Binance Foundation completed the 27th quarterly BNB token burn for the BNB chain on April 24. In the process, a total of 1,944,452.51 BNB tokens were destroyed, with a value of approximately $1.17 billion at the time of the burn.
Binance Burn is a quarterly process that is done automatically with the help of an 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 of BNB tokens is 149,532,856.
The impact of BNB burning on Binance price
As of mid-February, the BNB token price was trending neutral, trading in the range of $278 to $345.5. As volatility increased in the market, the altcoin rallied by about 110% before facing a rejection at $635. Since then, the price has been trading in a comprehensive range between $506.5 and $635.
On the positive side, Binance Coin is up 11.43% in the past 7 days and 10.12% in the past 30 days. Moreover, its year-to-date (YTD) is 94.58%, suggesting a strong bullish price movement for BNB price in the coming months.
The technical indicator MACD shows rising green bars, indicating increasing buying pressure in the cryptocurrency market. Moreover, the moving averages show a bullish convergence, indicating a positive outlook for BNB price in the future.
Will the Binance Coin price recover?
If the bulls continue to maintain their momentum, the BNB token price will test the $635 resistance level in the upcoming weekend. Moreover, if the market sustains the price at this level, Binance Coin 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 the support level of $569.5. Moreover, if the bears continue to dominate the market, Binance Coin will plummet and be ready to test its lower support level of $506.5 in the coming weeks.
