BNB Price Analysis Post-29th Quarterly Burn: Is $800 Within Reach?

The BNB Foundation has completed its 29th quarterly BNB token burn, eliminating 1,772,712.363 BNB (worth approximately $1.07 billion) from circulation.

The crypto market has witnessed a bearish pivot since mid-week as Bitcoin’s price slipped below the $70,000 floor. The renewed selling pressure can be attributed to market uncertainty ahead of the upcoming U.S. election results. While the altcoin market succumbed to the bearish momentum, BNB price analysis showcases the potential for a sharp performance amidst the completion of the 29th Quarterly Burn.

Binance coin price currently auctions at $572, notching an intraday loss of 0.68%. According to Coingecko, BNB's market cap is $82.4 Billion, while the 27-hour trading volume stands at $1.73 billion.

BNB Price Analysis Post-29th Quarterly Burn: Is $800 Within Reach?

The BNB Foundation has completed its 29th quarterly BNB token burn, removing 1,772,712.363 BNB (valued at approximately $1.07 billion) from circulation. This process aligns with a core aspect of Binance’s deflationary model, which aims to drive sustained demand pressure for BNB coins by reducing the circulating supply.

These quarterly burns and future burns will be carried out directly on Binance Smart Chain (BSC), enhancing transparency and decentralization. The token slated for incineration is sent to an inaccessible address, “blackhole,” ensuring the permanent removal of those tokens from circulation.

Such regular burn activity could bolster demand for BNB price analysis due to the scarcity principle.

Can Binance Coin Bullish Reversal Pattern Propel It to $970?

Over the past 6 weeks, BNB price analysis has traded sideways, resonating between $620 and $530 as horizontal support and resistance levels. While this consolidation may indicate indecision among buyers and sellers, the daily chart analysis reveals the formation of a bullish reversal pattern known as the inverted head and shoulder.

In the case of BNB, this pattern comprises three main troughs: the middle being the lowest (head) and the two on either side (shoulders) forming higher lows. If the pattern holds true, the Binance coin price should rebound up before the $530 support and rechallenge the pattern's key resistance at $633.

With crypto market today, a potential breakout from this reversal pattern will signal the continuation of the prevailing uptrend.

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