In the last 24 hours, the price of BNB has been surging exponentially as the price broke above the much-anticipated level of $700, currently flashing 8.8% surge. In recent hours, the price of BNB made a high at around $725 but failed to hold that momentum. BNB’s trading volume has surged by 87.4% in the past 24 hours, reaching $3.79 billion.
Looking at the bigger picture, BNB’s price has been rising for the last few days after facing an intense crash in the starting of February. In the last 24 hours, its market cap has surged by 8.8% to $101 billion, flipping Solana’s market cap.
BNB Faces $3.5 Million in Short Liquidation
BNB’s price has been on an intense bullish rally as it broke above its immediate Fib channels. Though it made a recent high around $725, it aims to break above that level in the coming hours. The price is holding buyers’ demand around $700 and it might soon make it a strong support level.
In the past day, there’s been a lot of trading activity with BNB. According to Coinglass, about $4.46 million worth of BNB trades were settled, and out of that, $912,000 came from buyers who decided to sell off their long positions. Meanwhile, sellers closed about $3.5 million worth of their positions.
The total number of open trading contracts, known as open interest, has surged to $1.04 billion, which is a 28.7% surge from yesterday. This indicates a rise in demand. However, the funding rate for BNB is now negative, at 0.0072%.
The BNB price might continue its upward momentum as the market might turn more bullish with more traders choosing to take long positions, hoping the price will surge. The ratio of long to short positions is now 2.5651, showing an increase in long positions. This suggests that more traders, currently 72% of them, believe the price will go up soon.
BNB Price Prediction: Technical Analysis
The price of Binance Coin (BNB) rose steadily and is attempting to stay above $700, Though sellers are strongly defending a surge, the buying domination is on a rise, breaking through each Fib channel to form a high at around $725. Currently, BNB is priced at $708.7, with a surge of 9.5% in the last 24 hours.
The BNB/USDT trading pair is targeting $725 but might face minor correction, resulting in a retest of $700. However, with the Relative Strength Index (RSI) at 64, just below the overbought region, there could be strong buying demand for BNB. If the price surges above $725, we might see a correction toward $760.
Conversely, if the price rejects $725, we might see a drop toward $700.
BNB Price Prediction: What to Expect Next?
Short-term: According to BlockchainReporter, BNB price might continue to surge toward $725. If the price moves above that level, we might see a trade around $760. On the downside, $700 is the range.
Long-term: Our latest forecast suggests that the price of Binance Coin could increase by 96.97% to reach $1,391.37 by March 15, 2025. Technical indicators currently show a bullish market sentiment and the Fear & Greed Index is at 50, indicating a neutral mood. Over the past 30 days, Binance Coin has seen 17 out of 30 days of price increases and experienced a price volatility of 6.85%. According to this data, now might be 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.
