Binance Coin (BNB), which was finally able to complete its token burn in the third quarter, saw a rally in price last week.
- BNB Price slightly corrects after it went up almost 4% in the wake of recent Binance tokens burning
- Binance set $260 as the support level
- Before continuing to rally, the altcoin could fall as low as $250
The total number of BNB tokens were destroyed at 2,065,152. This is worth more than $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.
The altcoin has seen a minor price correction at press time. It is currently trading around $272.93, according to track from Coincodex.
However, Thanks to a substantial increase in BNB’s buying volume, a bullish rally could be on the horizon for the 4thThe largest cryptocurrency according to market capitalization.
Analyzing the Price Movement of Binance Coin
Binance, like Ethereum and Bitcoin, was also affected by the wide-spread price drop. It has been in the red for many days over the last two months.
The token managed to reach $260 in its level Assistance zone, which means the asset’s price won’t go lower than that as long as the marker is maintained.
BNB’s 12-hour chart indicates a range between $260 and $300 with the $280 marker acting as mid-point and both as crucial resistance and support zone.
Binance is a liquidity-rich market and investors are encouraged to buy it now.
A Hacker Attack in October at Binance
Binance Smart Chain, (BSC), has opened its doors to the public with a massive cyber attack. DrainBNB tokens worth $100 million
BSC Token Hub was attacked by hackers who exploited its cross-chain bridge with BSC. The hackers then attempted to transfer funds to the BSC Token Hub. In order to resolve the problem, the cryptocurrency exchange platform had to stop its operations.
BSC immediately defended the incident, saying it was an isolated incident and that they had spent enough time trying to resolve the issue before going online again.
BNB Market Cap at $43.9 Billion on Daily Chart | Featured image from Cryptopolitan, Chart: TradingView.com Disclaimer: This analysis is the author's opinion and should not necessarily be considered investment advice.