BNB skyrockets after the Maxwell upgrade: Next target $719

According to the BNB Chain team, the Maxwell upgrade of the BNB Chain is "an important technical advancement aimed at increasing block speed, improving coordination among validators, and enhancing overall network performance." Maxwell is now officially operational as of Monday.

How does the price of BNB react to the latest upgrade? Can the buyers push the price above the nearest resistance level? Let's analyze the chart to find the answer.

BNB Price Prediction

On Sunday, BNB broke above the descending channel pattern and the bulls successfully defended the breakout price during the retest on Tuesday. Thus, they have converted the resistance level into support.

BNB daily price chart | Source: TradingViewThe 20-day exponential moving average (EMA) at $648 is trending sideways, but the relative strength index (RSI) is just above the average, indicating that momentum is slightly leaning towards bullish. If buyers maintain the price above $660, BNB could rise to $675 and then $698.

The bears are expected to defend fiercely at the resistance level of 698 dollars, as if this level is broken, the upward momentum could be extended to 732 dollars.

Therefore, the bears do not have much time left. They will need to quickly pull the price back inside the channel to regain control. If successful, that could bring BNB down to $625.

BNB price chart 4 hours | Source: TradingViewThe 4-hour chart shows that the price has strongly bounced from the resistance line, indicating strong buying power in the lower price ranges. If the price closes above 660 dollars, BNB will complete the inverse head and shoulders pattern – a bullish technical setup. The price target according to this pattern is 719 dollars.

The moving averages are expected to act as support if the price adjusts. The first weakening signal will appear if it breaks and closes below the $643 level, indicating that the bulls are losing momentum. At that point, the price may continue to decline to $636.

Dinh Dinh