In the last 24 hours, the price of BNB is attempting to meet buyers’ demand as it surged toward $640, currently flashing 0.17% decline. In recent hours, the price of BNB declined toward the low of $627 but later rebounded and broke above $640. Additionally, BNB’s trading volume has surged by 0.82% in the past 24 hours, reaching $1.98 billion.
Looking at the bigger picture, BNB’s price has been rising for the last few days after facing an intense crash in the starting of February. In the last 24 hours, its market value has surged by 0.16% to $91.56 billion.
BNB Faces Liquidation from Both Side Traders
BNB’s price has been on an intense bullish rally as it broke above its immediate Fib channels. Though it dropped toward the low of $627, it triggered a solid rebound later. The price is holding buyers’ demand around $640 and it might soon make it a strong support level.
In the past day, there’s been a lot of trading activity with BNB. According to Coinglass, about $932,000 worth of BNB trades were settled, and out of that, $488,000 came from buyers who decided to sell off their long positions. Meanwhile, sellers closed about $444,000 worth of their positions.
The total number of open trading contracts, known as open interest, has declined to $781 million, which is a 2.4% drop from yesterday. This indicates a drop in demand. However, the funding rate for BNB is now positive, at 0.003%.
However, the BNB price might continue to struggle in surging upward as the market might turn bearish with more traders choosing to take short positions, hoping the price will decline. The ratio of long to short positions is now 0.9623, showing an increase in short positions. This suggests that more traders, currently 51% of them, believe the price will go down soon.
BNB Price Prediction: Technical Analysis
The price of Binance Coin (BNB) rose steadily and is attempting to stay above $640, Though sellers are strongly defending a surge, the buying domination is on a rise, breaking through each Fib channel despite a recent correction below $630. Currently, BNB is priced at $642.7, with a surge of 0.02% in the last 24 hours.
The BNB/USDT trading pair is targeting $692 but might face strong rejection, resulting in a retest of $650. However, with the Relative Strength Index (RSI) at 61, just below the overbought region, there could be strong buying demand for BNB. If the price surges above $692, we might see a correction toward $744.
Conversely, if the price rejects $650, we might see a drop toward $623.
BNB Price Prediction: What to Expect Next?
Short-term: According to BlockchainReporter, BNB price might continue to surge toward $650. If the price moves above that level, we might see a trade around $692. On the downside, $623 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 $642.7 at the time of writing. The BNB price has surged by over 0.02% in the last 24 hours.
What is the BNB price prediction for February 12?
Throughout the day, BNB price might continue to surge toward $650. If the price moves above that level, we might see a trade around $692. On the downside, $623 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.
