Will Binance Burn Fuel The BNB Price To Achieve $700?
The post Will Binance Burn Fuel The BNB Price To Achieve $700? appeared first on Coinpedia Fintech News
The Binance Foundation on 24th April completed its 27th quarterly BNB token burn by the BNB Chain. During this process, a total of 1,944,452.51 BNB tokens were burned which were valued at approximately $1.17 Billion at the time of burn.
The Binance burn is a quarterly process and is completed automatically with the help of the Auto-Burn formula. The ultimate goal of this process is to reduce the total supply of BNB tokens to 100 Million. Currently, the total supply stands at 149,532,856 BNB tokens.
Impact Of The BNB Burn On Binance Price:
The BNB coin price displayed a neutral trend by trading in a closed range between $278 and $345.5 until mid-February. As the volatility in the market grew, this altcoin jumped approximately 110%, before facing rejection at $635. Since then, the price has been trading in a consolidated range between $506.5 and $635.
TradingView: BNB/USDT
Positively, the Binance token has added 11.43% within the past seven days and 10.12% over the past 30 days. Moreover, its Year-to-Date (YTD) stands at 94.58%, indicating a strong bullish price action for the Binance coin price during the upcoming months.
The technical indicator, MACD, shows a rising green histogram, indicating increased buying pressure in the crypto market. Furthermore, the averages display a bullish convergence, suggesting a positive outlook for the BNB price in the coming time.
Will Binance Coin Price Rise Back Up?
If the bulls continue gaining momentum, the BNB coin price will test its resistance level of $635 by the upcoming weekend. Moreover, if the market holds the price at that level, the Binance token will attempt to test its previous all-time high (ATH) of $690.9.
Conversely, if a trend reversal occurs, the BNB token will lose momentum and fall to test its support level of $569.5. Further, if the bears continue to dominate the market, the Binance token will plunge and prepare to test its lower support level of $506.5 during the upcoming weeks.
Filed under: Bitcoin - @ April 24, 2024 7:20 am