Binance Coin (BNB) had an opportunity for a price rally last week after its parent company finally completed the scheduled token burn for the third quarter of the year. BNB price slightly corrected after going up by almost 4% following the latest burning of Binance tokens Binance established $260 as its support level The altcoin might fall to $250 before continuing its price rally With that, the total number of burned (destroyed) BNB tokens reached 2,065,152, which is worth over $563 million. Shortly after, Binance went up by 3.75% to trade at $274.6, confirming the asset’s positive response to the burning mechanisms introduced to reduce the crypto’s overall supply of 200 million by half. At press time, the altcoin is experiencing a slight price correction, changing hands at $272.93 according to tracking from Coincodex. However, thanks to a substantial increase in BNB’s buying volume, a bullish rally could be on the horizon for the 4th largest cryptocurrency in terms of market capitalization. Analyzing Price Movement Of Binance Coin Binance was not spared by the widespread price dip that continues to bother all of crypto space as it has spent many days in the red zone for the past two months just like Bitcoin and Ethereum. The token somehow managed to establish $260 level as its support zone, which means the asset’s price won’t go lower than that as long as the marker is maintained. Related Reading: AAVE Price Poised For Rebou...
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