4 Catalysts That May Push Binance Coin (BNB) Price Above $1,100

Binance Coin price rose for three consecutive days, and four crucial catalysts may push it to over $1,100 in the near term.

Binance Coin (BNB) price rose for three consecutive days, and four crucial catalysts may push it to over $1,100 in the near term.

Binance Coin (BNB) climbed to a high of $610 on Thursday, extending gains for a third consecutive day. It is now about 26% below the highest level in December last year, making it one of the best performers in the recent bear market.

Here are four crucial catalysts that may push the Binance Coin price to over $1,100 in the near term:

Pascal hard forkThis year, the BNB Smart Chain (BSC) will undergo three hard forks, starting with the Pascal upgrade. The hard fork will be important for the BNB Chain as it will introduce more features in the network. According to Chain Analysis, the upgrade will bring better EVM compatibility and smart contract wallets. Its other features will be that it will introduce gas abstraction, batch transactions, and more flexibility for developers.

Pascal is one of the three upgrades that aim to improve the BNB Chain network by, for example, increasing transaction speeds and reducing gas fees.

Trump family rumorsThe BNB price may also benefit after there were rumors that the Trump family was considering buying a stake in Binance US. An investment by the family would likely smoothen the reboot of its US business. It is unclear whether the deal will go on now that Changpeng Zhao has refuted the claims.

dApps liquidity mining programThe third catalyst is that the BSC continues to gain market share against popular networks like Ethereum (ETH) and Solana (SOL). The network is now running a promotion that provides $4.4 million in permanent liquidity to dApps in the ecosystem to support their growth.

According to the announcement, dApps will vote on proposals for the liquidity mining arrangements.

The dApps liquidity mining program is part of BSC's broader initiative to foster innovation and expand the DeFi ecosystem on its platform. By allocating permanent liquidity to dApps, BSC aims to enhance their stability, attract more users, and ultimately contribute to the long-term health and growth of the dApp ecosystem.

At the same time, dApps will be able to allocate liquidity to specific markets, pairs, and protocols as they deem fit, optimizing the liquidity distribution for their specific needs and maximizing the efficiency of their operations.

This initiative is expected to be a game-changer for dApps on BSC, providing them with the resources they need to flourish and expand their reach within the DeFi landscape.

C&H patternFinally, the Binance Coin price may benefit as it has formed a cup and handle pattern, which is highlighted in the chart. C&H is one of the most bullish patterns in the market. It is characterized by a rounded bottom, a horizontal resistance, and some consolidation.

The price is now forming the handle section, which is usually a shallow retracement after the cup pattern completes.

The coin remains above the 50-week and 100-week moving averages, a sign that bulls are in control.

Its C&H pattern has a depth of about 74%. As such, measuring the same distance from the upper side of the cup gives a target at $1,160. A drop below the support at $500 will invalidate the bullish view.