BNB Chain has announced its 29th quarterly burn, reducing the Binance Coin (BNB) supply by 1.77 million tokens, valued at over $1 billion. This burn is part of their goal to reduce the total supply to 100 million BNB.
The token burn has generated bullish sentiment and increased optimism among investors regarding BNB's potential price rise. On-chain analysis shows a positive shift in Weighted Sentiment, indicating market optimism and potential increased demand for BNB.
Technically, BNB's price is showing signs of bullish momentum, with a potential rise to $606 if support levels are maintained. The current price, approximately $576, indicates bullish control in the market, with an inverse head and shoulders pattern suggesting a bullish reversal.
However, risks remain if bears overpower bulls, which could push prices down to $543 if support at $563 fails. Overall, the market outlook for BNB appears optimistic, but traders should remain cautious of potential reversals.
