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BNB price prepares to rise, says expert

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BNB completed its second auto-burn in 2022, withdrawing 1.84 million BNB tokens from circulation. The burn has cheered market analysts who predict a bullish pattern in the price of BNB as supply shortages increase on exchanges.

BNB price is ready to rise

According to analysts, the burning systematically reduces the volume of BNB in ​​circulation and fuels a supply shortage. Normally, a reduction in the circulating supply on the platforms results in a price increase.

Also, a recent listing on the Thai Stock Exchange revealed Gulf Energy’s investment in BNB. The energy company bought an undisclosed amount of BNB through a cryptocurrency subsidiary, diversifying its equity.

Trades believe that an institutional demand for BNB along with token burning could help boost the value of Binance’s cryptocurrency.

Analysts have, for example, assessed the price trend of BNB and adopted a bullish outlook. This is the case of the analyst known as “DaCryptoGeneral”. He pointed out that the recent negative move was a healthy correction for BNB.

Furthermore, it argued that the token is ready for its next impulsive move, and a retest of the broken symmetrical triangle could take the token to $510.

“Price action is still bullish and the negative move at the moment is a healthy price correction for the next bullish move. I believe it is very likely that a return from the bulls could take BNB back above $500,” he said.

Meanwhile, the analyst known as “AltcoinSherpa” believes that BNB is currently in the accumulation phase. Therefore, the token would be ready for an upward move.

“I think BNB explodes to the upside after breaking out of this current trading range which looks like a period of healthy accumulation for the market,” he pointed out.

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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