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BNB’s 29th token burning reduces supply by 1,77M tokens and increases scarcity.
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A breakout of BNB prices is possible if the price action breaks through strong resistance at $586 and 590.
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Support levels of $573 and $570 indicate a consolidation in a slight downward trend.
The BNB Foundation has completed its 29th quarter token burn. This removed over 1.77 millions BNB from circulation worth approximately $1.07billion.
This is part BNB Chain’s Auto-Burn Initiative, which aims to reduce the total supply of tokens and support the tokens’ market value. This burn included a correction to address previous technical discrepancies.
Token Burning: Auto-Burning and Special Adjustment
The burn consisted exactly of 1,710,142.733 BNB under the Auto-Burn Program, plus an additional 62,569.63 BNB BTokens. The BTokens Adjustment addresses tokens previously reimbursed by BNB’s Pioneer Burn Program which helps users who have lost assets on Binance Smart Chain.
Some of these BTokens have been accidentally omitted in previous burn cycles, but are now included in this one.
The Auto-Burn Program will continue until 100 million BNB are in circulation. BNB Chain is committed to further reducing the supply. BNB’s total supply is currently 144 099 981.1.
BNB Price Action & Key Resistance Levels
BNB is currently trading at $578.55 and has lost 1.48% over the last 24 hours. The immediate resistance is near $586. Recent price action indicates that this level may be difficult to hold.
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A stronger resistance is located around $590. If BNB breaks through $586 with high volume, this may indicate an upward trend pushing towards $590.
Support Levels Indicate Possible Consolidation
BNB has consistently bounced back from the $573 level, indicating a notable buying interest. Further declines could find support at $570 and $565. These levels have historically been stable. BNB’s price fluctuations indicate a consolidation phase that could lead to a breakout or breakdown.
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