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Price Analysis

Binance Coin (BNB) Price Analysis: Has Binance Anything to Worry After Strong & Steady Growth over the Quarter?

Binance coin (BNB) is a crypto coin backed by Ethereum blockchain technology. The cryptocurrency exchange now supports it. But, it aims to have its own decentralized exchange once the coin has its own blockchain. Major USPs of Binance coin (BNB) include Order matching, Liquidity, and Multilingual support. The name Binance suggests the amalgamation of two names ‘binary’ and ‘finance.’

Current Statistics-

Binance coinWith more than 9000 % of ROI (Return on Investment), Binance coin (BNB) is ranked 7th in the cryptocurrency market. The total Binance coins in circulation stand at 141,175,490 BNB. The current market cap of 17th April at 04:49 UTC is 2,782,823,384 USD. The value of each coin stands at 19.71 USD and 0.00377329 BTC. The current 24 h volume at the same UTC is 168,788,795 USD.

Comparison-

Binance coin (BNB) was at 6 USD only at the starting of 2019. It has been growing with a constant speed over the last 90 days. The current price is almost 3 times the price of 3 months back. Along with the global key players, Binance coin also grew after April 1st boom. The highest point of the year for Binance coin was on 2nd April at 17.96 USD. The trend of growth can be seen by comparing the value of the past month. The market cap on 17th March was 2,248,202,358 USD. And the value of each coin was 15.92 USD and 0.00394324 BTC. The current market cap is just 23.77 % more than the market cap of 17th March. The same amount of growth can be seen in the value of the coin in terms of USD as well.

Prediction- 

Looking at the trend, we predict the coin to rise further. This quarter may see the price somewhere near 30 USD. But the resistance should face faced on 23 USD – 25 USD level. It may fall for some period to rise again. The spectacular 200 % rise in 2019 till now may translate to another 200 % in the next quarter. The rate of growth in the case of Binance coin is supposed to be more than the potential growth of Bitcoin.

Conclusion-

We advise the short term holders to play safe as one major resistance is ahead. This coin’s gradual growth may not give much profit to short term holders. Medium term outlook is bullish. Long term holders should aim for a target above 30 USD by the end of 2019.

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Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.
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