BNB Chain Completes 26th Quarterly Burn, Bullish Trend Expected
BNB Price Forecasts: Will Binance Meet Expectations by Burning 2M Tokens?
The BNB Chain recently announced that it has completed its routine quarterly burn. If the financing rate remains negative, the price performance of BNB could become bullish.
BNB burns 2.14 million tokens
Binance [BNB] had its 26th quarterly burn on January 17th, according to a blog post by the BNB Chain team. According to the post, 2.14 million BNB worth $636 million were removed from circulation. This value was higher than the number of coins burned last quarter. At that time, the total BNB burned was worth $450 million.
BNB Price Performance
The increase in value could also be associated with the price increase of BNB in the last 90 days. At the time of writing, the price of BNB was $311.38, representing an increase of 44.71% in the last 90 days. Binance began burning tokens in 2017. The aim was to remove half of the supply from the market, while a maximum of 100 million tokens were in circulation at any given time.
Increased Selling Pressure
A technical view of BNB shows that the price has closed both above the 9 EMA (blue) and the 20 EMA (yellow). This suggests that BNB still has bullish potential. However, signals from the Awesome Oscillator (AO) suggest that the price could drop before an uptrend. This is because the AO continues to fall. Also, the red histogram bars indicate increasing downward momentum. Therefore, BNB could fall below $310 in the short term.
BNB may be ready to offset losses
Despite the potential decline, market participants remain bullish on BNB. According to an analysis of Santiment’s data by AMBCrypto, the weighted sentiment was 2.638. The weighted sentiment tracks the negative or positive commentary of a project based on the unique social volume. If the metric is positive, it means that the average participant is bullish on the price performance.
Conclusion
If the selling pressure continues, participants could eventually become exhausted. If this is followed by a negative financing rate, the price of BNB could reverse and potentially rise towards $330. It remains to be seen how the price of BNB will develop in the near future.
Sources: BNB Chain, TradingView, Santiment.
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