BNB 16th Quarterly Burn and What The Price Is Expected To be
Binance is known for burning their BNB token every 3 months to reduce the quantity of token in circulation. In April during their 15th quarterly burn, the tokens burnt were estimated to be worth over $600 million. Even thought the tokens burnt in the last quarter is not up to the 1,296,728 burnt this quarter, the price of BNB token at that time made the worth of the burnt tokens to be $600 million. This was because at the time of the burn, BNB was worth above $500.
Usually during the quarterly burn of BNB tokens, the price of BNB token has been seen to have a good from of price increase. But unfortunately the case wasn’t the same this time. Due to the general price crash observed by mostly all cryptocurrencies, BNB was no difference as it has more than a 50% decline from its previous All Time High observed in May.
By the time of typing the price of BNB is $296 compared to its price the previous day which was at $310. Although for people that bought a lot of BNB before this year when the price was $40 won’t really complain much because they are still in massive profit compare to the price they bought it.
From my technical analysis, since the price of BNB didn’t have a spike due to the burn, it will likely keep going its usual downward movement, probably till it approaches the support line at the price range of $219. Then just may be we might start seeing some upward movements.
At the same time it could possibly be on a TrendLine support already, and just may be it will spike up. Well crypto is something that can’t fully be predicted but time will tell.
Posted Using LeoFinance Beta
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STOPThanks for the update. I am currently using BNB/BUSD, XLM/BNB, and KLAY/BNB as my trading pairs. On one of these I am trading daily to stack up while the others are just swing trading and trend trading. Things could not be better right now. really enjoying the volatility and the current bear trend has allowed me to join in on the fun of trading cryptocurrency. I have invested most of my savings into crypto. I hope to make enough soon so that I can just do this full time one day. but during the meantime, I will try to stack up as much BNB and etc while I still can before anything moons over.
Nice to see. Well the bear trend is the right time to accumulate as much tokens as possible.