Summary:
- The team at BNB Chain has released an updated roadmap of the project.
- At the core of the roadmap is increased decentralization, sidechains, META Apes, a Metaverse, and open-source code.
- Binance Coin (BNB) continues to trade above the $300 support, with $350 the next resistance level.
The team at BNB Chain has announced the launch of a new technical roadmap focusing on several improvements to the popular blockchain.
BNB Chain to Have Sidechains, META Apes, a Metaverse and Open Source Code
According to the BNB Chain team, the project plans to undergo significant decentralization and the introduction of sidechains to improve its capacity. Improvements over the next few months will include the introduction of the aforementioned sidechains to its BNB Mainnet, the introduction of META Apes and a Metaverse, doubling the number of its validators to 41 through the BEP-131 proposal, and enhancing the chain’s block gas capacity to 200 million in Q3 of this year.
The team went on to explain that they planned on making the code to the BNB Beacon coin open-source and planned on guaranteeing that the BNB Chain had no downtime.
Chief Ecosystem Pilot K.:
It’s the blockchain platform that has the highest amount of transactions on record, close to 3 billion, and 1300 Dapps. And there has never been a glitch: no downtime! What other blockchain platforms can say the same?— BNB Chain 🔶 (@BNBCHAIN) May 31, 2022
Binance Coin (BNB) Continues to Exhibit Strength Above $300
With respect to price action, Binance Coin (BNB) is actively trading at $322, which is above the crucial $300 support level. However, BNB remains in bearish territory, trading below the 50-day (white), 100-day (yellow), and 200-day (green) moving averages, as seen in the chart below.
Also, from the chart, it can be observed that the daily MFI is almost in slightly overbought territory of 68, indicating that BNB’s momentum might be running out. The daily RSI is in neutral territory at around 50, with the daily MACD indicating low levels of buying interest from the bulls, further confirmed by the low daily trade volume.
Consequently, Binance Coin (BNB) might successfully retest the $350 resistance level before a rejection at the same area.
To note is that the mood in both the traditional and crypto markets is one of uncertainty, given that the US Fed is meant to start its tightening monetary policy tomorrow, June 1st. Therefore, caution is advised when going long on Binance Coin (BNB) in the crypto markets.