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

Binance Foundation completed its 27th quarterly BNB token burn on BNB Chain on April 24th. During this process, a total of 1,944,452.51 of his BNB tokens were burned, with a value of approximately $1.17 billion at the time of burning.

of Binance Burn This is a quarterly process and is completed automatically with the help of auto-write formula. The end goal of this process is to reduce the total supply of BNB tokens to 100 million. Currently, the total supply is 149,532,856 BNB tokens.

Impact of BNB burn on Binance price:

BNB coin price showed a neutral trend until mid-February, trading in a closed range between $278 and $345.5. As market volatility increased, the altcoin soared approximately 110% before being rejected at $635. Since then, prices have traded between $506.5 and $635.

TradingView: BNB/USDT

On a positive note, Binance token has increased by 11.43% in the past 7 days and 10.12% in the past 30 days. Moreover, the year-to-date (YTD) is 94.58%, indicating a strong bullish price movement for Binance coin price in the coming months.

The technical indicator MACD has a rising green histogram, indicating increasing buying pressure in the crypto market. Moreover, the average value shows a bullish convergence, suggesting a positive outlook for his BNB price going forward.

Will Binance Coin price rise again?

If the bulls continue to gain momentum, BNB coin price will test the $635 resistance level by the end of next week. Additionally, if the market sustains the price at that level, Binance token will 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 the $569.5 support level. Furthermore, if the bears continue to dominate the market, Binance token will plummet and prepare to test its lower support level at $506.5 in the coming weeks.

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