BNB price has been facing increasing bearish volatility over the last 24 hours, struggling to move above $680. Also, BNB’s trading volume has decreased 1.3% in the past 24 hours, reaching $1.75 billion.
Looking at the bigger picture, BNB’s price has been steady for the last few weeks. However, with strong buying interest and more active trading, the price of Binance Coin is attempting to surge towards its December high of $793. In the last 24 hours, its market value has declined by 0.86% to $95.2 billion.
BNB’s Struggles in Gaining Buying Demand
Even though Trump signed several executive orders to support the cryptocurrency market, the price of Binance Coin (BNB) has still been dropping. This decrease in price has led to more people selling their BNB, as shown by the increase in liquidations.
According to Coinglass, around $478,000 worth of BNB trades were liquidated in the last 24 hours, with $407,000 of that from buyers who closed their long positions.
The drop in BNB’s price has also made fewer people interested in trading it. The total open interest, which tracks unsettled derivative contracts, has fallen to $923 million. This is a 4.3% decrease from the previous day and indicates less demand.
Additionally, the long/short ratio, which measures the balance between buyers and sellers, has dropped to 0.6863. This means more traders are taking short positions, betting that the price will keep falling. Right now, 40% of traders believe BNB’s price will increase, while 60% think it will decrease.
BNB Price Prediction: Technical Analysis
The price of BNB has been slowly declining after rejecting a trend above the $690 level. Currently, sellers are in control, resisting any significant rise beyond the initial 23.6% Fibonacci retracement level. Right now, BNB is priced at $667, with a small drop of 0.84% in the last 24 hours.
The BNB/USDT pair is trying to stay above $690 but is facing increasing selling pressure. As a result, it might drop below the immediate support channels, giving sellers an advantage.
With the Relative Strength Index (RSI) at 44, below the neutral point, BNB could keep facing challenges. If the price drops below $660, it could attract more sellers, plunging the price toward the low of $640.
On the flip side, if the price surges above $690, buyers might drive it to $700.
BNB Price Prediction: What to Expect Next?
Short-term: According to BlockchainReporter, BNB price might continue to struggle below $690. If the price moves above that level, we might see a trade around $700. On the downside, $660 is the range.
Long-term: According to the Binance Coin price prediction provided by Coincodex, the price of Binance Coin is expected to increase by 19.68% and reach $804.38 by February 28, 2025. Coincodex’s technical indicators suggest that the current sentiment is bearish, and the Fear & Greed Index indicates a score of 72, signifying greed. Over the last 30 days, Binance Coin has experienced 14/30 (47%) green days with a price volatility of 2.02%. Based on the forecast from Coincodex, it is currently considered a bad time to buy Binance Coin.
How much is the BNB price today?
BNB price is trading at $667 at the time of writing. The BNB price has dropped by over 0.84% in the last 24 hours.
What is the BNB price prediction for January 29?
Throughout the day, BNB price might continue to struggle below $690. If the price moves above that level, we might see a trade around $700. On the downside, $660 is the range.
Is BNB a Good Buy Now?
According to long-term forecasts, the BNB price might reach $804.38 by February 28. This makes BNB price a good investment considering its monthly yield.
Investment Risks for BNB
Investing in BNB prices can be risky due to market volatility. Investors should:
- Conduct technical and on-chain analysis.
- Assess their financial situation and risk tolerance.
- Consult with financial advisors if necessary.
