In the last 24 hours, the price of BNB has been surging upward as it broke through $660. Though buyers are attempting to send the price above immediate Fib level, sellers are strongly defending a surge. Additionally, BNB’s trading volume has dropped by 5% in the past 24 hours, reaching $1.67 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 cap has surged by 1.97% to $94.3 billion.
BNB Faces $1.5 Million in Liquidation
BNB’s price is facing increasing bullish domination as the price holds momentum above the key resistance of $660. Currently, buyers are aiming for a skyrocketing trend toward $700.
In the past 24 hours, there’s been a lot of trading activity with BNB. According to Coinglass, about $1.5 million worth of BNB trades were settled, and out of that, $1.13 million came from buyers who decided to sell off their long positions. Meanwhile, sellers closed about $374,000 worth of their positions.
The total number of open trading contracts, known as open interest, has surged to $825 million, which is a 0.41% increase from yesterday. This indicates a rise in demand as the overall market sentiment turns bullish.
However, the funding rate for BNB is currently in the negative zone, at 0.0177%. There is a possibility that the BNB price could turn bearish as more traders opt for short positions, anticipating a decline in price. The ratio of long to short positions stands at 0.7388, indicating an increase in short positions. This trend suggests that currently, 57.5% of traders believe the price will decrease soon.
BNB Price Prediction: Technical Analysis
The price of Binance Coin (BNB) made a strong surge as it broke above the $660 level and is holding the momentum above that level. This has created a confidence among buyers to push the price upward. However, bears might soon emerge to defend any further surges. Currently, BNB is priced at $662, with an increase of 2.1% in the last 24 hours.
The BNB/USDT trading pair is targeting $685 but might face strong rejection, resulting in a retest of $650-$660 zone. However, with the Relative Strength Index (RSI) at 66, just below the overbought region, there could be strong buying pressure for BNB. If the price surges above $685, we might see a correction toward $725.
Conversely, if the price drops below $650, we might see a drop toward $624.
BNB Price Prediction: What to Expect Next?
Short-term: According to BlockchainReporter, BNB price might continue to surge toward $685. If the price moves above that level, we might see a trade around $725. On the downside, $624 is the range.
Long-term: According to the latest Binance Coin price prediction from Coincodex, the price of Binance Coin is expected to decrease by -5.58%, reaching $615.84 by March 23, 2025. Technical indicators suggest a bearish sentiment, while the Fear & Greed Index indicates a neutral stance at 49. Over the past 30 days, Binance Coin has experienced 16/30 (53%) green days and 5.95% price volatility. Given this forecast, it is currently considered an unfavorable time to buy Binance Coin.
How much is the BNB price today?
BNB price is trading at $662 at the time of writing. The BNB price has surged by over 2.1% in the last 24 hours.
What is the BNB price prediction for February 21?
Throughout the day, BNB price might continue to surge toward $685. If the price moves above that level, we might see a trade around $725. On the downside, $624 is the range.
Is BNB a Good Buy Now?
According to long-term forecasts, the BNB price might reach $615.84 by March 23. This makes BNB price a bad 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.
