CandleFocus BNB Bulls Eye Recovery After $1 Billion Quarterly Burn Shrinks Supply
2024-11-02
Author: Content Editor
Binance Coin (BNB) recently completed its 29th quarterly burn, reducing its total supply and potentially driving the price upwards. The burn, valued at over $1 billion, contributes to bullish sentiment among holders. On-chain data shows an increase in Weighted Sentiment, indicating optimism among investors. BNB has defended a support level and formed an inverse head and shoulders pattern, suggesting a potential reversal to bullish momentum. If bears overpower bulls, the price could fall below support and decline further.
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