In the last 24 hours, the price of BNB is facing strong resistance from bears as they strongly defend the $610 resistance. Currently, sellers are strongly defending a bullish comeback on the price chart. Additionally, BNB’s trading volume has surged by 3.82% in the past 24 hours, reaching $1.93 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 attempting for a recovery rally. In the last 24 hours, its market cap has dropped by 0.9% to $86.35 billion.
BNB’s Open Interest Faces Sharp Drop
BNB’s price is having a hard time pushing past the $610 resistance level, as sellers are currently in control. They’re trying to drive the price below the key $600 support zone. Recent data from Coinglass shows that the market has seen about $764,000 in liquidations over the past 24 hours. Buyers took the bigger hit, losing roughly $572,000, while sellers lost around $192,000.
The overall market sentiment isn’t looking great. Interest in trading BNB seems to be fading, with the number of active contracts down by more than 21%, now sitting at about $804 million. The funding rate is also negative at -0.0116%, which suggests that most traders are cautious and leaning bearish.
On top of that, more traders are betting on the price dropping. The buyer-to-seller ratio is at 0.9, meaning there are slightly more sellers than buyers, with expectations leaning toward a dip to $600.
BNB Price Prediction: Technical Analysis
Binance Coin (BNB) is still having trouble pushing past the key resistance level at $610. Right now, it’s trading around $607, marking a slight dip of about 0.44% from the day before. Sellers are focused on keeping the price below $600 to keep the current downtrend going.
Despite the growing bearish sentiment, BNB could still stage a strong comeback as whale activity picks up near recent lows. However, the Relative Strength Index (RSI) remains in bearish territory at around 48, suggesting sellers are still steering the market for now.
If buyers manage to gain momentum, BNB might break through the $610 resistance, opening the door for a potential move toward the next key level at $644. On the flip side, if selling pressure stays strong and BNB stays below the 20-day EMA support, the price could retest the critical $600 level.
A clear drop below $600 could accelerate the decline, with BNB possibly sliding down to the next support at $563—wiping out recent gains and deepening the downtrend.
BNB Price Prediction: What to Expect Next?
Short-term: According to BlockchainReporter, BNB price might aim for a surge toward the $610 resistance level. If the price moves above that level, we might see a trade around $644. On the downside, $563 is the range.
Long-term: According to Coincodex’s current Binance Coin price prediction, the price of BNB is forecasted to increase by 94.41%, potentially reaching $1,180.66 by April 28, 2025. Coincodex’s technical indicators currently suggest a bearish sentiment, with the Fear & Greed Index indicating a level of 26 (Fear). Over the past 30 days, Binance Coin has recorded 14 green days (47%) and experienced price volatility of approximately 4.20%. Based on these insights, Coincodex suggests it is currently not a favorable time to purchase 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.
Frequently Asked Questions
How much is the BNB price today?
BNB price is trading at $607 at the time of writing. The BNB price has dropped by over 0.44% in the last 24 hours.
What is the BNB price prediction for April 2?
Throughout the day, BNB price might aim for a surge toward the $610 resistance level. If the price moves above that level, we might see a trade around $644. On the downside, $563 is the range.
Is BNB a Good Buy Now?
According to long-term forecasts, the BNB price might reach $1,180.66 by April 28. This makes BNB price a good investment considering its monthly yield.
