Binance coin BNB

Binance Coin (BNB) Price Prediction 2020- Experts Take And Bullish Technical Outlook

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(Updated January 02, 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.

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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. 

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Other factors that promise to push the price of BNB even higher.

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 with 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. At the time of writing, Binance Coin is among the top 10 cryptocurrencies in the world thanks to the plans implemented by the company over the last few years.

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:

  1. Lower transaction fees when it is used as the transacting cryptocurrency on the Binance exchange.
  2. 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.
  3. The global expansion of Binance, which has recently opened an African office in Uganda.

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Binance Coin (BNB) Price Prediction TradingView Analysis Updated January 02, 2020



BNB/USDT : Next candles are critical by Helical_Trades on TradingView.com

 

BNB has been rejected from the resistance zone and it is now at a very important support zone. This support zone must help the price of BNB to continue its upward trend. The next point is going to be the resistance at $39 per BNB. 

According to the analyst, at this level, it is possible to expect a bounce. The EMA 100 on the hourly chart is also supporting the movement that the analyst is now seeing. Moreover, if any candle closes below $47, then the BNB virtual currency could move downward and retest the $35.5 level. The current candle is critical and the next hours are going to be very important.


Binance Coin (BNB) – December 17 by readCrypto on TradingView.com

The analyst considers that it might be possible for BNB to get support at the 29.84 USDT level and climb higher. It might be possible to go to 35.488 USDT per coin. If the digital currency is able to get support above the 35.48 level, it will be possible to see the digital currency to test a new high. 

The market continues growing and atlcoins are also moving higher with Bitcoin. If BNB is not able to sustain the current growth rates and it falls, then we could see the 26.316 USDT point. This is why we should have a stop loss in the correct area to preserve the profit and loss.


BNB/USDT : Another for today —> another long by Helical_Trades on TradingView.com

BNB is also trending into a triangle and it is getting close to an end. This will allow us to understand what will happen with the virtual currency. If the crypto market continues its move higher, then we will see BNB certainly following the trend. 

According to the analyst, the EMA 100, 200 are acting like resistance. Moreover, he considers that BNB needs to touch on Bollinger Bands and the triangle top. Although a correction is expected the analyst believes that as BTC remains neutral it is possible to do some scalps on a wide range of altcoins. There has also been a bullish crossover on MACD and Stochastics RSI.


BNB/ USDT TRADE SIGNAL by Amr_999209 on TradingView.com

Binance Coin is now looking “hot” according to this analyst. He stated that we are entering at an early stage and it could be great to enter from this point. The analyst considers that it may be time to enter at around $27 and start thinking about the upcoming targets. 

The first target would be $30.5 per coin, followed by two more short-term targets: $31.9 and $39. After it, there will be two more mid and long-term targets for Binance Coin, the digital asset of the Binance exchange. Binance Coin price should reach $43.5 in the 4th target and it should reach $50 in the last target.


BNB With Fantastic 13% LONG Opportunity! by Trading-Guru on TradingView.com

This Binance Coin (BNB) analyst considers that after a massive inflow of money into the crypto market, it may be possible to see altcoins behaving in a very positive way. BNB is one of the virtual currencies that has already shown to be in a very good shape after rising in recent days. 

Binance is also succeeding and providing great services to users and clients from all over the world, this is why he considers that the BNB/USDT trading pair is looking good. Users now should focus on retracements and finding the best opportunity to enter the market, according to the analyst. The .382 Fibonacci level seems to be a good buy.

Buy BNB on Binance today!

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.

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