Price Forecast: #BNB Foundation burns $1.3 billion tokens as price consolidates
BNB trades sideways over $900 on Thursday as the crypto market cools.
BNB Foundation burned $1.3 billion in the 34th quarter, reducing supply to 136.36 million BNB.
The network's Auto-Burn mechanism cut supply to 100 million BNB.
After reversing from $954 on Wednesday, BNB is trading sideways over $900 on Thursday. Retention interest in the exchange native token has also decreased, indicating investors have booked gains quickly.
BNB Foundation burns 34th token
BNB Foundation concluded 34th quarterly token burn on BNB Chain. The notification said that 1.37 million BNB tokens worth $1.3 billion had been withdrawn from circulation. This includes 1.37 million BNB from the Auto-Burn and 100.1 from the Pioneer Burn. After the fire, supply is 136.36 million BNB.
The Foundation steadily reduces supply to 100 million BNB via Auto-Burn.
The Foundation noted that BNB's price and BSC blocks created during a quarter determine the burn amount, guaranteeing openness and predictability.
The derivatives market is sluggish for BNB, with futures Open Interest (OI) decreasing to $1.57 billion on Thursday from $1.6 billion the day before. On October 8, the OI average reached a record $2.97 billion, while on October 13, BNB reached $1,375.
At press time on Thursday, BNB pricing was above the 200-day Exponential Moving Average (EMA) at $881, the 50-day EMA at $881, and the 100-day EMA at $991.
The previous day's high at $945 limits the upside, with resistance around $1,022, last touched November 10, expected.
