- Binance burned 1.6 million BNB worth $914M, moving closer to its long-term goal of reducing total supply to 100 million tokens.
- BNB price remains range-bound, struggling to break resistance at $584–$586, with weak RSI and MACD signals hinting at cautious short-term momentum.
- Key levels to watch are $584 and $577, as a breakout or breakdown from this zone could shape BNB’s next major move.
Binance just pulled off its 31st quarterly BNB burn, wiping out a whopping 1.6 million BNB — that’s around $914 million in value gone from circulation. The move is part of Binance’s ongoing push to bring the total BNB supply down to 100 million tokens someday. It’s a long-term goal, but every burn chips away at the total — and that scarcity narrative? It could eventually push prices higher… if demand shows up.
Burn Now, Moon Later? Maybe. But Not Yet.
This burn is automatic, by the way — thanks to BEP-95, which basically ensures BNB gets torched every quarter. With around 146 million tokens still in circulation, the supply’s slowly tightening. And yeah, fewer tokens + rising demand should equal price appreciation… eventually.
But right now? The BNB price is still wrestling with short-term hurdles. It’s sitting below some important moving averages, and resistance near $635 continues to be a brick wall. So while the burn might build long-term confidence, the immediate setup looks… well, kind of stuck.
Short-Term Signals Still Feel Soft
Zoom in, and the technicals aren’t screaming “buy” just yet. The RSI’s hanging around 45 — not oversold, not bullish, just kinda meh. The MACD? Still not confirming any strong reversal either.
Even though supply’s shrinking, BNB hasn’t been able to push out of its recent range. For any real move, price needs to break above $584 — or risk slipping lower if it loses support near $577.
April 16 Price Action: Range-Bound With a Hint of Bullish?
On the 5-minute chart (yeah, we’re getting into the weeds now), things got a little dramatic. BNB broke out of an ascending channel, tested $586 a few times, and looked ready to go — but nope. It reversed hard into a downtrend, complete with death crosses on the MACD and RSI falling into oversold zones. Classic fakeout.
Support finally showed up around $577, holding strong on several bounces. RSI tapped oversold again and again at that level, while MACD started flashing golden crosses — so signs of a turnaround began to build.
Since then, BNB has moved sideways, stuck between $577 and $584. RSI has crept back toward neutral, and MACD’s printing another golden cross, which might suggest momentum’s shifting. But here’s the catch — previous attempts to push past $582 have fizzled fast, so the bulls still have some proving to do.
Burned Tokens, Boosted Sentiment… But Patience Required
Look, the $914M token burn is a big deal. Long term, it’s bullish — fewer tokens mean more scarcity, which is usually good for price. But in the near term, BNB’s still stuck under key resistance and not getting a ton of help from momentum indicators.
Traders are watching two levels right now:
- A clean breakout above $584 could bring a retest of $586 and maybe start something bigger.
- A drop below $577 could open the door to fresh lows.
So yeah, confidence might be building under the surface… but the charts aren’t quite there yet. Might be worth waiting for a stronger signal before jumping in.
