverse head-and-shoulder pattern if they can clear this obstacle.
Disclaimer: The author’s comments and recommendations are solely for educational and informative purposes. They do not represent any financial or investment advice. Always DYOR (do your own research)