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Critical Weeks for Traders: Will BNB Price Rise or Fall?

Yatırımcıları İçin Kritik Haftalar: BNB Fiyatı Yükselir mi Düşer mi?
Yatırımcıları İçin Kritik Haftalar: BNB Fiyatı Yükselir mi Düşer mi?
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As we reported at Kriptokoin.com , the crypto market was officially in turmoil this week. Bitcoin fell below $ 70,000 and this was enough to shake the entire market. The approaching US elections and increasing uncertainty are making investors nervous. While altcoins have also had their share of this decline, things are developing a little differently for Binance Coin (BNB). Will Binance’s last quarterly burn have significant effects on the BNB price?

Status of BNB After Burning

Binance has completed its 29th quarterly burn. Exactly 1,772,712,363 BNB tokens – worth around $1.07 billion – have been removed from circulation. This burn is a key part of Binance’s strategy to increase the value of BNB by reducing the supply of the coin. As supply decreases and demand increases, the price is theoretically expected to rise. Investors are also watching the effects of this burn closely. Everyone has the same question on their mind: “Will this burn push BNB higher?”

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Binance is doing these burns on the Binance Smart Chain , so everything is transparent and traceable. The tokens are sent to a so-called “blackhole” address, which is irreversible. In other words, these tokens are completely destroyed. This gives investors some peace of mind, because the supply is actually decreasing. But time will tell if BNB will really gain value.

Will BNB Hit $970?

For the last 6 weeks, the BNB price has been fluctuating between $620 and $530. The market is completely undecided. Buyers and sellers are waiting. But there is a promising development for technical analysts : the inverse head-and-shoulders pattern. This pattern is generally accepted as a bullish signal. The head represents the lowest level, and the two shoulders represent higher levels.

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If this formation plays out as expected, the BNB price will recover from the $530 support and break the critical resistance at $633. If this resistance is broken, the possibility of BNB reaching $970 is on the table. This means a 54% gain. Of course, this scenario is something that investors are eagerly waiting for, but it is not a sure thing.

What Do Technical Indicators Say?

If we look at the general trend of the BNB price, the price is still above the 100 and 200-day moving averages. This shows that the long-term upward trend continues. But there is also a risk to this business. If the selling pressure intensifies again around $180, things will get complicated. Therefore, investors should be prepared for both situations.

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Critical Weeks for Traders: Will BNB Price Rise or Fall?
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