Binance Coin Uptrend Continues to Hold Fast
The Chinese crypto-exchange Binance has been considered one of the fastest growing exchanges in the world for quite a while now. And the performance of Binance Coin (BNB), the exchange’s own cryptocurrency, has been completely in line with the general performance of the exchange. BNB has continued to register an undeniable uptrend, and some predict that it could attain top three status in less than three years.
An increase in trading volumes today seems to indicate that BNB will continue to be bullish, just as it has been so far this year.
Most recently, it was seen correcting from a high at $16.3, heading closer to the support point at $12.This is in line with last month’s predictions when it remained to be seen whether BNB would be able to break the resistance at $14.
The strong resistance now faced by the coin is at the $18.5 mark (23.6% Fibs), and the outcome will be crucial to determining further growth potential. Should Binance Coin succeed in breaking above this resistance level, its growth is set to strengthen significantly. However, a fall below $11.6 could lead to extended consolidation; or worse, even a further fall towards $8.
Current industry predictions on what the immediate future looks like for Binance seem to overwhelmingly believe that the coin will not have much trouble breaking through the $18.5 resistance. In fact, it is generally assumed that BNB will overshoot to around $19 or even past $20.
Long-term predictions are even more ambitious. So much so that BNB is being widely touted as a reliable long-term investment. According to these prediction algorithms, the uptrend in Binance Coin is strong enough to make it a solid investment even for time periods of up to five years.
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