Over the past 24 hours, Binance Coin (BNB) struggled to attract buyers, losing its momentum after breaching the $700 level and falling below key support levels. Recently, BNB’s price dipped to a low of $660, although it managed a rebound. Additionally, BNB’s trading volume has increased by 23.71% within the same timeframe, reaching $4.68 billion.
Zooming out, BNB’s price has generally been on an upward trend after experiencing a sharp drop at the beginning of February. However, in the last 24 hours, its market capitalization has decreased by 4.8%, settling at $95.5 billion.
BNB Faces Liquidation from Both Side Traders
BNB’s price has been on a minor bearish rally after buyers failed to hold the price above $700. As a result, BNB price dropped heavily and touched a low around $660 before rebounding above immediate Fib levels.
In the past day, there’s been a lot of trading activity with BNB. According to Coinglass, about $4.6 million worth of BNB trades were settled, and out of that, $3 million came from buyers who decided to sell off their long positions. Meanwhile, sellers closed about $1.6 million worth of their positions.
The total number of open trading contracts, known as open interest, has declined to $942 million, which is a 9.4% drop from yesterday. This indicates a drop in demand. However, the funding rate for BNB is now positive, at 0.0025%.
However, the BNB price might continue to struggle in surging upward as the market 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 0.8553, showing an increase in short positions. This suggests that more traders, currently 54% of them, believe the price will go down soon.
BNB Price Prediction: Technical Analysis
Binance Coin (BNB) recently experienced a decline in buying momentum after reaching over $700, subsequently falling sharply. It has since recovered slightly, climbing back above $660, and is now trying to regain its previous momentum. Currently, BNB stands at $667.7, showing a 5.6% decrease over the last 24 hours.
The BNB/USDT trading pair is aiming for $689, though it may face significant resistance, possibly pushing it back to retest the $656 level. With the Relative Strength Index (RSI) at 40, just below the midpoint, there’s potential for increased selling pressure on BNB.
However, if the price can break above $689, a rise toward $725 could be on the horizon. On the other hand, if the price falls below $656, it could drop further to $623.
BNB Price Prediction: What to Expect Next?
Short-term: According to BlockchainReporter, BNB price might continue to surge toward $689. If the price moves above that level, we might see a trade around $725. On the downside, $656 is the range.
Long-term: According to the latest Binance Coin price prediction by Coincodex, the price of Binance Coin is expected to rise by 87.78%, reaching $1,270.36 by March 16, 2025. Technical indicators suggest that the current market sentiment is neutral, and the Fear & Greed Index also indicates a neutral position at 48. Over the past 30 days, Binance Coin has experienced 16 out of 30 green days, with a price volatility of 6.86%. Based on this forecast, it is currently considered a good time to buy Binance Coin.
How much is the BNB price today?
BNB price is trading at $667.7 at the time of writing. The BNB price has dropped by over 5.6% in the last 24 hours.
What is the BNB price prediction for February 14?
Throughout the day, BNB price might continue to surge toward $689. If the price moves above that level, we might see a trade around $725. On the downside, $656 is the range.
Is BNB a Good Buy Now?
According to long-term forecasts, the BNB price might reach $1,270.36 by March 16. 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.
