Binance Coin (BNB) Price Prediction for March 30

In the last 24 hours, the price of BNB is attempting to reach the immediate resistance line at $610. However, sellers are strongly defending a bullish comeback on the price chart. Additionally, BNB’s trading volume has dropped by 16.46% in the past 24 hours, reaching $1.21 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 attempting for a recovery rally. In the last 24 hours, its market cap has surged by 0.54% to $86.17 billion.

BNB Faces Drop in Crucial Metrics

The price of BNB is currently facing downward pressure after failing to reach $610. Sellers are in control and are trying to keep the price under $600 to strengthen their position. According to recent data from Coinglass, market fluctuations have resulted in about $554.55K worth of liquidations in the last 24 hours. Notably, buyers faced larger losses amounting to approximately $457.5K, while sellers lost around $97K.

This negative outlook is evident as trader interest is waning. The number of active BNB contracts—a measure of market engagement—has decreased by about 1.42%, falling to around $785 million. Furthermore, the funding rate remains negative at -0.0367%, showing that traders are cautious and generally pessimistic.

Additionally, more traders are expecting the price to drop. The ratio of buyers to sellers is 0.94, indicating a slight tilt towards expecting a decline to $600. However, if the buyers regain strength and push the price up, BNB could potentially challenge the key resistance level of $610 soon.

BNB Price Prediction: Technical Analysis

Currently, Binance Coin (BNB) is struggling with a significant resistance level at $610 and has been unable to break above it. As BNB hovers around $606, a marginal decrease of approximately 0.08% from the previous day is observed. Sellers are keen on maintaining the price below $600 to perpetuate the downward trend.

Despite the rising bearish outlook, some technical indicators hint at a possible turnaround, underscored by a quick recovery back over $600, indicating solid buyer interest. However, the Relative Strength Index (RSI) is still in a bearish zone at around 37, showing that sellers might still be controlling the market dynamics.

Should the buyers manage to rally, BNB could potentially overcome the $610 barrier, setting the stage for an attempt to reach a higher resistance level at $644. Conversely, if the bearish pressure continues and BNB falls below the EMA20 support, it risks revisiting the crucial $600 support level.

A definitive fall below this level could lead to a steeper decline, with BNB possibly dropping to a lower support at $563, thereby reversing any recent gains.

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 $644. 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.

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.