Binance Foundation Completes 27th Quarterly BNB Token Burn: Impact on Binance Price and Future Outlook
The Binance Foundation recently completed its 27th quarterly BNB token burn, where a total of 1,944,452.51 BNB tokens were burned, valued at approximately $1.17 Billion at the time of burn. This process is part of the Binance burn, which aims to reduce the total supply of BNB tokens to 100 Million. Currently, the total supply stands at 149,532,856 BNB tokens.
The impact of the BNB burn on the Binance price has been significant. The BNB coin price showed a neutral trend until mid-February, trading between $278 and $345.5. However, as market volatility increased, the altcoin surged approximately 110%, reaching $635 before consolidating between $506.5 and $635.
In the past seven days, the Binance token has added 11.43%, with a 10.12% increase over the past 30 days. The Year-to-Date (YTD) performance stands at 94.58%, indicating a strong bullish price action for the Binance coin in the coming months. Technical indicators like MACD show increased buying pressure and a bullish convergence, suggesting a positive outlook for the BNB price.
Looking ahead, if the bulls maintain momentum, the BNB coin price could test its resistance level of $635 and potentially reach its previous all-time high of $690.9. On the other hand, a trend reversal could see the BNB token fall to its support levels of $569.5 and $506.5 in the coming weeks.
Overall, the Binance burn and positive price action indicate a promising future for the Binance coin, with potential for further growth in the cryptocurrency market.
