Binance announces its 27th quarter on April 24 Binance coin successfully completed the token burning. In the process, a total of 1,944,452.51 BNB tokens were burned, worth approximately $1.17 billion.
Binance’s token burning occurs on a quarterly basis and is automatically managed by the Auto-Burn formula. The end goal of this process is to reduce the total BNB token supply to 100 million. Currently, the total supply stands at 149,532,856 BNB tokens.
Effect of BNB Burning on Price
BNB coin Its price displayed a neutral trend until mid-February, trading in a closed range between $278 and $345.5. As market volatility increased, this altcoin rose nearly 110% before being rejected at $635. Since then, the price has been trading in a consolidated range between $506.5 and $635.
Binance Coin (BNB) has gained 11.43% in the last seven days and 10.12% in the last 30 days. Its performance since the beginning of the year is at 94.58%. This indicates a strong upward trend in Binance Coin price in the coming months.
The technical indicator MACD signals increasing buying pressure with a rising green histogram. Additionally, a bullish convergence is seen between the moving averages, suggesting a positive outlook for BNB price.
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. If the market price holds at this level, the Binance token will attempt to test the previous all-time high of $690.9.
However, if the trend reverses, BNB token could lose momentum and drop to the $569.5 support level. Moreover, if the bears continue to dominate the market, the Binance token could decline and prepare to test the lower support level of $506.5 in the coming weeks.
