Binance Coin (BNB) Price Prediction for March 18

In the last 24 hours, the price of BNB has been under a strong buying pressure as it surged toward $640. Buyers are currently aiming for a breakout as BNB price heads toward breaking above immediate resistance line. Additionally, BNB’s trading volume has surged by 9.14% in the past 24 hours, reaching $2.25 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 with a bullish rally. In the last 24 hours, its market cap has dropped by 0.41% to $90.6 billion.

BNB Faces a Drop in Open Interest

The BNB price has been climbing, driven by the rising buying sentiment in the crypto market. Factors such as eased geopolitical tensions, decreasing inflation rates and investment in Binance, have helped push the BNB price past resistance levels.

BNB price has been surging exponentially as it aims for a hold above $640 level. However, bears are strongly defending a surge.

According to the last 24 hours of liquidation data from Coinglass, there has been considerable activity with about $818.8K in positions liquidated. This includes $396.5K from long positions and approximately $422.3K from short position liquidations.

The total open interest in BNB, which reflects all active trading contracts, has seen a minor decrease of 1.3%, dropping to $909 million and indicating a slight reduction in trader engagement. Furthermore, the negative funding rate of BNB at -0.0149% suggests cautious market sentiment.

Nevertheless, an increase in the long to short position ratio to 1.1, with 53% of traders predicting a rise in BNB’s value, shows a strengthening bullish sentiment, potentially leading to further price gains above $640

BNB Price Prediction: Technical Analysis

Binance Coin (BNB) has been experiencing a notable uptick in buying interest, propelling its price towards the $640 mark. The altcoin is currently maintaining a position above critical Fibonacci levels, with buyers setting their sights on surpassing the immediate resistance.

As of the latest update, BNB is trading at $639, marking a 0.37% drop within a 24-hour period. On the technical charts, the BNB/USDT pair hovers near key EMA trend lines, hinting at a potential breakout that could elevate the price to $676.

The Relative Strength Index (RSI) stands at 66, indicating that BNB remains in a favorable buying zone. This suggests a sustained interest from buyers that could potentially drive the price beyond the $640 threshold, with room to extend up to $676.

Conversely, should selling pressure intensify, BNB might pull back to the crucial $610 support level. A fall below this mark could precipitate a sharper decline towards $563, signaling a significant reversal in the current bullish trend.

BNB Price Prediction: What to Expect Next?

Short-term: According to BlockchainReporter, BNB price might aim for a surge toward the $640 resistance level. If the price moves above that level, we might see a trade around $676. On the downside, $610 is the range.   

Long-term: According to the latest Binance Coin price prediction from Coincodex, the price of Binance Coin is expected to rise by 85.57% and reach $1,176.05 by April 17, 2025. Technical indicators from Coincodex indicate that the current market sentiment is Neutral, while the Fear & Greed Index is at 34, signaling Fear. Over the past 30 days, Binance Coin has had 15 out of 30 green days, with a price volatility of 5.72%. Based on this forecast, it is currently considered a good time to buy Binance Coin.

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.