Binance Coin has already proven to everybody that it was the best investment one could have made in 2019. Although there are about six more months to go in order to evaluate the coin in a more conclusive manner, it is still enough to simply look at its performance throughout the month of May.
Thanks to the numerous IEOs (Initial Exchange Offerings) held on Binance Launchpad Platform, the coin has managed to propel itself to new heights.
However, the coin has been struggling in recent days due to a serious bear market that has hit Bitcoin. Nevertheless, the short term and long term outlooks are positive as more and more investors are preparing their portfolios to fill them up with BNB in the near future.
The coin is trading at $30 a pop at the moment of writing this article, but it is in the process of recovering from the bear market mentioned above.
The current most important resistance level will be at the $31.5 marks as it is the price point it fell the most in the recent days, especially yesterday, when Bitcoin finally went below $8000.
However, it is expected that the resistance level will be breached sometime this week, and a new bullish trend will be formed. The explanation for this is the current bear market.
The more prices go down, the more incentive bulls will have to enter the market, therefore driving traded volumes, BNB circulation and overall price of Binance’s local cryptocurrency.
The long-term outlook for BNB is $40 per coin by the end of June, and most likely $70 at the end of August due to the LTC halving.