$BNB Price Targets $700 as Binance Chain Fees Drop 90% After CZ Proposal
Binance Coin (BNB) price eyes massive gains past $700 after fees on the BSC Chain dropped by 90% after a recent proposal filed by Changpeng Zhao (CZ) passed.
The declining fees have seen the blockchain hit a one-year milestone, making the case for a sustained upward trend.
At press time, BNB trades at $634 with a 3% gain in 24 hours. Its gains follow a strong bullish momentum across the broader crypto market as Bitcoin price topped $100,000, pushing altcoins higher.
BNB price may be on the verge of an upswing towards $700 as teased by the double-bottom pattern formation on the daily chart. The bullish trend depicted in this pattern will be confirmed if the coin can overcome resistance at the $644 neckline, as this will unlock the next bullish leg.
The target price for this double-bottom pattern is $732, and if the coin can reach this point, BNB eyes gains past $1,000.
The double-bottom pattern is not the only indicator of a strong bullish sentiment, as BNB has also flipped resistance at the upper trendline of a symmetrical triangle.
This also supports a bullish Binance Coin price prediction that a rally to all-time highs is looming.
Meanwhile, technical indicators, including the AO histogram bars and the MACD, show that bears are no longer in control as the bullish momentum grows strong.
