Binance Price Prediction: Can Burning Propel BNB to $700?

BNB token closes in, just 14.14% shy of record peak

• The #Binance Foundation recently completed its 27th quarterly $BNB token burn on the BNB Chain, a strategic move aimed at reducing the total supply of BNB tokens.

• BNB's price witnessed a notable surge, rallying from a monthly low of $508 to surpass $635, marking an impressive gain of over 20%.

• Binance has formed Seven consecutive days of green candles, with an impressive 15% increase in value over that period.

• Daily chart shows signs of a possible double-bottom reversal, hinting at a forthcoming recovery.

• $BNB is presently consolidating within a symmetrical triangle pattern on the weekly chart.

• A detailed analysis of the daily price chart for BNB reveals a robust bullish reversal, indicating the potential for a breakout above $700 if the current uptrend persists.

• If the $635 resistance level breached, Binance token could set its sights on retesting its previous all-time high (ATH) of $691.80.

• As per CoinGabbar Prediction, Conversely, a reversal in the prevailing trend might lead to a retracement in BNB's price, potentially dropping to $570 as it tests its support level.

KEY LEVELS :

RESISTANCE LEVEL : $635-$700

SUPPORT LEVEL : $580-$530

Disclaimer: Coingabbar's guidance and chart analysis on cryptocurrencies, NFTs, or any other decentralized investments is for informational purposes only. None of it is financial advice. Users are strongly advised to conduct their research, exercise judgment, and be aware of the inherent risks associated with any financial instruments. Coingabbar is not liable for any financial losses. Cryptocurrency and NFT markets could be highly volatile; users should consult financial professionals and assess their risk tolerance before investing.