In the last 24 hours, the price of BNB failed to maintain above $600 and dropped below that level. However, buyers strongly defended further drop and rebounded the price from the low of $600. Additionally, BNB’s trading volume has dropped by 18.4% in the past 24 hours, reaching $1.45 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 with a bullish rally. In the last 24 hours, its market cap has dropped by 3% to $86.56 billion.
BNB Prepares for Further Decline
The price of BNB is currently under pressure after struggling to sustain momentum above the critical $610 support level. Sellers have seized the opportunity by pushing the price further below $600. However, buyers soon emerged and rebounded the price from the recent low.
According to recent data from Coinglass, market volatility has led to approximately $1.94 million in liquidations over the past 24 hours. Notably, buyers (long positions) suffered significantly higher losses of about $1.88 million, while sellers (short positions) incurred losses around $58,600.
This bearish sentiment is reflected in declining trader enthusiasm. Open interest in BNB contracts—a key measure of active market participation—fell roughly 3.43%, dropping to approximately $799 million. Moreover, the funding rate continues to hover within negative territory at -0.0199%, indicating increased caution and bearish sentiment among traders.
Adding to these negative signals, traders are increasingly turning bearish. The long-to-short ratio stands at 0.8, showing a slight bearish lean, with around 53% of traders anticipating a potential decline below $600. However, if bulls regain confidence and buying pressure picks up, BNB could challenge the pivotal $610 resistance in the coming hours.
BNB Price Prediction: Technical Analysis
Binance Coin (BNB) has recently experienced significant selling pressure, causing it to drop sharply from around $640. Sellers briefly pushed the price below the crucial support level at $610, driving it under the $600 mark. However, buying activity soon stepped in, bringing the price back above $600. At the time of writing, BNB is trading around $606, down roughly 3% in the past 24 hours.
Although bearish sentiment remains strong, certain technical indicators suggest the potential for recovery. The quick rebound above $600 demonstrates underlying buyer support. However, the Relative Strength Index (RSI) remains in bearish territory at approximately 38, suggesting sellers currently have the upper hand.
If buyers can strengthen their position, BNB may reclaim the critical $610 resistance, opening the path toward the next significant resistance around $644. On the other hand, if bearish momentum intensifies and keeps BNB below the EMA20 support level, the price could once again test the critical support at $600.
A clear breakdown below this point could trigger a more pronounced decline, potentially bringing BNB toward the next important support around $563 and erasing recent upward progress.
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 $640. On the downside, $563 is the range.
Long-term: According to Coincodex’s current Binance Coin price prediction, the price of BNB is forecasted to increase by 94.41%, potentially reaching $1,180.66 by April 28, 2025. Coincodex’s technical indicators currently suggest a bearish sentiment, with the Fear & Greed Index indicating a level of 26 (Fear). Over the past 30 days, Binance Coin has recorded 14 green days (47%) and experienced price volatility of approximately 4.20%. Based on these insights, Coincodex suggests it is currently not a favorable time to purchase Binance Coin.
How much is the BNB price today?
BNB price is trading at $606 at the time of writing. The BNB price has dropped by over 3% in the last 24 hours.
What is the BNB price prediction for March 29?
Throughout the day, 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 $640. On the downside, $563 is the range.
Is BNB a Good Buy Now?
According to long-term forecasts, the BNB price might reach $1,180.66 by April 28. 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.
