Price Analysis View Non-AMP

Will Binance Burn Fuel The BNB Price To Achieve $700?

Published by
Elena R

The Binance Foundation on 24th April completed its 27th quarterly BNB token burn by the BNB Chain. During this process, a total of 1,944,452.51 BNB tokens were burned which were valued at approximately $1.17 Billion at the time of burn.

The Binance burn is a quarterly process and is completed automatically with the help of the Auto-Burn formula. The ultimate goal of this process is to reduce the total supply of BNB tokens to 100 Million. Currently, the total supply stands at 149,532,856 BNB tokens.

Impact Of The BNB Burn On Binance Price:

The BNB coin price displayed a neutral trend by trading in a closed range between $278 and $345.5 until mid-February. As the volatility in the market grew, this altcoin jumped approximately 110%, before facing rejection at $635. Since then, the price has been trading in a consolidated range between $506.5 and $635.

Positively, the Binance token has added 11.43% within the past seven days and 10.12% over the past 30 days. Moreover, its Year-to-Date (YTD) stands at 94.58%, indicating a strong bullish price action for the Binance coin price during the upcoming months.

The technical indicator, MACD, shows a rising green histogram, indicating increased buying pressure in the crypto market. Furthermore, the averages display a bullish convergence, suggesting a positive outlook for the BNB price in the coming time.

Did You Know : BNB Price Turns Bullish! Binance Coin To Hit $700 This Month?

Will Binance Coin Price Rise Back Up?

If the bulls continue gaining momentum, the BNB coin price will test its resistance level of $635 by the upcoming weekend. Moreover, if the market holds the price at that level, the Binance token will attempt to test its previous all-time high (ATH) of $690.9.

Conversely, if a trend reversal occurs, the BNB token will lose momentum and fall to test its support level of $569.5. Further, if the bears continue to dominate the market, the Binance token will plunge and prepare to test its lower support level of $506.5 during the upcoming weeks.

Also Check out : Crypto Market Prediction Next Week: What To Expect From Altcoins And Bitcoin

Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

Recent Posts

Stablecoins Associated with First Digital Trust (FDT) Temporarily Depegs as Justin Sun Warns of Company’s Insolvency

In a surprising turn of events, Justin Sun, a prominent figure within the Tron (TRX)…

April 2, 2025

Trump Tariffs Live: Bitcoin Price Rallies To $87000 On ‘Liberation Day’

Cryptocurrency markets are experiencing fluctuations as traders brace for President Donald Trump's "Liberation Day" announcement,…

April 2, 2025

Grayscale Announces Launch of Two New Bitcoin ETFs: Here’s What They Are

Grayscale, a leading crypto asset manager, has introduced two new Bitcoin ETFs, offering a fresh…

April 2, 2025

Remember This Name! Remittix Presale Becomes the Top Predicted of 2025 as Project Raises Almost $15M in Record Time

In a year marked by conservatism and a sentiment shift in crypto, one name is…

April 2, 2025

Has Elon Musk Forgotten About Dogecoin (DOGE)?

Particularly for Dogecoin (DOGE), Elon Musk, the billionaire entrepreneur CEO of Tesla and SpaceX, has…

April 2, 2025

Shiba Inu Drops 9%, but RUVI AI’s (RUVI) Token Might Be the Meme Coin Killer as Investors Rush to Claim their Bonus

The cryptocurrency market is no stranger to ups and downs, and this week, Shiba Inu…

April 2, 2025