(Updated April 10, 2021) 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 price 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 price 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 price 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 price 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 price 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 BNB price 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 price. 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:
- 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 April 10, 2021
According to the expert, the price of the BNB digital asset could eventually reach $600. He uses the THINK Simple approach where there are no more lines and shapes on the charts, just analysis of other things.
He calculates Border lines and Take profit points based on the price movement, price start, high and retracement, market state (bullish or bearish) and he does not look for Support and Resistance levels.
Moreover, he takes into consideration border line and take profit. As we can see in his chart, there is the first impulse at around $40 and the first take profit between $484 and $613 per coin.
According to the expert analyst, it is necessary for traders to understand if Binance Coin can get support in the 225 and 252 price region. As he explains, in particular, we have to follow how BNB climbs along the uptrend line and gets out of the downtrend line shared in the chart.
As we can see, it is a moment of inflexion and the market could go either way. The analyst considers that if the virtual currency falls below 171, then it would be necessary a stop loss to preserve the profits.
Additionally, if the CCI line falls below 100 on the CCI-RC indicator, we could expect higher volatility. This is why we should be careful when trading this digital asset.
The analyst is showing that BNB price is in the middle of an ascending channel in which the virtual currency could test the higher range and then fall to the bottom of the channel. As he explains, the future movement related to the BNB/USDT trading pair could be directly dependent on the price movement experienced by the BTC/USDT trading pair.
If that’s the case, then BNB price could eventually break this channel and re-test the 300 USDT price level. However, if BNB price tests this level, it could then start a correction towards 217 USDT, as shown in the chart presented by the analyst.
The BNB/USDT trading pair could soon start moving higher in the coming weeks. According to the analyst, there is a possibility for BNB to break from the downtrend that started around February 20th.
The digital currency could re-test the 210 USDT region before moving higher towards the 360 USDT region. Basically, the analyst says that we can be experiencing now a bull-flag pattern that could eventually break upwards.
At the same time, he shows that the MACD and RSI are showing positive signs. The 100 EMA Dynamic support on the 4-hour chart is also holding the price very well. It is important to see if this could continue in the future.
The BNB/USDT trading pair currently traded on the Binance exchange might be topped out according to the analyst. However, he mentioned that he would not short it right now. According to what he said, during Sunday there are usually corrections in the crypto market. This usually pushes prices downwards as many buyers operate during the week.
In addition to it, he stated that the price really bounces of prior POC level. Thus, an aggressive entry could be now or during a pullback as long as the 1-hour bar closes above today’s POC. It is also worth mentioning that the coin has been massively rallying, which is not normal for most markets.
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.