Binance Coin (BNB) has seen a strong surge in price over the course of 2019, which totals over 550% from its low of $5.37 on January 13 to its all time high, recently established, of $35.48 on May 25.

Furthermore, the cryptocurrency has now seen a 50% price increase over the past 30 days, with a further 247% price increase over the past 90 trading days.

Source: CoinCheckup

So why has Binance been so successful in outstripping the rest of the competition in the top 20 projects? The main reason is that Binance has always proven to be a profitable company, even during the long bear market.

Whilst cryptocurrency prices were falling, many investors started to move their assets into stablecoins or projects that were actually profitable during that time. Binance was one of the most profitable companies during 2018, with estimates of around $446 million in profit, according to The Block Crypto.

Source: The Block Crypto

Binance Coin allows users to receive discounts on trading fees used on their platform. It also allows users to take part in IEO token launches on the Binance Launchpad. The main reason that Binance remains a profitable company, even during bearish markets, is because they earn their money from trading fees, and traders still trade during bearish markets, although much less.

Taking things one step further, looking from the outside, it would be surprising to think that Binance Coin continued to surge higher even after they announced that 7,000 BTC were stolen from their exchange during early May 2019. The 7,000 BTC amounted to roughly $40 million, and were stolen from the exchange using phishing attacks.

However, in response to this, Binance was completely transparent and alerted traders that their funds were safe due to the Secure Asset Fund for Users (SAFU) that Binance had previously set up. This type of response secured a further level of trust for the users on Binance.

Let us take a look at the market and highlight some potential areas of support and resistance moving forward.

Binance Coin Analysis

BNB/USD – MEDIUM TERM – DAILY CHART

What Has Been Going On?

Analyzing the BNB/USD chart above, we can see that, in May 2019 alone, Binance Coin surged by a total of 95% from low to high. The cryptocurrency recently placed a fresh ATH at the $35.48 level.

Price action has since fallen slightly after placing this high, and now trades at support around the $33.34 level.

What Is the Current Trend?

The current trend for the market remains strongly bullish. For this market to be considered neutral, we would need to see BNB fall and break beneath the $25.18 level. For this market to be considered bearish, Binance Coin would need to fall beneath $18.81.

Where Is the Resistance Above the Market?

If the bullish pressure can re-ignite and push BNB higher again, we can expect immediate resistance above the market to be located at the medium-term 1.414 Fibonacci Extension level (drawn in purple), priced at $34.20. Above this, if the buyers can climb over the $35 level, the next level of resistance will be at the ATH price of $35.48.

If Binance Coin continues to create fresh all-time highs again, we can expect resistance above to be located at the short-term 1.618 Fibonacci Extension level (drawn in blue), priced at $36.22. This is then followed up with more resistance at the 1.618 Fibonacci Extension level (drawn in purple), priced at $38.53.

Above this, the last level of resistance to highlight is located at the $40 level.

What If the Sellers Regain Control?

Alternatively, if the sellers regain control and push the market lower, we can expect immediate support toward the downside to be located at $32.41, $31.20, and $30. Beneath this, further support lies at $28.88, $27.72, $26.60, and $25.18.

Conclusion

The 550% price increase that Binance Coin experienced during the 2019 year has been nothing short of spectacular. With Binance being a profitable company, it makes sense that users would continue to hold Binance Coin to receive discounts while trading on Binance Exchange, helping the price climb further higher.

The cryptocurrency has recently placed an ATH at $35.48 but this level should continue to be broken during the next push further higher.