Altcoins

BNB Price All Set to Break $500 Level Today With $639M BNB Coins Burnt

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Bitcoin price is currently rising and it seems like the bulls are aiming for a break above the $63,000 resistance zone. Meanwhile, major altcoins are trading above key supports. Dogecoin and BNB coin are the top gainers among top10 crypto with a nearly 5% surge.

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The BNB bulls are putting up an extreme fight to surge above $500. In less than a week, BNB Price has grown by 20% to trade at $495 at the time of writing.

The price of BNB is in a bullish trend, trading above crucial EMAs (20-50, 100, and 200). All of the important EMA lines are aligned bullishly on the chart, attracting more buyers.

The $500 mark is a significant resistance level for this coin, and with the support of the bullish pattern, the coin price may be able to recapture it as well. The next resistance is at $550. However, in case of a downtrend, $450 is the initial support to cling on to. 

The MACD and signal lines are advancing above the neutral zone in the moving MACD indicator, indicating a bullish mood in the coin. The RSI value for BNB coins is 61, indicating bullish sentiment. 

Yet Another BNB Token Burn successful!

Binance, the prominent cryptocurrency exchange, has announced that it has completed its 17th quarterly burn.

More than 1.3 million BNB tokens, worth a total of $639 million, were destroyed by the corporation. In terms of cash burn, this is Binance’s largest quarterly burn to date.

In terms of the total amount of BNB burned, today’s record is not the highest. However, in terms of US dollar value, it is by far the greatest, reaching almost $639 million, which is a factor of the current BNB price. Only around 1.296 million BNB were burned in the last BNB quarterly burn, which was worth about $393 million at the time.

After the burn was revealed, the BNB price gained only 1.2 percent before immediately reversing those gains. 

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

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