Over the past 24 hours, Binance Coin (BNB) failed to gain buying demand as it continued to decline heavily below immediate Fib channels. As a result, BNB’s price made a drop toward the $550 level, a new monthly-low. Additionally, BNB’s trading volume has dropped by 8.5% within the same timeframe, reaching $2.15 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 6.2%, settling at $80.6 billion.
BNB’s Funding Rate Turns Negative
BNB’s price has been on a strong bearish rally after buyers failed to hold the price above resistance channels. This is due to Trump’s recent announcement regarding tariffs.
In the past 24 hours, there’s been a lot of trading activity with BNB. According to Coinglass, about $5.32 million worth of BNB trades were settled, and out of that, $5.18 million came from buyers who decided to sell off their long positions. Meanwhile, sellers closed about $140K worth of their positions.
The total number of open trading contracts, known as open interest, has declined to $693.5 million, which is a 2.2% drop from yesterday. This indicates a drop in demand. Additionally, the funding rate for BNB is negative, at 0.0027%.
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 2.6, showing a rise in long positions. This suggests that more traders, currently 73% of them, believe the price will go up soon.
BNB Price Prediction: Technical Analysis
Binance Coin (BNB) faced intense bearish pressure as sellers sent the price below $550. However, buyers strongly defended further decline as they rebounded the price and are now consolidating BNB below $570. Sellers are aiming for a retest to validate further trends. Currently, BNB stands at $565, showing a 5.66% decrease over the last 24 hours.
The BNB/USDT trading pair is aiming for a retest of $550, though it may face significant resistance from buyers. With the Relative Strength Index (RSI) at 38, just around the selling zone, there’s potential for increased selling pressure on BNB. If the price fails to hold above $550, we might see a decline toward $501.
However, if the price holds momentum above $550, a rise toward $595 could be on the horizon. A surge above $595 might send the price toward $625.
BNB Price Prediction: What to Expect Next?
Short-term: According to BlockchainReporter, BNB price might retest $550. If the price rebounds above that level, we might see a trade around $595. On the downside, $501 is the range.
Long-term: According to Coincodex’s Binance Coin price prediction, the price of Binance Coin is expected to rise by 41.01% and reach $800.15 by April 3, 2025. Their technical indicators point to a bearish current sentiment, and the Fear & Greed Index is at 15, indicating extreme fear. In the last 30 days, Binance Coin had 15 out of 30 (50%) green days and showed a price volatility of 5.42%. 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 $565 at the time of writing. The BNB price has dropped by over 5.6% in the last 24 hours.
What is the BNB price prediction for March 4?
Throughout the day, BNB price might retest $550. If the price rebounds above that level, we might see a trade around $595. On the downside, $501 is the range.
Is BNB a Good Buy Now?
According to long-term forecasts, the BNB price might reach $800.15 by April 3. 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.
