In the last 24 hours, the price of BNB is attempting to meet buyers’ demand as it surged toward $590, currently flashing 0.43% drop. Though buyers are attempting to send the price above immediate Fib level, sellers are strongly defending the $590-$600 level. Additionally, BNB’s trading volume has dropped by 13.2% in the past 24 hours, reaching $1.53 billion.
Looking at the bigger picture, BNB’s price has been steady for the last few weeks. However, the price recently faced a major crash, touching the low near $500. In the last 24 hours, its market value has dropped by 0.5% to $82.51 billion.
BNB’s Open Interest Continues to Decline
BNB’s price has been trying to rise above $590, but it’s facing strong resistance from sellers. The $590 price point was particularly rejected due to pressure from short-term holders.
In the past day, there’s been a lot of trading activity with BNB. According to Coinglass, about $342,000 worth of BNB trades were settled, and out of that, $234,000 came from buyers who decided to sell off their long positions. Meanwhile, sellers closed about $108,000 worth of their positions.
The total number of open trading contracts, known as open interest, has fallen to $733 million, which is a 4% drop from yesterday. This indicates a decrease in demand. However, the funding rate for BNB is now positive, at 0.002%.
Despite the current situation, the market might turn bullish as more traders are choosing to take long positions, hoping the price will rise. The ratio of long to short positions is now 1.7785, showing an increase in long positions. This suggests that more traders, currently 64% of them, believe the price will go up soon.
BNB Price Prediction: Technical Analysis
The price of Binance Coin (BNB) rose steadily and is attempting to stay above $590. However, sellers strongly defended that level, creating a correction below Fib level. Currently, BNB is priced at $580, with a decrease of 0.28% 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 44, 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 Coincodex’s current Binance Coin price prediction, the price of Binance Coin is expected to increase by 27.53% and reach $737.24 by March 10, 2025. Coincodex’s technical indicators suggest that the current sentiment is bearish, while the Fear & Greed Index indicates a level of 44, categorized as “Fear.” Over the past 30 days, Binance Coin has experienced 15 green days out of 30, with a price volatility of 6.37%. Based on the forecast from Coincodex, it is currently not a good time to buy Binance Coin.
How much is the BNB price today?
BNB price is trading at $580 at the time of writing. The BNB price has dropped by over 0.28% in the last 24 hours.
What is the BNB price prediction for February 8?
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 $737.24 by March 10. 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.
