(Updated September 12, 2020) Binance coin had a spectacular year in 2019, even though its growth did slow down in the second half of the year. Buoyed by the launch of several IEOs through the Binance launchpad, BNB managed to outperform BTC by the end of the year achieving gains of over 150%. Remember this token at some point in 2019 managed to register gains of over 600%.
Key to the success of BNB has been how Binance exchange has masterfully managed to engineer the token to become an all-encompassing aspect of every facet of its ever-growing ecosystem. So far, it’s being used to purchase tokens for various IEOs, BEP2 transaction fees, DEX listing fees, and BEP2 token migrations.
This increased utility means BNB will continue to perform well throughout 2020.
In this piece, we are going to take a look at expert opinions and technical analysis, which suggest that BNB is set for good times in 2020.
Experts’ Opinion On Why BNB Price Will Rise
Tomaino, a former Coinbase employee, believes that there is a bullish case for BNB token. He argues that this will remain to be the case of Binance maintains its dominance in the cryptocurrency exchange industry. This is contingent on Binance evolving with improvements in decentralized exchange services. This will see the coin’s price surge.
According to a leading crypto publication, Binance platform has successfully launched several projects, such as the BitTorrent token (BTT) and Fetch.AI (FET) token, and it is also planning to revive initial coin offerings by generating quality tokens with strong user cases, which will encourage massive participation. Such developments will increase BNB’s adoption, and boost its price.
Messari reported that the ROI for BNB over the last one year was 154%. However, in the last six months, the ROI increased to 560%. Part of the reason is the platform’s strategy of frequently ‘burning’ BNB to constrict supply. As a proven strategy, this shows that the coin’s price will rise.
Additionally, WalleInvestor.com believes that Binance Coin is a profitable investment option. According to the site’s long-term forecasts, an increase is expected. The price prognosis for 2024-06-22 is $71.763. With a 5-year investment, the ROI is expected to be +93%. This prediction is based on previous and current developments on Binance platform, and its future plans.
Other factors that promise to push the price of BNB even higher.
Top BNB News 2020
BNB Is Fast Becoming The Next ICO Token
The rise to prominence of the IEO fundraising model has played a crucial role in the growth of BNB. Binance kept their promise of supporting at least one project every month through its launchpad.
By the end of the year, the exchange had held IEOs for eleven different projects, including; BitTorrent, Fetch.AI, Celer, Matic, Harmony, Elrond, WINk, Perlin, Band, Kava, and Troy.
The Launchpad allows projects to issue their tokens on the Binance Chain, which offers a simple and less error-prone platform compared to writing smart contract code.
It also provides the projects a chance to get their tokens listed on the Binance DEX by being voted by the community.
To participate, one needs to have BNB, and this explains why we saw the token increase in value in 2019. With more IEOs scheduled to be launched this year, we can expect to see the price of BNB continue to appreciate.
You Can Now Purchase Real Estate Using BNB
On October 10, 2018 Propy, a real estate firm that accepts payments in cryptocurrencies announced that it would take BNB for property purchases. The announcement was made via Twitter, and it had Changpeng Zhao the CEO of Binance excited:
“Propy will accept BNB for home buying! @Binance Chain is coming and $BNB, which is a great store of value today, will turn into programmable money. For the rapidly growing BNB community, we make it possible to invest in real estate with easy paperwork at Propy.”
Propy is a global real estate marketplace that has a decentralized title registry. By adding BNB as a payment option, the team behind the company aims to resolve issues that hamper international real estate transactions.
Also, they aim to create a unified property store and asset transfer platform for the global real estate industry.
Propy uses smart contracts to connect buyers, sellers, brokers, and escrow/title agents/notaries.
This move is significant for Binance Coin because as more people opt to pay for their property using BNB expect its price to rise higher.
Pay For Your Flight Using BNB
Recently Binance teamed up with TravelBit an Australian company to create a point of sale (POS) in airports both locally and internationally. The partnership saw Binance invest $2.5 million in the startup. So far, the company has managed to launch a payment system in Brisbane airport.
With the money invested by Binance, TravelBit intends to set up cryptocurrency payment terminals in other major airports around the world. It’s a move that will accelerate crypto mass adoption.
Currently, the new POS terminals accept only the top crypto coins – Bitcoin, Ethereum and Litecoin. And very soon BNB will be added on that list. What could this mean for BNB price? We’ll have to see, but it could be huge, as the travel industry touches billions.
TravelBit describes itself as the world’s first digital currency airport. Together with Binance, both plan to promote blockchain based technologies globally.
On the partnership, Changpeng Zhao said:
“Real usage is the most important factor on the way to cryptocurrencies’ adoption. It’s difficult to imagine a better example of cryptocurrency usage than traveling as right after you land in a foreign country you can find yourself lack of local currency.”
In conclusion, these three instances serve to show the growing acceptance of the Binance Coin. It’s safe to expect this adoption to be reflected on its price very soon.
In more minor news, BNB continues to see investment interest from different strategies used by Binance.com Some of those include:
- Lower transaction fees when it is used as the transacting cryptocurrency on the Binance exchange.
- Various trading competitions which periodically award BNB tokens as prizes. Binance’s Twitter feed has provided some details of the latest Binance competition which will give out 8000 BNB tokens.
- The global expansion of Binance, which has recently opened an African office in Uganda.
Binance Coin (BNB) Price Prediction TradingView Analysis Updated September 12, 2020
BNBUSD was able to move higher in recent hours as it surpassed 27 USDT once again. The cryptocurrency bounced from the support zone that it had around the SMA200 and 18 USDT. This shows that Binance Coin is in a bullish mode compared to other virtual currencies such as Bitcoin that are not moving higher.
Now, the analyst considers that we are in a resistance zone. If buyers are able to surpass that level, then we could see larger gains for this virtual currency in the coming days and hours. As he explained, the next resistance level is currently at 40 per coin, which could be very bullish for BNB.
BNB is currently in a good position to open a short trade in the BNB/USDT trading pair. The analyst considers Binance Coin could fall to the lower band of the upward channel that started in March this year after the Coronavirus crisis.
The virtual currency could certainly move towards 19.25 and then rebound and continue inside this upward channel. This would represent the 0.168 fibonacci retracement level. However, if this channel does not support, we could see BNB moving even lower and reaching a target of around 16 per BNB coin. This would mean a full retracement from the bull wave that started in July.
BNB/USDT has recently broken from a weekly dynamic resistance. Now, the analyst shows that the price could bounce on 0.382 / 0.5 Fibonacci level and restart its way up. Thus, he considers that Binance Coin has very positive news ahead and it could help the digital currency moving higher in the next weeks.
On the weekly, we see that BNB could be in the third ascending wave of the first move higher in a longer time-frame. Furthermore, in the daily, BNB could be experiencing the 5th ascending wave that could help the digital currency reach $25 or $28 in the next days or weeks.
BNBUSDT is showing strength as it is moving outside a descending wedge in the crypto market. The cryptocurrency could be moving towards $19.52, $28,09 and eventually reach $40 per coin. This is going to take some time, but the market is already showing a bullish moment for this digital currency and this trading pair.
BNB is not only moving outside a descending wedge but it is also moving out from a small rectangle that formed after March 2020. If the crypto market continues moving higher and momentum keeps, BNB could be moving towards its next resistance level at around 28 USDT per coin.
BNB/USDT is currently in the middle of a resistance and support channel that are located between $20 and $14,70. Entering and exiting the market at these levels could be a good way to profit from this spread, according to the analyst.
In addition to it, Binance has recently broken a falling channel and it means that it could come down and test it to see whether it could continue falling or it would move higher. In this way, the virtual currency will be in a situation where the upper band of a falling channel and the resistance level at $14,70 meet.
It’s clear from the above analysis, expert opinions and the general bullish mood within the crypto market that this would be the perfect time to get your hands on some BNB. Especially now that the market has retracted as it prepares for the next rally as we move closer towards the final quarter of the year.