Over the past 24 hours, Binance Coin (BNB) failed to attract buyers as it continued to decline heavily below immediate Fib channels. As a result, BNB’s price is now aiming for a retest of $650. Additionally, BNB’s trading volume has dropped by 56.9% within the same timeframe, reaching $2.04 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 0.8%, settling at $94 billion.
BNB Triggers Significant Liquidation Among Buyers
BNB’s price has been on a minor bearish rally after buyers failed to hold the price above resistance channels. As a result, BNB price dropped and is currently aiming for a retest of $650.
In the past 24 hours, there’s been a lot of trading activity with BNB. According to Coinglass, about $1.65 million worth of BNB trades were settled, and out of that, $1.35 million came from buyers who decided to sell off their long positions. Meanwhile, sellers closed about $295K worth of their positions.
The total number of open trading contracts, known as open interest, has declined to $889 million, which is a 6.4% drop from yesterday. This indicates a drop in demand. However, the funding rate for BNB is now positive, at 0.0015%.
Additionally, the BNB price might aim for an upward surge as the market might turn bullish with more traders choosing to take long positions, hoping the price will surge. The ratio of long to short positions is now 1.3596, showing an increase in long positions. This suggests that more traders, currently 58% of them, believe the price will go up soon.
BNB Price Prediction: Technical Analysis
Binance Coin (BNB) recently experienced a decline in buying momentum after failing to hold onto its momentum around the Fib levels. Sellers are currently aiming for a retest of $650. Currently, BNB stands at $662, showing a 0.8% 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 $648 level. With the Relative Strength Index (RSI) at 48, 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 $648, 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, $648 is the range.
Long-term: According to the current Binance Coin price prediction from Coincodex, the price of Binance Coin is expected to rise by 86.56% and reach $1,223.42 by March 17, 2025. Coincodex’s technical indicators suggest that the current market sentiment is Neutral, and the Fear & Greed Index stands at 50 (Neutral). Over the past 30 days, Binance Coin has recorded 15/30 (50%) green days and a price volatility of 6.77%. Based on this forecast, it is now considered a good time to purchase Binance Coin.
How much is the BNB price today?
BNB price is trading at $662 at the time of writing. The BNB price has dropped by over 0.8% in the last 24 hours.
What is the BNB price prediction for February 15?
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, $648 is the range.
Is BNB a Good Buy Now?
According to long-term forecasts, the BNB price might reach $1,223.42 by March 17. 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.
