In the last 24 hours, the price of BNB is attempting to meet buyers’ demand as it surged toward $584, currently flashing 1.16% gain. Though buyers are attempting to send the price above immediate Fib level, sellers are strongly defending the $600-$620 level. However, BNB’s trading volume has surged by 22.2% in the past 24 hours, reaching $1.77 billion.
Looking at the bigger picture, BNB’s price has been steady for the last few weeks. However, the price is recently faced a major crash, touching the low near $500. In the last 24 hours, its market value has increased by 1.17% to $83.4 billion.
BNB’s Faces Liquidation from Both Side Traders
BNB’s price has been climbing over the past few hours. Buyers pushed the price above $580 as there’s a strong buying pressure around the current dips.
Over the last 24 hours, a lot of people have been buying and selling BNB. According to Coinglass, around $633K worth of BNB trades were settled, with $449,000 of that from buyers who decided to close their long positions. On the other hand, sellers closed around $184,000 worth of positions.
Open interest, which shows the total number of open derivative contracts, has dropped to $766 million, a 2.5% decrease from yesterday. This suggests that demand is going down. Additionally, the funding rate of BNB remains negative as it hovers around 0.0089%.
Amid this, the market might turn bullish since more traders are taking long positions, betting that the price will surge. Right now, the ratio of long to short positions is 1.1236, with an increase in longs. This means more traders think the price will go up soon. Currently, 53% traders are expecting that the prices will surge.
BNB Price Prediction: Technical Analysis
The price of Binance Coin (BNB) rose steadily and is attempting to stay above $580. Despite this, sellers are dominating, preventing any major increase beyond the immediate 23.6% Fibonacci retracement level. Currently, BNB is priced at $585, with an increase of 1.5% in the last 24 hours.
The BNB/USDT trading pair is targeting $600 but might face strong rejection, resulting in a retest of $560. However, with the Relative Strength Index (RSI) at 47, just below the neutral region, there could be strong buying demand for BNB. If the price surges above $600, we might see a correction toward $620.
Conversely, if the price rejects $600, we might see a drop toward $560.
BNB Price Prediction: What to Expect Next?
Short-term: According to BlockchainReporter, BNB price might continue to struggle below $600. If the price moves above that level, we might see a trade around $620. On the downside, $560 is the range.
Long-term: According to the Binance Coin price prediction on Coincodex, the price of Binance Coin is expected to increase by 27.33% and reach $735.54 by March 9, 2025. Technical indicators suggest a bearish current sentiment, and the Fear & Greed Index indicates a level of 49, classified as Neutral. Over the past 30 days, Binance Coin has experienced 14 green days out of 30, with a price volatility of 5.88%. Based on this forecast, it is currently considered a bad time to buy Binance Coin.
How much is the BNB price today?
BNB price is trading at $585 at the time of writing. The BNB price has surged by over 1.5% in the last 24 hours.
What is the BNB price prediction for February 7?
Throughout the day, BNB price might continue to struggle below $600. If the price moves above that level, we might see a trade around $620. On the downside, $560 is the range.
Is BNB a Good Buy Now?
According to long-term forecasts, the BNB price might reach $735.54 by March 9. 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.
