BNB edges closer to the $ 700 mark as dealers responded to a fresh token burning of $ 1 billion and growing interest in using the asset as a corporate tax reserve.
During the last 24-hour period, BNB increased approx. 2.8%from $ 670.40 to $ 688.7. Trade rose when the price moved up, in the midst of a wider cryptocurrency market rally, which saw Bitcoin hit a new high peak over $ 118,000.
The price briefly hit an intraday tap near $ 695 before settling in a tight interval around $ 689.
Wally was not just driven by the rising crypto water. Binance’s 32. Quarterly burning removed permanently approx. 1.59 million BNB from circulation, which brought the total value burned to 265,605 BNB according to a tracking site.
Combustions are part of a deflation strategy aimed at reducing total supply to 100 million tokens.
At the top of this, over 30 teams are allegedly working in ways to structure public companies, such as Treasury Reserves in BNB, with the investment company 10x Capital, supporting a plan for a US $ 500 million US-Listed BNB Treasury Company.
Active addresses on the BNB chain have doubled since March and hover around 2.5 million daily according to Nansen Data. Similarly, average daily transaction volumes tripled.
Investors are watching to see if BNB can break the psychological barrier to $ 700 in the coming days.
Overview of Technical Analysis:
- BNB increased 2.77% over the 24-hour period and signaled solid upward momentum, according to Coindesk Research’s technical analysis model.
- Price varied $ 27.51 (4.11%) between a low level of $ 667.61 and a high of $ 695.12.
- Trade volume spiked at 155,426 tokens at the end of yesterday’s trade, more than twice the 24-hour average of 64,169.
- Resistance is visible near $ 695.12, while support has emerged around $ 667.61.
- Following the initial rally, prices within a narrow $ 1.51 ribbon from $ 688.81 to $ 690.73 consolidated.
- Strong support has settled near $ 688.80- $ 689.00 zone.
- The market tested short resistance to $ 690.73 before lighting back in a controlled withdrawal.
Disclaimer: Parts of this article were generated with the help of AI tools and reviewed by our editorial team to ensure accuracy and compliance with our standards. For more information, see Coindesk’s full AI policy.
