The Binance Coin (BNB) cryptocurrency is showing an aggressive rally in the middle of this week, having risen in price by almost 40% over the past 24 hours and almost 100% in last 7 days (Source: CMC)
Now the coin is trading at $ 240 and above, and its market capitalization exceeds $ $37 billion. The main competitor to Binance Coin was the Bitcoin SV cryptocurrency, which could not stay on the 3rd line in the ranking of the largest digital assets and gave way to the BNB token.
Now, almost all digital currencies from the top ten are falling in price, except for Binance Coin, which continues to show explosive growth and may already break the $280 mark today.
Last Year, the largest assets Bitcoin and XRP on Wednesday, February 6 2020, fell in price by 1.54% and 2.4% to $ 3412 and $ 0.291, respectively.
Technical Analysis for Binance Coin: BNB Price Forecast 2021-2022
In 52 week rang, BNB has outperformed many other coins ranging from $14 to $280
BNB Weekly Price Prediction and P/L: 89%
BNB 1 month Price Prediction and P/L: 500%
BNB 3 months Price Prediction and P/L: 728%
BNB 6 months Price Prediction and P/L: 754%
BNB YTD Price Prediction and P/L: 587%
BNB 1 year Price Prediction and P/L: 1427%
Technical Analysis Summary (1 month): BNB/USDT (Binance Coin Price Prediction Updated February 2021)
Oscillator and Moving Average
Predicting the future prices of these or that cryptocurrencies is not an easy task. We can learn a lot from the past rises and falls of certain coins but many circumstances influencing the market are barely predictable. It doesn’t mean that the prices can’t be predicted at all because some of the upcoming events are highly probable. For instance, we are witnessing a cryptocurrency resurgence and know about the upcoming long global economic crisis. These factors are supposed to fuel the cryptocurrency market in general and will definitely influence the price of Binance Coin in a certain way. We only should consider some other factors.
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What is Binance Coin?
Binance is one of the most popular cryptocurrency exchanges. It was launched in 2017 in Hong Kong. Binance Coin (BNB) is the Binance native token created the same year. BNB is an ERC20 token that can be used to pay fees on Binance exchange. If traders choose to pay fees in BNB they get a discount. On Binance DEX many most currencies are traded against BNB so having this coin in the portfolio gives wider opportunities. It’s fair to say that Binance Coin is one of the most popular native tokens. Moreover, Binance Coin is one of the top 10 cryptocurrencies by market cap.
The quick success of the token is easily explained by the huge popularity Binance managed to gain very soon after the launch. Binance Coin was distributed during the ICO campaign. Half of the tokens were bought by the public and 10% was given to angel investors. The rest BNB coins went to the Binance team. The exchange has good liquidity, provides hundreds of trading pairs, and is capable of processing a high amount of transactions per second. All these qualities have made this exchange one of the leaders on the market of cryptocurrency exchanges. The trust of the community in this exchange and the privileges provided to traders using BNB coin resulted in the popularity of this asset.
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Binance Coin was made available in the summer of 2017 — not long before the historic peak of the entire cryptocurrency market. Even without looking at the details, we can already guess that the coin’s price has gained its all-time-high by the end of December 2017, nosedived in the spring of the next year and is oscillating around the value much lower than the peak price but better than it was in “crypto-winter”. That’s pretty much a typical trajectory of the price of any coin launched in the second half of 2017.
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In the first days, BNB was traded at around 11 cents per coin but by the middle of August, the price had surpassed the $1 level and almost reached $3 on August 23. There was a correction in early September when the price has dropped below the $1 mark again. By the end of the month, it has grown a little surpassing the $1 level once again. Until the beginning of December, the BNB value was moving up and down between $1 and $2. In December the price has suddenly taken off updating new heights daily.
On December 26, the price reached $10 for the first time (although it didn’t last long). In early January of 2018, the BNB price was fluctuating around $8. On January 5 the price had skyrocketed reaching around $16 at maximum. In the next few days, the token was trading at over $20. The maximum for BNB of that period was reached on January 13 when the price peaked at $23.67. On January 16 the trading was closed at $13.89. In the next few days, the price continued to drop gradually. That wasn’t solely Binance Coin’s decline as the entire cryptocurrency market began to lose its value those days. One of the key factors for that was the ban of cryptocurrency-related business in China — a significant player in the global cryptocurrency industry. It is also important to realize that the price of Bitcoin was allegedly manipulated and the value of $20k was unnatural. The prices of many altcoins that became popular those days (including BNB) were reflecting the BTC’s peaking price. The fact that after this rally the prices of most altcoins didn’t manage to reach the same or bigger values is absolutely OK.
In February the price had dropped below $10 and was fluctuating in $8 to $10 range until late March. Since March 31 the price was always above $10, reaching up to $15 at times. The resurgence continued the whole spring through and finished only in late June. During that period the BNB price was moving from $12 to $17. In July there was a little step back and in August the token price had dropped below $10 again. For most of the fall, the price was quite stable — around $9 or $10 but in late November it has fallen harder.
BNB Price Prediction
The overall future of Binance Coin looks bright as this asset is associated with the most successful cryptocurrency exchange in the times when cryptocurrencies get popular and sustain value better than many fiat currencies affected by the financial crisis which is not going to end very soon.
2020th was a good year for Binance. Finally, its price is close to the all-time-high. The huge token burns made the value of each remaining coin much higher and the new accelerated burn company is going to execute soon will probably get the coin to the next level. Moreover, cryptocurrencies became more attractive for people in the wake of the pandemic-related financial crisis. By Q2 of 2021, all these factors combined will drive the BNB token price to the mark of $50 by the most pessimist estimation.
As the next few years will be crawling out of the shadow of the economic crash of 2020, the cryptocurrency market will be rising against the fiat money market. We will say it again — the success and growth of the cryptocurrency market automatically mean the success of the Binance exchange’s native token. Binance is not likely to lose its market dominance (or at least significance). The very fact that the company provides both centralized and decentralized platforms strengthens its potential.
More people affected by the crisis will turn to cryptocurrencies and will probably start with the established brand which is Binance. BNB token makes the use of Binance cheaper and more comfortable. These circumstances don’t leave a chance for the BNB price to drop. This price will keep on rising. By the end of 2023, the price will double compared to the price it had at the end of 2020 at worst. We believe the value will reach $64 at the minimum but most probably it will surpass the $70 level.
If Binance survives and keeps its relevance until 2025, the price of its token will become even higher. By that time it may rise x10 or even x100 compared to a current price. It’s hard to predict it because we cannot be sure that the USD will preserve its strength by 2025. If the dollar weakens the value of Binance Coin in USD can get really high. Nevertheless, by 2025 there can emerge some new hardly predictable circumstances that can slow the token’s price growth down.