BNB price has been facing increasing volatility over the last 24 hours, going from $674 to over $700 and then facing rejection. Also, BNB’s trading volume has decreased 23% in the past 24 hours, reaching $1.88 billion.
Looking at the bigger picture, BNB’s price has been steady for the last few weeks. However, with strong buying interest and more active trading, the price of Binance Coin is smoothly progressing towards its December high of $793. As a result, its market value has increased by 1.53% to $100.51 billion.
BNB’s Open Interest Loses the $1 Billion Milestone
The price of BNB has been falling because Trump did not mention cryptocurrencies during his inauguration speech. This has led to an increase in the amount of BNB being sold off, as shown by rising liquidation figures on the BNB price chart.
According to Coinglass, around $343.5K worth of BNB trades were liquidated in the last 24 hours, with $296K of that from sellers closing their short positions.
This recent price drop has also reduced interest in trading BNB. The total open interest, which shows the number of unsettled derivative contracts, has fallen to $985 million, a decrease of 1.3% from yesterday, indicating lower demand.
Furthermore, the long/short ratio, which shows the balance between buyers and sellers, has fallen to 0.9216, indicating a rise in short positions where traders bet on further price declines. This suggests that more traders expect the price to continue falling. Currently, 48% of traders think BNB’s price will go up, while 52% are betting it will go down.
BNB Price Prediction: Technical Analysis
The price of BNB has been slowly increasing and is trying to stay above $700. Despite this, sellers are still in control, resisting any significant rise beyond the initial 23.6% Fibonacci retracement level. Right now, BNB is priced at $698, with a small gain of 0.71% in the last 24 hours.
The BNB/USDT pair is trying to stay above $700 and might even surpass the 23.6% Fibonacci level if buyers gain control. With the Relative Strength Index (RSI) at 52, just above the neutral point, BNB could keep facing challenges around the $700 mark. If the price does go over $710, it could attract more buyers.
On the flip side, if the price drops below $690, sellers might drive it down to about $675.
BNB Price Prediction: What to Expect Next?
Short-term: According to BlockchainReporter, BNB price might continue to struggle around $700. If the price moves above that level, we might see a trade around $710. On the downside, $690 is the range.
Long-term: According to the Binance Coin price prediction from Coincodex, the price of Binance Coin is expected to rise by 17.56% and reach $821.09 by February 21, 2025. Coincodex’s technical indicators suggest that the current market sentiment is bullish, and the Fear & Greed Index indicates a level of 84, signifying Extreme Greed. In the last 30 days, Binance Coin has experienced 16 green days out of 30, with a price volatility of 1.66%. Based on this forecast, it is considered a good time to purchase Binance Coin.
How much is the BNB price today?
BNB price is trading at $698 at the time of writing. The BNB price has increased by over 0.7% in the last 24 hours.
What is the BNB price prediction for January 22?
Throughout the day, BNB price might continue to struggle around $700. If the price moves above that level, we might see a trade around $710. On the downside, $690 is the range.
Is BNB a Good Buy Now?
According to long-term forecasts, the BNB price might reach $821.09 by February 21. This makes BNB price a good investment considering its monthly yield.
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.
