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The post <a href="https://coinpedia.org/price-analysis/will-binance-burn-fuel-the-bnb-price-to-achieve-700/">Will Binance Burn Fuel The BNB Price To Achieve $700?</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a> 
The Binance Foundation on 24th April completed its 27th quarterly BNB token burn by the BNB Chain. During this process, a total of 1,944,452.51 BNB tokens were burned which were valued at approximately $1.17 Billion at the time of burn. 
The <a href="https://www.bnbchain.org/en/blog/27th-bnb-burn">Binance burn</a> is a quarterly process and is completed automatically with the help of the 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 stands at 149,532,856 BNB tokens. 
<h2 class="wp-block-heading" id="h-impact-of-the-bnb-burn-on-binance-price">Impact Of The BNB Burn On Binance Price:</h2> 
The <a href="https://coinpedia.org/price-prediction/bnb-binance-coin-price-prediction/">BNB coin price</a> displayed a neutral trend by trading in a closed range between $278 and $345.5 until mid-February. As the volatility in the market grew, this altcoin jumped approximately 110%, before facing rejection at $635. Since then, the price has been trading in a consolidated range between $506.5 and $635. 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-us.googleusercontent.com/DM6lobCzRtp8GynZ8a4srmKEzitRdRvbUelnHRE7W1aX4z-_rS6iUa5_lt7I6gts0HPv6-pGV81R4ERR9HhV6_friLATMIet9Mjfse4x3JOJU6nM7K6iHT1-wzQEubON762Vo8uTtohMpd5l_kx0EMQ" alt="BNB Price Analysis">
 <figcaption class="wp-element-caption">
 TradingView: BNB/USDT
 </figcaption>
</figure> 
Positively, the <a href="https://markets.coinpedia.org/bnb/">Binance token</a> has added 11.43% within the past seven days and 10.12% over the past 30 days. Moreover, its Year-to-Date (YTD) stands at 94.58%, indicating a strong bullish price action for the Binance coin price during the upcoming months. 
The technical indicator, MACD, shows a rising green histogram, indicating increased buying pressure in the crypto market. Furthermore, the averages display a bullish convergence, suggesting a positive outlook for the BNB price in the coming time. 
Did You Know : <a href="https://coinpedia.org/news/doj-calls-for-3-year-prison-sentence-for-binance-ex-founder-changpeng-zhao/"></a><a href="https://coinpedia.org/price-analysis/bnb-price-turns-bullish-binance-coin-to-hit-700-this-month/">BNB Price Turns Bullish! Binance Coin To Hit $700 This Month?</a> 
<h2 class="wp-block-heading" id="h-will-binance-coin-price-rise-back-up">Will Binance Coin Price Rise Back Up?</h2> 
If the bulls continue gaining momentum, the BNB coin price will test its resistance level of $635 by the upcoming weekend. Moreover, if the market holds the price at that level, the Binance token 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 its support level of $569.5. Further, if the bears continue to dominate the market, the Binance token will plunge and prepare to test its lower support level of $506.5 during the upcoming weeks. 
Also Check out : <a href="https://coinpedia.org/price-analysis/crypto-market-prediction-next-week-what-to-expect-from-altcoins-and-bitcoins/">Crypto Market Prediction Next Week: What To Expect From Altcoins And Bitcoin</a>

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

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