Binance's native token BNB started a major rally to $400 ahead of the BNB Beacon Chain's Barral hard fork upgrade scheduled for this week. The upgrade requires 2/3 validators to upgrade to the latest release to continue processing blocks on the blockchain, and introduces several security enhancements for the cross-chain bridge between BNB Beacon Chain and BNB Smart Chain. Binance burned 2,020,132.25 BNB tokens in the 23rd quarterly BNB token burn mechanism on April 14, contributing to the price jump. BNB price has broken the key resistance level at $340 and is trading at $345, with the possibility of a swift rally to $400 if it breaks above the local resistance in the $355-$360 range. The RSI, Bollinger bands, and moving averages indicate the possibility of more upside in the coming weeks.

(By Varinder Singh)