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Highlights
- Binance will implement a $1.02 billion BNB token burn soon.
- The BNB token has formed a cup and handle chart pattern.
- The pattern points to an eventual surge to $1,000 followed by $1,180.
The crypto industry maintains its upbeat bias, with Bitcoin stuck above $101,000, and the crypto fear and greed index moving to the green zone. Binance Coin has also done well, with its price remaining above $700. Will the BNB price surge to $1,000 ahead of the upcoming token burn worth $1.02 billion?
BNB Price Could Rally Ahead Of A $1.02b Token Burn
The Binance Coin has remained upbeat as the network prepares for a big quarterly token burn in the next few days.
According to BNBBurn, the network will incinerate 1,630,246 tokens valued at over $1.02 billion soon. These burns are part of the quarterly autoburn, which is based on the BNB price and the number of blocks produced during the quarter.
The website expects that the BNB network will then burn 1.545 million tokens with an estimated value of $1.097 billion in the next three months.
The Binance network also conducts real-time burns that have removed 451 tokens with $328,478 from circulation in the last seven days, bringing the total tokens burnt to 247,337. These tokem burns are based on the network activity and the fees it generates.
Combined, the real-time burn and the quarterly auto-burn have removed almost 58 million tokens currently worth $41 billion in circulation. That has left the circulating supply at 144 million, a figure that will move to 100 million over time.
Binance Coin Price Technical Analysis
The BNB coin price has been in a slow uptrend after bottoming at $188.3 in January. It has now soared above $695, the upper side of the cup and handle pattern. The upper side of the cup was at $695, where it reached in 2021 and November last year. It has also completed forming the handle section.
Binance Coin’s uptrend is being supported by the 50-week Weighted Moving Average (WMA), a sign that the uptrend is continuing. It has jumped above the Demark pivot point and the Ichimoku cloud indicator.
The C&H pattern has a depth of 70%. As such, if we extrapolate the same distance from the cup’s upper side, it means that the token will rise to $1,180 in the longer term.
BNB Coin Price Targets
The immediate target for the Binance Coin price is at $1,000, which coincides with the first resistance of the Demark pivot point. A move above that level will bring the C&H pattern target into view. The rally to this point could take time since C&H pattern often takes longer to form.
A drop below the first support of the Demark pivot point at $495 will invalidate the bullish view. If that happens, the coin may drop as low as $188, the lower side of the cup.
Frequently Asked Questions (FAQs)
1. How will the Binance coin burn affect the BNB price?
2. How do BNB token burns work?
3. How high can the BNB price soar?
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