Will the price of BNB surpass $1,000 if Binance burns over $950 million?

As announced early Monday, Binance deleted approximately 1.64 million BNB from circulation.

BNB social dominance and volume regained Tuesday, per on-chain statistics.

BNB is at $585, looking for a trigger to breach $664 resistance.

Last month, Binance Coin (BNB) price was practically steady. BNB is at $585, according to TradingView. On-chain indicators show BNB increases this week as social dominance and volume rise.

Binance burns $963M BNB tokens
Monday, July 22, the biggest exchange by volume burned 1,643,698.80 BNB coins worth $963 million. Burned BNB tokens remain out of circulation, limiting supply and selling pressure.


The exchange said that the 28th quarterly token burn event has a value of $971 million.


Reducing an asset's circulation tokens usually boosts price. BNB did not benefit from the recent fire. BNB now trades at $585. Santiment data reveals more social dominance and volume on-chain this week.

Social dominance quantifies token mentions on social media by market actors. BNB has about 1% social dominance on Tuesday. The Santiment data below shows volume rising from 1.58 billion on July 20 to 2.01 billion on July 23.

BNB pricing hopes to reach $721.80 in 2024.

Currently, Binance Coin (BNB) trades at $585. Binance Coin may rise 24% and reach its June 6 2024 top of $721.80.

Binance's native coin may find resistance around $588, $664, and $677, the 50% and 78.6% Fibonacci retracement of the slide from June 6's $721 high to July 5's $454 low and the Fair Value Gap (FVG) upper border

Moving Average Convergence Divergence (MACD) suggests a BNB rebound, indicating strong price momentum.

#BinanceHODLerBANANA #Bitcoin_Coneference_2024 $BNB

BNB might find support around the July 16 low of $554 and the 23.60% Fibonacci retracement level of the drop at $517.80.