Over the past 24 hours, Binance Coin (BNB) failed to attract buyers as it continued to decline heavily below immediate Fib channels. As a result, BNB’s price made a drop below the crucial $600 level. Additionally, BNB’s trading volume has surged by 40.4% within the same timeframe, reaching $2.2 billion.
Zooming out, BNB’s price has generally been on an upward trend after experiencing a sharp drop at the beginning of February. However, it has been making a strong downward correction for over the last few days. In the last 24 hours, its market capitalization has decreased by 8%, settling at $84.41 billion.
BNB’s Open Interest Made a Steep Decline
BNB’s price has been on a strong bearish rally after buyers failed to hold the price above resistance channels. As a result, BNB price is now holding its momentum below the strong support of $600.
In the past 24 hours, there’s been a lot of trading activity with BNB. According to Coinglass, about $6.18 million worth of BNB trades were settled, and out of that, $6.08 million came from buyers who decided to sell off their long positions. Meanwhile, sellers closed about $106.5K worth of their positions.
The total number of open trading contracts, known as open interest, has declined to $731.12 million, which is a 4.4% drop from yesterday. This indicates a drop in demand. However, the funding rate for BNB is positive, at 0.0024%.
However, the BNB price might aim for an upward surge as the market might turn bullish with more traders choosing to take long positions, hoping the price will surge. The ratio of long to short positions is now 1.0825, showing an increase in long positions. This suggests that more traders, currently 52% of them, believe the price will go up soon.
BNB Price Prediction: Technical Analysis
Binance Coin (BNB) faced intense bearish activity as sellers pushed the price below the crucial level of $600. However, buyers are defending further declines as they are aiming for a hold above $600. Sellers are currently aiming for a retest to validate further downtrends. Currently, BNB stands at $605, showing a 5.5% decrease over the last 24 hours.
The BNB/USDT trading pair is aiming for a retest of $565, though it may face significant resistance from buyers. With the Relative Strength Index (RSI) at 29, just around the oversold region, there’s potential for increased selling pressure on BNB. If the price fails to hold above $565, we might see a decline toward $500.
However, if the price holds momentum above $565 or rebounds from the current level, a rise toward $647 could be on the horizon. A surge above $647 might send the price toward $685.
BNB Price Prediction: What to Expect Next?
Short-term: According to BlockchainReporter, BNB price might retest $565. If the price rebounds above that level, we might see a trade around $600-$647. On the downside, $500 is the range.
Long-term: According to the current Binance Coin price prediction on Coincodex, the price of Binance Coin is expected to decrease by -1.05% and reach $606.77 by March 27, 2025. Technical indicators suggest a bearish sentiment, while the Fear & Greed Index indicates a score of 49, classifying it as Neutral. Over the past 30 days, Binance Coin has experienced 15 out of 30 green days, with a price volatility of 5.52%. Based on this forecast, it is currently not advisable to purchase Binance Coin.
How much is the BNB price today?
BNB price is trading at $605 at the time of writing. The BNB price has dropped by over 5.5% in the last 24 hours.
What is the BNB price prediction for February 25?
Throughout the day, BNB price might retest $565. If the price rebounds above that level, we might see a trade around $600-$647. On the downside, $500 is the range.
Is BNB a Good Buy Now?
According to long-term forecasts, the BNB price might reach $606.77 by March 27. 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.
