Recently, Binance Foundation completed the 27th quarterly BNB token burn, which is a major milestone that marks the platform’s continued efforts to reduce the total supply of BNB tokens. The burn removed a total of about $117 million worth of BNB tokens, taking a solid step towards the continuous reduction of the total supply of BNB.
Impact on BNB Price
After the token burn, BNB price remained neutral and had been trading in a narrow range until the market volatility increased, causing the price to surge and eventually fall to $635.
Although the price has consolidated, BNB has increased in value over the past 7 and 30 days.
Technical indicators show a positive outlook for BNB, with the MACD indicator showing increasing buying pressure and the moving averages also showing a bullish trend, which supports the recent BNB price prediction.
Token Price Trend
If the positive momentum continues, BNB price is expected to challenge the $635 resistance level. If the market can maintain the price at this level, BNB may try to challenge its previous all-time high of $690.9.
However, if a trend reversal occurs, BNB may lose momentum and fall to test its support level of $569.5.
If bears continue to dominate the market, BNB may plummet further and be ready to test its lower support level of $506.5 in the coming weeks.
Author:BticoinKOL,Source:https://bitcoinkol.com/archives/5120
