Binance Coin, much like any other coin between today and two days ago, was struggling to break its major resistance level. For BNB that was $30 which was the optimal choice for bulls to push for. Thankfully it was surpassed today and BNB is now being traded at $31, an even larger increase than expected.
The coin had to climb its way back up from the $28 area, which it did masterfully, despite the fact that Bitcoin was still struggling to get back above $8000.
It’ hard to say anything concrete about the future of BNB, but one thing is for sure. If Justin Sun’s talk with Warren Buffet succeeds, Binance will definitely be left out of the deal, due to Changpeng Zhao denying the visit.
Although this is a very small factor compared to the performance of Bitcoin, in the long run, it could still seriously affect the trading volumes of BNB as TRON will be the next superstar.
The fact that Binance Coin surpassed the major resistance level of $30, is nothing compared to what’s coming in the future. In what looks like an endless struggle for BTC to surpass the $8000 once again, BNB may be left behind as well, and keep struggling to maintain its current price point.
At the moment, BNB is sitting right on top of its resistance level of $31, and inches away from the support level of $30. Even a slight tick downwards or upwards could cause a massive spiral.
But August looks much more healthy for the coin, as it will have more circulation due to the increased trades on LTC after the halving.