In the last 24 hours, the price of BNB successfully met buyers’ demand as it surged toward $600. 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 15% in the past 24 hours, reaching $1.79 billion.
Looking at the bigger picture, BNB’s price has been facing increasing downward volatility since the crash on February 3. In the last 24 hours, its market cap has surged by 5.7% to $85.7 billion.
BNB Faces Nearly $1 Million Liquidation
BNB’s price made a strong bullish surge as it broke through the $600 level. Buyers successfully rebounded the price from the low of $546. However, bears are defending further surges.
In the past 24 hours, there’s been a lot of trading activity with BNB. According to Coinglass, about $1.01 million worth of BNB trades were settled, and out of that, $414,000 came from buyers who decided to sell off their long positions. Meanwhile, sellers closed about $598K worth of their positions.
The total number of open trading contracts, known as open interest, has dropped to $678 million, which is a 1.9% drop from yesterday. This indicates a slight drop in demand. Additionally, the funding rate for BNB is negative at 0.018%.
Also, the BNB price 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 0.9, showing an increase in short positions. This suggests that more traders, currently 53% of them, believe the price will go down soon.
BNB Price Prediction: Technical Analysis
The price of Binance Coin (BNB) witnessed a strong recovery as it broke through the $600 mark. This resulted in an immediate surge in buying confidence among traders. However, sellers are strongly defending further surges on the price chart. Currently, BNB is priced at $598, with a surge of 5% in the last 24 hours.
The BNB/USDT trading pair is targeting the descending resistance line but might face strong rejection, resulting in a retest of $600 zone. However, with the Relative Strength Index (RSI) at 63, within the buying zone, there could be a buying pressure for BNB. If the price breaks above the resistance line, we might see a surge toward $633.
On the other hand, sellers might attempt to drive the price toward the crucial $550 support line. If the price fails to hold above that level, we might see a strong decline toward $501.
BNB Price Prediction: What to Expect Next?
Short-term: According to BlockchainReporter, BNB price might aim for a surge toward the resistance line. If the price moves above that level, we might see a trade around $633. On the downside, $550 is the range.
Long-term: According to the current Binance Coin price prediction on Coincodex, the price of Binance Coin is expected to rise by 47.18% and reach $869.36 by April 4, 2025. Coincodex’s technical indicators indicate that the current market sentiment is Bearish, and the Fear & Greed Index is at 20, signaling Extreme Fear. In the past 30 days, Binance Coin has recorded 16/30 (53%) green days with a price volatility of 5.65%. Based on this forecast, it is currently not a favorable time to purchase Binance Coin.
How much is the BNB price today?
BNB price is trading at $598 at the time of writing. The BNB price has dropped by over 5% in the last 24 hours.
What is the BNB price prediction for March 5?
Throughout the day, BNB price might aim for a surge toward the resistance line. If the price moves above that level, we might see a trade around $633. On the downside, $550 is the range.
Is BNB a Good Buy Now?
According to long-term forecasts, the BNB price might reach $869.36 by April 4. 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.
