BNB is trading at $584.67, which is down by 0.15% in the last 24 hours. Trading volume is higher by 1.94% to $1.38 billion, which is indicative of sustained investor activity. The price of BNB is higher by 4.22% in the last seven days to settle at $584.52. This is in line with careful optimism inasmuch as the market is volatile overall.
Despite the slight pullback, the coin remains in an upward channel that began at $420 in April 2024. It reached a high of $620 in December and continues to maintain one of the most stable trajectories among major altcoins.
Indicators are neutral, with the RSI being at 48.7 and MACD bearish at -0.9. Support levels are at $550, $520, and $500. The levels of resistance are at $600, $620, and $650. Experts indicate that the coin is holding, with the smallest 24-hour drop among peers.
BNB completes 31st token burn, removing 1.58M BNB
The BNB Foundation has concluded its 31st quarterly burn. It destroyed 1,579,207.72 BNB, worth about $916.07 million. The action is in line with BNB’s long-term deflationary plan. The latest total supply is at 139.31 million the cryptocurrency, with 40.88 million tokens set to be burned in the future.
Auto-Burn system, upgraded to BNB Smart Chain by BNB Chain Fusion, is adjusted by market price as well as block generation speed. This guarantees to be transparent as well as governed by an algorithm. The burning is independent of Binance’s centralized exchange.
Moreover, BNB operates an active burn based on gas charges in its network. There have been 259,400 cryptocurrencies removed from supply since BEP95’s launch.
Pioneer Burn Program also takes care of users by providing compensation for accidental loss of tokens. Such burns are also part of the greater “Build and Build” goal of the cryptocurrency to continue developing in its Web3-centric framework.
With a market cap standing at $82.62 billion along with sustained ecosystem momentum, the cryptocurrency fundamentals are still healthy. Experts predict a short-term test of the resistance at $600 in case of eased regulatory concerns.
