Over the past 24 hours, Binance Coin (BNB) failed to attract buyers as it continued to decline heavily below immediate Fib channels. As a result, BNB’s price made a drop toward the $560 level. Additionally, BNB’s trading volume has surged by 4.38% within the same timeframe, reaching $2.2 billion.
Zooming out, BNB’s price has generally been on an upward trend after experiencing a sharp drop at the beginning of February. However, it has been making a strong downward correction for over the last few days. In the last 24 hours, its market capitalization has decreased by 6.3%, settling at $81.5 billion.
BNB’s Open Interest Declines Sharply
BNB’s price has been on a strong bearish rally after buyers failed to hold the price above resistance channels. As a result, BNB price is now aiming for a retest of the $560 support level.
In the past 24 hours, there’s been a lot of trading activity with BNB. According to Coinglass, about $3.18 million worth of BNB trades were settled, and out of that, $3.02 million came from buyers who decided to sell off their long positions. Meanwhile, sellers closed about $156.6K worth of their positions.
The total number of open trading contracts, known as open interest, has declined to $715 million, which is a 5.2% drop from yesterday. This indicates a drop in demand. However, the funding rate for BNB is now positive, at 0.0005%.
Additionally, the BNB price might aim for an upward surge as the market might turn bullish with more traders choosing to take long positions, hoping the price will surge. The ratio of long to short positions is now 2.56, 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
Binance Coin (BNB) continues to face bearish activity as sellers push the price toward $560 low. However, buyers strongly defended further decline as they rebounded the price toward $580. Sellers are currently aiming for a retest to validate further trends. Currently, BNB stands at $574, showing a 5.78% decrease over the last 24 hours.
The BNB/USDT trading pair is aiming for a retest of $560, though it may face significant resistance from buyers. With the Relative Strength Index (RSI) at 32, within the selling region, there’s potential for increased selling pressure on BNB. If the price fails to hold above $560, we might see a decline toward $536.
However, if the price holds momentum above $560, a rise toward $595 could be on the horizon. A surge above $660 might send the price toward $685.
BNB Price Prediction: What to Expect Next?
Short-term: According to BlockchainReporter, BNB price might retest $560. If the price rebounds above that level, we might see a trade around $595. On the downside, $536 is the range.
Long-term: According to Coincodex’s current Binance Coin price prediction, the price of Binance Coin is expected to rise by 26.63% and reach $728.41 by March 30, 2025. Coincodex’s technical indicators show a bearish sentiment and the Fear & Greed Index is at 16, indicating extreme fear. In the past 30 days, Binance Coin has had 15 green days out of 30 and exhibited 5.47% price volatility. Based on this forecast, it is currently considered a bad 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.
