In order to lower the overall supply of their coins and increase their appeal, Binance periodically burns BNB. The prior BNB burns provided insight into the token usage and revenue generated on the centralised Binance exchange. Corite, a music and technology start-up, also disclosed its partnership with BNB Chain.
The 20th burn occurs in the midst of considerable market turbulence. The steep price declines over the preceding few months had a negative impact on BNB‘s price as well. Binance’s objective is to keep developing and investing in the sector and projects during this downturn and all market cycles in order to promote acceptance and further infrastructure growth. Bear markets have historically been excellent times for committed and long-term-oriented builders.
This time, the CEO of Binance is still optimistic about the company’s ability to assist entrepreneurs developing creative, long-term solutions for our sector. At the beginning of the year, the native token traded for more than $500. Since then, the price has decreased by around 60%. Let’s take a look at the BNB price
BNB Price Prediction
In terms of the daily price chart, the BNB coin has surpassed the 20-day exponential moving average. However, the bulls are only just managing to keep the BNB price above the $270 resistance level. The price will fall to the $244.40 support level if bulls are unable to break through the $278.70 resistance level.
Binance burns an additional $444 million in BNB. However, we won’t be bullish in the medium term unless and until BNB closes over the $337.10 resistance level.
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