BNB price readies for bullish breakout after 1.84 million tokens burned
|- BNB completed its second quarterly auto-burn and removed $741 million worth of Binance Coin tokens out of circulation.
- A regulatory filing with Thailand Stock Exchange revealed Gulf Energy’s investment in BNB, worth an undisclosed amount, through a crypto subsidiary.
- Proponents believe a reduction in BNB supply coupled with the demand from institutional investors could fuel a Binance Coin price rally.
BNB has now completed its second auto-burn in 2022, pulling 1.84 million BNB tokens out of circulation. Analysts predict a breakout in BNB price as a supply shortage brews across exchanges.
BNB price prepares for a breakout amidst tokenburn
BNB price is set for a rebound after the altcoin completed its auto-burn and further reduced its circulating supply. A total of 1.84 million BNB tokens were pulled out of circulation and burned, wiping out $741 million in Binance coin.
The burn schedule systematically reduces the volume of BNB in circulation and feeds a supply shortage. Typically, a reduction in circulating supply across exchanges results in a price rally.
Interestingly, a recent filing with the Thailand Stock Exchange revealed Gulf Energy’s investment in BNB. The energy giant purchased an undisclosed amount of BNB tokens through a crypto subsidiary and diversified into crypto.
Proponents believe a brewing supply shortage in BNB, coupled with institutional demand for Binance Coin could drive a price rally.
Analysts have evaluated the BNB price trend and adopted a bullish outlook. @DaCryptoGeneral, a pseudonymous crypto analyst, believes Bitcoin – which influences all other cryptocurrencies – price action is still bullish, and the recent downside move was a healthy correction for BNB. The analyst argues that BNB is ready for its next impulsive move, and a retest of the broken symmetrical triangle could push the token to $510.
$BNB (1D): price action is still bullish and downside move at the moment is healthy price correction for next impulsive move
— CRYPTO GENERAL (@DaCryptoGeneral) April 19, 2022
Price had retest the broken symmetrical triangle and had broken out, I expect a continuation higher and price to trade to $510 key level#BNB pic.twitter.com/wgQwo1a9KW
$BNB (1D): price action is still bullish and downside move at the moment is healthy price correction for next impulsive move
— CRYPTO GENERAL (@DaCryptoGeneral) April 19, 2022
Price had retest the broken symmetrical triangle and had broken out, I expect a continuation higher and price to trade to $510 key level#BNB pic.twitter.com/wgQwo1a9KW
@AltcoinSherpa believes BNB is currently in the accumulation phase, and the token is ready for a move to the upside.
$BNB: I think this one explodes to the upside after it breaks out of this range. It looks like accumulation to me. #BNB pic.twitter.com/bMq1UrgTQe
— Altcoin Sherpa (@AltcoinSherpa) April 19, 2022
$BNB: I think this one explodes to the upside after it breaks out of this range. It looks like accumulation to me. #BNB pic.twitter.com/bMq1UrgTQe
— Altcoin Sherpa (@AltcoinSherpa) April 19, 2022
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.