Binance Coin Price Targets $800 as BNB Chain Burns 1.5M Tokens From Supply

Binance Coin price has moved to its highest level in one month after recording a slight 1.78% increase in 24 hours to trade at $672 today, July 10. The recent burn comes after the BNB Chain burned 1.5 million tokens from the supply, as an ascending triangle pattern suggests that a 17% move to above $800 might be imminent.

BNB Price Hits 1-Month High as Bulls Target $800

The ongoing gains by the BNB token are not unique, considering that the broader crypto market is rallying today due to optimism that the Fed is going to cut interest rates. The recent gain has confirmed a rising triangle pattern that has been forming on the daily chart, indicating the possibility of a bullish continuation happening.

The height of this ascending triangle, calculated from the lowest point to the highest point, marks the target level of the BNB price if it can overcome the resistance level at $686. At press time, BNB was only 2% shy of this target price, and if the broader crypto market momentum remains bullish, it might soon close above it.

Going by this pattern, the next target that the BNB token could hit as long as the buying pressure remains high is $806. At this point, this top altcoin will have created a new all-time high price.

The rising RSI is supporting this Binance Coin price forecast, considering its value of 60 after creating a series of higher highs that indicate there is a bullish momentum in play.

The invalidation thesis for this technical setup will happen if the price drops below the lower trendline of the rising triangle channel, because doing so will confirm that selling pressure is about to increase, and BNB might fall to $643.

1.5 Million BNB Tokens Burned in 24 Hours

As BNB price chases a new all-time high, the main catalyst that might drive this is an increase in the burn rate. On July 10, the BNB Chain conducted its 32nd burn process, which is done each quarter, and this led to 1,595,999 Binance Coins being taken out of supply. These coins were worth more than $1 billion.

Since the network launched a burn process, it has reduced the supply by more than 60 million coins, and this has left the available supply at 139 million coins.

The recent burn comes at a time when the BNB Chain is recording massive interest from users, after Kraken launched tokenized US equities on the network. As this adoption grows, it might also be a catalyst that drives more gains for the Binance Coin price.

Therefore, following the recent burn, which comes when the entire market is rising and demand is high, it is possible that a 17% rise will happen soon. Besides, the looming breakout from a rising triangle pattern indicates that a new high above $800 might be on the verge of happening.