In the last 24 hours, the price of BNB has significantly increased, going from $500 to over $619, currently flashing 0.33% gain. Though buyers are attempting to send the price above immediate Fib level, sellers are strongly defending the $620 level. However, BNB’s trading volume has declined by 30.6% in the past 24 hours, reaching $2.6 billion.
Looking at the bigger picture, BNB’s price has been steady for the last few weeks. However, the price is recently faced a major crash, touching the low near $500. In the last 24 hours, its market value has increased by 0.08% to $81.4 billion.
BNB’s Liquidation Nears $1.5 Million
BNB’s price has been climbing over the past few hours. However, it faced a strong correction around $620, resulting in an immediate drop.
Over the last 24 hours, a lot of people have been buying and selling BNB. According to Coinglass, around $1.5 million worth of BNB trades were settled, with $905,000 of that from buyers who decided to close their long positions. On the other hand, sellers closed around $590,000 worth of positions.
Open interest, which shows the total number of open derivative contracts, has dropped to $794.7 million, a 5.49% decrease from yesterday. This suggests that demand is going down. However, the funding rate of BNB remains positive as it hovers around 0.001%.
Amid this, the market might turn more bearish since more traders are taking short positions, betting that the price will drop. Right now, the ratio of long to short positions is 0.4872, with an increase in shorts. This means more traders think the price will go down soon. Currently, 67.2% traders are expecting that the prices will drop.
BNB Price Prediction: Technical Analysis
The price of Binance Coin (BNB) rose steadily and is attempting to stay above $620. Despite this, sellers are dominating, preventing any major increase beyond the initial 23.6% Fibonacci retracement level. Currently, BNB is priced at $570, with a decrease of 1.3% in the last 24 hours.
The BNB/USDT trading pair is targeting $620 but recently faced a rejection, resulting in a drop toward $570. Moreover, with the Relative Strength Index (RSI) at 31, just above the oversold region, there could be continued selling interest in BNB. If the price drops below $516, it could draw more sellers aiming for a retest of $500.
Conversely, if the price surges above $620, buyers might push it toward $660.
BNB Price Prediction: What to Expect Next?
Short-term: According to BlockchainReporter, BNB price might continue to struggle below $620. If the price moves above that level, we might see a trade around $660. On the downside, $516 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 24.23% and reach $763.66 by March 6, 2025. The technical indicators on Coincodex suggest that the current sentiment is Bearish, while the Fear & Greed Index shows a rating of 44, indicating Fear. Over the last 30 days, Binance Coin has experienced 14 out of 30 green days, with a price volatility of 3.76%. Based on this forecast from Coincodex, it is currently considered a bad time to buy Binance Coin.
How much is the BNB price today?
BNB price is trading at $570 at the time of writing. The BNB price has decreased by over 1.3% in the last 24 hours.
What is the BNB price prediction for February 4?
Throughout the day, BNB price might continue to struggle below $620. If the price moves above that level, we might see a trade around $660. On the downside, $516 is the range.
Is BNB a Good Buy Now?
According to long-term forecasts, the BNB price might reach $763.66 by March 6. 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.
