In the last 24 hours, the price of BNB has significantly increased, going from $660 to over $679, which is a 0.8% rise. The price is now similar to what it was in early January, due to increased buying interest. However, BNB’s trading volume has declined by 6.8% in the past 24 hours, reaching $1.64 billion.
Looking at the bigger picture, BNB’s price has been steady for the last few weeks. However, the price is currently minor domination from the bears in reaching its December ATH. In the last 24 hours, its market value has increased by 0.78% to $96.4 billion.
BNB’s Funding Rate Remains Positive
BNB’s price has been climbing over the past few hours. Analysts think it might rise even more because Donald Trump has signed several executive orders that are good for the cryptocurrency market.
Over the last 24 hours, a lot of people have been buying and selling BNB. According to Coinglass, around $295,000 worth of BNB trades were settled, with $168,000 of that from buyers who decided to close their long positions. On the other hand, sellers closed around $126K worth of positions.
Open interest, which shows the total number of open derivative contracts, has surged to $934 million, a 0.76% increase from yesterday. This suggests that demand is going up. Additionally, the funding rate of BNB remains positive as it hovers around 0.0041%.
Despite this positive trend, the market might still turn bearish since more traders are taking short positions, betting that the price will drop. Right now, the ratio of long to short positions is 0.8713, with an increase in shorts. This means more traders think the price will go down soon. Currently, 53.4% traders are expecting that the prices will drop.
BNB Price Prediction: Technical Analysis
The price of BNB has been slowly increasing and is trying to stay above $680. Despite this, sellers are still in control, resisting any significant rise beyond the initial 23.6% Fibonacci retracement level. Right now, BNB is priced at $677, with a small gain of 0.86% in the last 24 hours.
The BNB/USDT pair is currently aiming for $690 and might even surpass the 23.6% Fibonacci level. Additionally, with the Relative Strength Index (RSI) at 52, just below the neutral point, BNB could keep facing buying demand. If the price does go over $690, it could attract more buyers toward $700-$710.
On the flip side, if the price drops below $675, sellers might drive it down to about $660.
BNB Price Prediction: What to Expect Next?
Short-term: According to BlockchainReporter, BNB price might continue to struggle below $690. If the price moves above that level, we might see a trade around $700. On the downside, $675 is the range.
Long-term: According to the Binance Coin price prediction on Coincodex, the price of Binance Coin is expected to increase by 19.31% and reach $807.36 by March 1, 2025. Technical indicators used by Coincodex suggest a Bearish current sentiment, while the Fear & Greed Index indicates a level of 70, showing Greed. In the past 30 days, Binance Coin has experienced 14/30 (47%) green days with 2.15% price volatility. Based on this forecast, it is currently considered a bad time to buy Binance Coin.
How much is the BNB price today?
BNB price is trading at $677 at the time of writing. The BNB price has increased by over 0.86% in the last 24 hours.
What is the BNB price prediction for January 30?
Throughout the day, BNB price might continue to struggle below $690. If the price moves above that level, we might see a trade around $700. On the downside, $675 is the range.
Is BNB a Good Buy Now?
According to long-term forecasts, the BNB price might reach $807.36 by March 1. 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.
