In the last 24 hours, the price of BNB successfully met buyers’ demand as it surged above the crucial resistance of $560. Though buyers are attempting to send the price above immediate Fib level around $600, sellers are strongly defending a surge. Additionally, BNB’s trading volume has surged by 3.1% in the past 24 hours, reaching $1.87 billion.
Looking at the bigger picture, BNB’s price has been facing increasing downward volatility since the crash on February 3. However, the price is now making a recovery toward $600. In the last 24 hours, its market cap has surged by 3.8% to $82.72 billion.
BNB Faces a Surge in Open Interest
BNB’s price made a strong bullish surge as it moved above $560 resistance. Buyers successfully maintained the momentum above Fib levels. However, bears are defending further surges above the descending resistance line.
In the past 24 hours, there’s been a lot of trading activity with BNB. According to Coinglass, about $708K worth of BNB trades were settled, and out of that, $263,000 came from buyers who decided to sell off their long positions. Meanwhile, sellers closed about $445K worth of their positions.
The total number of open trading contracts, known as open interest, has surged to $747 million, which is an 8.3% rise from yesterday. This indicates a strong surge in demand. However, the funding rate for BNB is negative at 0.0004%, suggesting rising bearish domination above immediate resistance lines.
Also, the BNB price might continue to be on an upward trend with more traders choosing to take long positions, hoping the price will surge further. The ratio of long to short positions is now 1.1, showing an increase in long positions. This suggests that more traders, currently 51% of them, believe the price will go up soon.
BNB Price Prediction: Technical Analysis
The price of Binance Coin (BNB) witnessed a strong recovery as it broke through the $560 resistance. This resulted in an immediate surge in buying confidence among traders. However, sellers are strongly defending further surges on the price chart above the descending resistance line. Currently, BNB is priced at $580, with a surge of 3.8% in the last 24 hours.
The BNB/USDT trading pair is aiming to hold above the descending resistance line but might face strong rejection, resulting in a retest of $560 zone. However, with the Relative Strength Index (RSI) at 60, within the buying zone, there could be a buying pressure for BNB. If the price breaks above the resistance line, we might see a surge toward $610.
On the other hand, sellers might attempt to drive the price toward the crucial $563 support line. If the price fails to hold above that level, we might see a strong decline toward $501.
BNB Price Prediction: What to Expect Next?
Short-term: According to BlockchainReporter, BNB price might aim for a surge toward the resistance line. 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 the latest Binance Coin price prediction from Coincodex, the price of Binance Coin is expected to increase by 72.05%, reaching $996.67 by April 12, 2025. Technical indicators from Coincodex indicate that the current market sentiment is bearish, with the Fear & Greed Index at 45, which falls into the ‘Fear’ category. In the last 30 days, Binance Coin has had 14 green days out of 30, with a price volatility of 6.33%. Based on these forecasts, it is currently considered an unfavorable time to buy Binance Coin.
How much is the BNB price today?
BNB price is trading at $580 at the time of writing. The BNB price has surged by over 3.8% in the last 24 hours.
What is the BNB price prediction for March 13?
Throughout the day, BNB price might aim for a surge toward the resistance line. If the price moves above that level, we might see a trade around $610. On the downside, $563 is the range.
Is BNB a Good Buy Now?
According to long-term forecasts, the BNB price might reach $996.67 by April 12. 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.
