In the last 24 hours, the price of BNB attempted meet buyers’ demand as it surged toward $630; 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. Additionally, BNB’s trading volume has dropped by 28% in the past 24 hours, reaching $1.88 billion.
Looking at the bigger picture, BNB’s price has been facing increasing volatility since the crash on February 3. In the last 24 hours, its market cap has surged by 2.3% to $88.7 billion.
BNB’s Funding Rate Touches Negative
BNB’s price made a strong bullish surge as it broke through the $630 mark. However, it failed to maintain the buying momentum due to rising selling pressure. As a result, BNB price dropped below $620, touching a low at around $609.
In the past 24 hours, there’s been a lot of trading activity with BNB. According to Coinglass, about $737,000 worth of BNB trades were settled, and out of that, $382,000 came from buyers who decided to sell off their long positions. Meanwhile, sellers closed about $355,000 worth of their positions.
The total number of open trading contracts, known as open interest, has surged to $749 million, which is a 0.86% surge from yesterday. This indicates a rise in demand. However, the funding rate for BNB is negative, at 0.006%.
Additionally, 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 52.6% 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 $630 but faced significant resistance. This resulted in an immediate decline on the price chart, pushing the price toward a retest of $610. Though sellers are strongly defending a surge, the buying domination is on a rise. Currently, BNB is priced at $620, with an increase of 2% in the last 24 hours.
The BNB/USDT trading pair is targeting $647 but might face strong rejection, resulting in a retest of $600-$630 zone. However, with the Relative Strength Index (RSI) at 40, just below the midline, there could be strong selling pressure for BNB. However, if the price surges above $647, we might see a correction toward $685.
Conversely, if the price drops below $595, we might see a drop toward $560.
BNB Price Prediction: What to Expect Next?
Short-term: According to BlockchainReporter, BNB price might continue to surge toward $647. 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 latest analysis from Coincodex, the price of Binance Coin is projected to increase by 13.36%, hitting $714.57 by March 28, 2025. Current technical indicators suggest a bearish sentiment, while the Fear & Greed Index is at 21, indicating Extreme Fear. Over the last 30 days, Binance Coin has experienced 16 green days, representing 53% of the time, with a price volatility of 5.47%. Based on these predictions from Coincodex, it is currently advised against buying Binance Coin.
How much is the BNB price today?
BNB price is trading at $620 at the time of writing. The BNB price has surged by over 2% in the last 24 hours.
What is the BNB price prediction for February 26?
Throughout the day, BNB price might continue to surge toward $647. If the price moves above that level, we might see a trade around $685. On the downside, $595 is the range.
Is BNB a Good Buy Now?
According to long-term forecasts, the BNB price might reach $714.57 by March 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.
