BNB Foundation Burns $971M in Tokens: What's Ahead for BNB’s Price?

The BNB Foundation has completed its 28th quarterly BNB token burn, removing a significant 1,643,698.8 BNB from circulation, valued at approximately $971 million, as reported by Chinese journalist Colin Wu.

This major reduction in supply has investors closely monitoring BNB's price movements. Currently, BNB is trading at $594.04, with a market capitalization of around $86.7 billion.

The substantial burn and increased trading volume suggest a potential price rise for BNB.

Key support levels at $592 and resistance at $600, $605, and $610 will likely influence BNB's price direction amid heightened market activity.

With a 24% increase in volume and an RSI of 58.42, BNB exhibits short-term bullish potential.

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