In the last 24 hours, the price of BNB is attempting to meet buyers’ demand as it surged toward $610. Though buyers are trying to send the price above immediate Fib level, sellers are strongly defending a surge above $610. Additionally, BNB’s trading volume has dropped by 8.9% in the past 24 hours, reaching $1.62 billion.
Looking at the bigger picture, BNB’s price has been facing increasing downward volatility since the crash on February 3. However, BNB is now recovering toward a bullish rally. In the last 24 hours, its market cap has surged by 0.78% to $86 billion.
BNB’s Funding Rate Turns Negative
BNB recently exhibited a strong bullish push, breaking past the $600 barrier. However, its momentum is being tested as it struggles to surpass the $610 level due to robust resistance from bearish traders.
In the trading activity over the last 24 hours, significant movements have been noted. Coinglass reports that around $298.9K in BNB trades were settled, with $133.8K originating from buyers liquidating their long positions, while sellers closed positions amounting to $165.1K.
The total open interest in BNB, representing all active trading contracts, has risen slightly by 0.3% to $670 million, suggesting a modest increase in trading interest. Despite this, the negative funding rate of -0.0005% indicates a less favorable view on BNB.
Additionally, the shift in the long to short position ratio to 0.8 highlights a growing preference for short positions among traders, with 54% anticipating a decrease in BNB’s price in the near future, signaling potential bearish sentiment on the horizon.
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 above $610. Currently, BNB is priced at $601, with a surge of 0.56% 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 54, 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 $625.
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 $625. On the downside, $550 is the range.
Long-term: According to the latest Binance Coin price prediction from Coincodex, the price of Binance Coin is expected to increase by 46.43% and reach $886.52 by April 5, 2025. Current technical indicators describe the market sentiment as bearish, and the Fear & Greed Index is at 25, indicating extreme fear. Over the last 30 days, Binance Coin has experienced 16 green days, which accounts for 53% of the period, with a price volatility of 5.57%. Based on this forecast, it is currently not recommended to buy Binance Coin.
How much is the BNB price today?
BNB price is trading at $601 at the time of writing. The BNB price has surged by over 0.56% in the last 24 hours.
What is the BNB price prediction for March 6?
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 $625. On the downside, $550 is the range.
Is BNB a Good Buy Now?
According to long-term forecasts, the BNB price might reach $886.52 by April 5. 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.
