Will Binance Burn Fuel To Raise The Price Of BNB To $700? initially appeared on Coinpedia Fintech News.
The 27th quarterly BNB token burn by the BNB Chain was successfully completed by the Binance Foundation on April 24. A total of 1,944,452.51 BNB tokens, worth about $1.17 billion at the time of burn, were burned during this process.
The Auto-Burn formula is used to automatically complete the quarterly Binance burn process. Reducing the total number of BNB tokens in circulation to 100 million is the process' ultimate objective. As of right now, there are 149,532,856 BNB tokens in circulation.
Effect of the BNB Burn on the Price of Binance:
Up until the middle of February, the price of the BNB coin fluctuated in a closed range between $278 and $345.5, exhibiting a neutral trend. This altcoin increased in value by about 110% as market volatility increased, but it was rejected at $635. The price has been moving between $506.5 and $635 in a consolidated range ever since.
TradingView: USDT/BNB
On the plus side, the Binance token has increased by 10.12% over the last 30 days and by 11.43% over the last seven days. Furthermore, the Binance coin price is expected to see strong bullish price action in the coming months, as indicated by its Year-to-Date (YTD) of 94.58%.
A rising green histogram displayed by the technical indicator MACD suggests that there is more buying pressure in the cryptocurrency market. Additionally, the averages show a bullish convergence, indicating a promising future for the price of BNB.
Will the price of Binance Coin Increase Again?
By the next weekend, the price of the BNB coin will test its resistance level of $635 if the bulls keep gaining ground. Furthermore, the Binance token will try to test its previous all-time high (ATH) of $690.9 if the market maintains the price at that level.
On the other hand, the BNB token will lose momentum and drop to test its $569.5 support level if a trend reversal takes place. In addition, the Binance token will plummet and get ready to test its lower support level of $506.5 in the coming weeks if the bears maintain their dominance over the market.