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Binance Coin Burn Soon? Is Bnb Price Primed for a Bullish Rally Following the Burn?

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16th Binance Coin Burn is nearly here

BNB burns are quarterly events that take place at the end of each quarter, with Q2 2021 ending on June 30. The next Binance Coin burn will take place from July 15th to July 18th.  Will this turn out to be a catalyst for BNB Price Rally?

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Binance is scheduled to burn its next quarterly coin between Thursday and Sunday. The most recent burn was the greatest ever, with $595,314,380 USD in Binance tokens burned.

Will the Burn Impact BNB Price?

The Binance Coin saw an impetus on June 21st, followed by a correction. After that, the market was unable to retake the $335 resistance, and it now appears that new impetus is on the way. Binance, like most cryptocurrencies, went bullish in early 2021, but BNB was a little late to the party. Binance Coin is currently trading at $303 after a modest bullish push on the second trading day of the week.

As previously said, the BNB Price appears to be holding between $320 and $340, with a probable push up to $400 in the near future. The fear-mongering that accompanied London’s attempt to shut down the Binance Exchange appears to have had no impact. 

If the uptrend is broken, the next critical level to watch is $250, which is around 20% below the current level. A move over the right shoulder at $340, on the other hand, will invalidate my prognosis.

The coin burn function of Binance Coin (BNB) keeps its prices heading up. This crypto asset is claimed to have promising future possibilities, as well as a variety of utilitarian functions. BNB also has excellent fundamentals and technicals that could propel its price to new heights. 

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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.

Anjali Belgaumkar

Writer by choice, CryptoCurrency Writer, and Researcher by chance. Currently, focusing on financial news and analysis, as well as cryptocurrency news and data. One may not call me a crypto “Enthusiast” but trust me I'm getting there.

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