For the past 4 trading sessions, Binance Coin’s price has been in an aggressive push to the upside, surging by 15 per cent. Today, the strong bullish move is looking poised to continue, with prices already up by over 2 per cent.
Part of the reason why Binance coin has continued to go up is due to their regular token burns that ensure that there is no oversupply. For instance, in July, as part of their quarterly BNB token burns, over 1.9 million BNB tokens worth over 405 million were burned. The move would see the total supply of BNB tokens going down, which resulted in its prices continuing to surge.
Since July, when the token burned happened, the Binance coin has been in an aggressive push to the upside. Today, the crypto is trading at a $318 price level, and based on the recent price action, the prices are looking likely to continue going up.
Therefore, my Binance coin price prediction expects the prices to continue rising, and there is a high likelihood we might see it hit the 332 resistance level. Furthermore, based on the current price momentum, there is a high likelihood that we may even see it break the resistance level and trade upward.
Analyzing the price action of the Binance coin for the next few weeks and even months indicate a real likelihood of the price trading above the $456 long-term resistance level. Part of the reason why I think it will hit that level is due to the premise of future burns. Normally, investors want to put their money on assets they think will have huge returns.
Binance, which has an auto-burn system that reduces its total supply, ensures that, in most cases where demand remains the same, the prices go up. Therefore, I expect the crypto to hit the $456 price level before the next auto-burn.
This post was last modified on Aug 05, 2022, 14:37 BST 14:37