Cryptocurrencies traded in the green during early Asian trading hours. Bitcoin and other major altcoins were trading with decent gains on Wednesday. The global cryptocurrency market cap was trading higher at the $1.92 trillion mark, which jumped about 2 percent in the last 24 hours.
At press time, $BNB is trading at $421. The altcoin is following Cardano’s price sentiments as the price nears the $424 resistance level. The BNB/USDT Can hit $440 if the bulls remain intact above $424 and buyers can hold the gained initiative. However, the extended rally can take BNB price above $450 Soon.
Binance Coin Burn
In 2022, BNB has completed its second auto-burn, removing 1.84 million BNB tokens from circulation. As a supply shortfall looms across exchanges, many foresee a breakout in BNB price.
After completing its auto-burn and further reducing its circulating supply, the price of BNB is expected to rise. A total of 1.84 million BNB tokens were burnt, wiping out $741 million in Binance coins.
The burn schedule reduces the amount of BNB in circulation over time, resulting in a supply shortfall. A price rally is usually triggered by a decrease in circulating supply across exchanges.
Gulf Energy’s participation in BNB was recently revealed in a filing with the Thailand Stock Exchange. Through a crypto subsidiary, the energy behemoth bought an undisclosed quantity of BNB coins, diversifying into crypto.
$BNB Price Set For Massive Upswing
Proponents believe that a looming supply scarcity in BNB, combined with institutional demand for the cryptocurrency, would propel the price upward.
The BNB price trend has been assessed by analysts, and an optimistic outlook has been established. Bitcoin – which influences all other cryptocurrencies – is still positive.
According to @DaCryptoGeneral, a pseudonymous crypto analyst, the recent downside move was a healthy correction for BNB. According to the expert, BNB is set for its next impulsive move and a retest of the broken symmetrical triangle could take the token to $510.
BNB is currently in the accumulation phase, according to AltcoinSherpa, and the token is poised for a rise higher.
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Source: https://coinpedia.org/altcoin/binance-coin-bnb-price-primed-for-20-surge/