In the last 24 hours, the price of BNB is consolidating around the bearish zone below $600. Currently, sellers are strongly defending a bullish comeback on the price chart. Additionally, BNB’s trading volume has dropped by 39% in the past 24 hours, reaching $1.5 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 surged by 1.1% to $84.21 billion.
BNB’s Open Interest Declines Sharply
The price of BNB is currently under a lot of downward pressure as it stays below $600. Although buyers tried to push the price above $600, sellers strongly pushed back. Recent market data shows that there have been about $911,000 in liquidations over the last 24 hours due to the volatility in the market. Of this, buyers have taken a bigger hit, losing around $609,000, compared to sellers who lost about $302,000.
This gloomy trend is reflected in falling trader interest. The number of active BNB contracts, which indicates how engaged the market is, has dropped by about 3.6% to around $779 million. Despite this, the funding rate has turned slightly positive at 0.0017%, suggesting some traders are hopeful about future gains.
Right now, more traders expect the price to fall further. The ratio of buyers to sellers is 0.8192, which leans towards more people anticipating a decline to around $563.
BNB Price Prediction: Technical Analysis
Currently, Binance Coin (BNB) is struggling with a significant resistance level at $600 and has been unable to break above it. As a result, bears are keeping the price within a consolidated range, preventing any sudden price surge. As of writing, BNB price trades at $590, surging over 1.5% in the last 24 hours.
Despite bearish threat, bulls continue to aim for a push toward $600, indicating solid buyer interest. With the Relative Strength Index (RSI) hovering above the midline at level 54, it suggests that buyers might soon lead the price chart.
Should the buyers manage to rally above, BNB could potentially overcome the $610 barrier, setting the stage for an attempt to reach a higher resistance level at $644. Conversely, if the bearish pressure continues and BNB holds below the EMA20 support, it risks a drop toward $563.
BNB Price Prediction: What to Expect Next?
Short-term: According to BlockchainReporter, BNB price might aim for a surge toward the $600 level. If the price moves above that level, we might see a trade around $610. 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 $590 at the time of writing. The BNB price has surged by over 1.5% in the last 24 hours.
What is the BNB price prediction for April 4?
Throughout the day, BNB price might aim for a surge toward the $600 level. If the price moves above that level, we might see a trade around $610. On the downside, $563 is the range.  Â
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.Â
