Binance is a decentralized, blockchain-based network ecosystem. The company has evolved to be the main cryptocurrency exchange in a number of nations, and their subsidiary companies are receiving a lot of attention.
Binance Coin was launched as an initial coin offering in July 2017. (ICO). During the ICO, BNB tokens were distributed to various parties, including angel investors and the Binance founding team. According to the whitepaper, Binance spends 20% of its revenue each quarter to buy back and burn BNB, thus destroying them. The mechanism ensures that the quantity of Binance Coin remains limited, making it unique and valuable. The Binance platform uses BNB to pay discounted fees while also powering the Binance Chain and Binance Smart Chain. Binance burns its BNB supply every quarter, with the goal of cutting the entire supply in half. Let us review the BNB price
BNB Price Prediction
Bullish Scenario: BNB is currently trading below the critical support level of $337.10 from a technical standpoint. In this circumstance, the most likely possibility is that the price will drop even more to $278.70 in the next few days. If BNB manages to break over the resistance level at $337.10 after retracements, it will be slightly bullish for short-term. With sufficient buying activity, a break above $383.20 will lead to a rise towards $439 and higher.
Bearish Scenario: In recent weeks, the bearish downtrend line has been a key level of resistance for BNB. On a longer time frame, such as weekly and monthly, BNB has been in a downtrend channel, so we are bearish in the medium term. Failure to retain the $227.30 support level could also lead to a drop to $162 and lower.
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