Ethereum

Token

bullish

<a href="https://yellow.com/asset/bnb">BNB Chain</a> has completed its 29th quarterly token burn, eliminating approximately 1.77 million tokens from circulation. The move, valued at over $1 billion, marks a significant step in the platform's long-term supply reduction strategy. 
The latest burn comprised two distinct operations: an auto-burn of 1.71 million tokens and an additional 62,569 BNB reduction related to BTokens. Market participants have responded positively to the news, with the token trading at $576. 
Technical indicators <a href="https://beincrypto.com/bnb-bulls-eye-recovery-after-quarterly-burn/">suggest</a> mounting bullish pressure. "The Balance of Power reading has shown notable improvement post-burn," says a senior crypto market analyst at a leading digital asset firm. This metric traditionally signals shifting market control between buyers and sellers. 
On-chain analytics firm Santiment reports strengthening market sentiment. Their Weighted Sentiment indicator, which tracks social volume and market perception, has turned decisively positive. This shift often precedes increased buying pressure. The daily chart reveals an emerging inverse head and shoulders pattern, typically considered a bullish reversal signal. Bulls have successfully defended crucial support at $573, averting a potential decline to $563. 
"The technical setup suggests immediate resistance at $596 could be tested," notes a derivatives trader at a major cryptocurrency exchange. "A break above this level could see prices push toward $606." 
BNB Chain initiated its token burn programme after migrating from Ethereum to its native blockchain. The project aims to reduce the total supply to 100 million tokens, a strategy designed to address inflationary pressures. 
However, market makers caution that bearish pressure remains a concern. A failure to hold current support levels could trigger a retreat to $543, invalidating the bullish thesis. The token burn comes at a crucial juncture for the broader cryptocurrency market. BNB's price action often serves as a barometer for sentiment toward centralized exchanges and their native tokens. 
Trading volumes and order book depth suggest sustained institutional interest despite recent market volatility. The next few trading sessions will prove critical in determining whether bulls can capitalize on the reduced token supply.

Binance Token Rallies as $1bn Quarterly Burn Tightens Supply

Yellow News

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