In the last 24 hours, the price of BNB attempted to meet buyers’ demand as it surged toward $600. However, bears strongly defended an upward trend on the price chart, resulting in a rejection. Additionally, BNB’s trading volume has surged by 23.6% in the past 24 hours, reaching $2.31 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 recovering toward a bullish rally. In the last 24 hours, its market cap has surged by 0.1% to $82.5 billion.
BNB Declines Following False WSJ Reporting
BNB’s price jumped past $600 following a Wall Street Journal report claiming the Trump family was considering buying into the U.S. branch of Binance. During this time, the founder of the exchange, Changpeng Zhao, known as CZ, was reportedly looking to get a presidential pardon after spending four months in jail for breaking anti-money laundering laws.
However, the increase in BNB’s value didn’t last long after CZ denied having any talks about selling Binance.US or trying to get a pardon. He addressed the issue on social media, saying, “Sorry to disappoint. The WSJ article got the facts wrong. I have had no discussions of a Binance US deal with… well, anyone.”
CZ also claimed that the article was part of a larger attempt to attack the cryptocurrency world and the current U.S. administration, suggesting that there are still people from the last administration who are against cryptocurrencies and are causing problems.
BNB recently experienced a strong upward surge, climbing to the $613 mark but later dropped toward $580, which shows massive volatility.
Liquidation data over the last 24 hours from Coinglass shows high activity, with positions totaling approximately $745K being liquidated. This includes $535K worth of long positions and about $210K from short positions liquidation.
The total open interest in BNB, representing all active trading contracts, has decreased by 10% to $748 million, pointing to a slight drop in trader engagement. Additionally, the funding rate of BNB turns negative at 0.0129%.
However, a rise in the long to short position ratio to 1.2, with 51% of traders anticipating an increase in BNB’s value, suggests a growing bullish sentiment, hinting at potential upward movement in its price.
BNB Price Prediction: Technical Analysis
Binance Coin (BNB) recently rallied to the $600 resistance level, but has struggled to hold above it due to increased selling pressure. Currently, BNB is trading at $578, reflecting a slight decline of 0.04% in the last 24 hours.
On the trading chart, the BNB/USDT pair is positioned just around the descending resistance line, raising the possibility of a rejection that could drive the price down to the $563 support level.
However, the Relative Strength Index (RSI) is at 55, suggesting that BNB is still within the buying territory. This indicates potential buying interest that could help the price breach the $610 resistance, with the potential to climb as high as $676.
On the flip side, if sellers take control, BNB could retreat towards the pivotal $563 support level. A breach below this could trigger a rapid drop towards $501.
BNB Price Prediction: What to Expect Next?
Short-term: According to BlockchainReporter, BNB price might aim for a surge toward the $610 resistance level. If the price moves above that level, we might see a trade around $676. On the downside, $563 is the range.
Long-term: According to the current Binance Coin price prediction from Coincodex, the price of Binance Coin is expected to increase by 101.83% and reach $1,174.11 by April 13, 2025. Coincodex’s technical indicators suggest that the current market sentiment is bearish, and the Fear & Greed Index indicates a level of 27, categorized as Fear. Over the past 30 days, Binance Coin has experienced 14/30 (47%) green days with a price volatility of 6.46%. Based on this forecast, it is currently advised against buying 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.
