Binance Coin (BNB) Price Prediction for March 3

In the last 24 hours, the price of BNB attempted to meet buyers’ demand as it surged toward $635; however, it faced selling pressure and declined. Though buyers are attempting to send the price above immediate Fib level, sellers are strongly defending a surge, creating a low around $597. Additionally, BNB’s trading volume has surged by 46% in the past 24 hours, reaching $2.33 billion.

Looking at the bigger picture, BNB’s price has been facing increasing downward volatility since the crash on February 3. In the last 24 hours, its market cap has dropped by 0.52% to $86.4 billion.

BNB Faces Nearly $2 Million Liquidation

BNB’s price made a strong bullish surge as it broke through the $630 mark and touched a high at around $635. However, it failed to maintain the buying momentum due to rising selling pressure. As a result, BNB price dropped below $600, touching a low at around $597.

In the past 24 hours, there’s been a lot of trading activity with BNB. According to Coinglass, about $1.96 million worth of BNB trades were settled, and out of that, $878,000 came from buyers who decided to sell off their long positions. Meanwhile, sellers closed about $1.09 million worth of their positions.

The total number of open trading contracts, known as open interest, has surged to $712 million, which is a 0.24% surge from yesterday. This indicates a slight rise in demand. Additionally, the funding rate for BNB is positive at 0.0002%.

However, the BNB price might turn bearish with more traders choosing to take short positions, hoping the price will decline. The ratio of long to short positions is now 0.9, showing an increase in short positions. This suggests that more traders, currently 53% of them, believe the price will go down soon.

BNB Price Prediction: Technical Analysis

The price of Binance Coin (BNB) attempted to hold a momentum above $635 but faced significant resistance. This resulted in an immediate decline on the price chart, pushing the price toward a retest of $610. However, buyers failed to defend this level, resulting in a drop below the crucial $600 level. Currently, BNB is priced at $606, with a drop of 0.52% in the last 24 hours. 

The BNB/USDT trading pair is targeting the descending trend line but might face strong rejection, resulting in a retest of $600 zone. However, with the Relative Strength Index (RSI) at 48, just below the midline, there could be a selling pressure for BNB. However, if the price surges above $635, we might see a correction toward $685.

On the other hand, sellers might attempt to drive the price toward the crucial $595 support line. If the price fails to hold above that level, we might see a strong decline toward $560.

BNB Price Prediction: What to Expect Next?

Short-term: According to BlockchainReporter, BNB price might aim for a surge toward $635. If the price moves above that level, we might see a trade around $685. On the downside, $595 is the range.   

Long-term: According to the current Binance Coin price prediction on Coincodex, the price of Binance Coin is expected to rise by 26.82% and reach $772.12 by April 2, 2025. Coincodex’s technical indicators suggest that the current sentiment is Bearish, and the Fear & Greed Index indicates a level of 33, classifying it as Fear. Over the past 30 days, Binance Coin has recorded 15/30 (50%) green days with a price volatility of 5.47%. Based on this forecast, it is currently considered an unfavorable time to purchase 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.