BNB Price Up 1.19% as Crypto Market Rebounds
Binance Coin (BNB) price remained above the $720 support level on Monday, rising 1.19% in the last 24 hours to $726.02. The rise came as part of a wider rebound in the cryptocurrency market, where the overall market capitalization increased 1.2% to $2.74 trillion. Bitcoin traded above $82,170 while Ethereum climbed to around $2,400 and XRP was steady at around $1.30.
The recovery of the market has elevated the mood across the major equities and BNB’s latest quarterly token burn has attracted additional attention from investors. Traders are now waiting to see if the token can break above nearby resistance and move toward the $750 price target.
BNB Chain completes 37th Quarterly Token Burn
On October 19, BNB Chain performed its 37th quarterly token burn, permanently removing 1,646,196.44 BNB from circulation. The destroyed tokens were worth about $1.197 billion at the time of the announcement, according to the BNB Foundation. After the event, the circulating supply was 131,512,085 BNB.
The burn is part of BNB’s Auto-Burn mechanism, which is intended to reduce the total supply of the token to 100 million BNB. The number of tokens removed every quarter is determined by the BNB price and the number of blocks generated on BNB Smart Chain.
BNB Chain has also reconfigured its burn formula parameters following the accelerated block generation after Lorentz and Maxwell network upgrades. The quarterly burn is directly on BNB Smart Chain and unaffected by activities on Binance’s centralized exchange. Burn transactions are sent to an inaccessible address, making the tokens unrecoverable.
How BEP-95 Helps BNB Reduce Supply
The BEP-95 mechanism, along with the quarterly Auto-Burn, burns a part of the gas fees collected from blocks on BNB Smart Chain. The burn rate is controlled by the validators and thus linked to the activity on the network.
Together these mechanisms gradually reduce the availability of BNB. However, BNB’s value is not solely driven by token burns but also by market demand, investor sentiment, trading activity and wider cryptocurrency trends.
BNB Price Prediction: Will BNB Reach $750?
BNB is trading near $726.79, which is close to a resistance area according to the latest technical analysis. The Relative Strength Index (RSI) on the four-hour chart was at 51, showing a relatively neutral momentum with a slight bullish bias.
The Moving Average Convergence Divergence (MACD) line was -1.99, which is above its -3.74 signal line. The positive histogram reading of 1.75 suggests that the selling pressure may be easing and the upward momentum may be strengthening.
If BNB can break above the $730 resistance and maintain its momentum, the price could rally to the $750 level. The move may be supported by stronger market sentiment and continuing buying pressure.
However, a rejection near resistance could push BNB back toward $720. A break of this support could open the way for $705-$710 range. If the selling pressure continues to build, $700 may be the next psychological downside target.
Conclusion: What’s Next for BNB? Key Price Levels to Watch
In line with its long-term strategy to reduce supply, BNB’s 37th quarterly burn destroyed some 1.65 million tokens, valued at around $1.197 billion. Price is above $720 and technical indicators are showing improving momentum so $730 is an important resistance level.
A sustained break higher could lead the way toward $750 while failure to hold $720 could see a return to lower support levels. Before jumping to conclusions about BNB’s next move, market conditions, trading volume and price action should be monitored.
