Binance exchange has just performed yet another quarterly token burn, dispensing with $400 million worth of tokens. However, this did not have a bullish impact on BNB/USD prices, which fell steeply on Monday.
Previous burns had produced a price increase. However, a change in its burn mechanics that blocks reverse-engineering of the burn to work out the company’s profit left prices responding negatively to the event. BNB/USD is down 7.11% as of writing.
With the daily candle now testing support at 278.12, bearish Binance Coin price prediction bets have increased. A breakdown of that support level opens the door for a leg down to the 249.72 support. Below this point, the price wall that has 222.99 as the ceiling comes into the picture as an additional downside barrier. If this barrier gives way after supporting price for four months, 138.05 becomes the next target.
On the flip side, a bounce on the 278.12 support allows the price to aim for 314.94. Above this level, 333.89 and 357.04 serve as additional targets to the north. Only an uncapping of the latter resistance provides for an extension of the bullish reversal, targeting 379.84 and 400.01.
