In the last day, the price of BNB has significantly increased, going from $674 to over $710, which is a 0.99% rise. The price is now similar to what it was in early January, thanks to increased buying interest. Also, BNB’s trading volume has gone up by 55.3% in the past day, reaching $3.26 billion.
Looking at the bigger picture, BNB’s price has been steady for the last few weeks. However, with strong buying interest and more active trading, the price of Binance Coin is smoothly progressing towards its December high of $793. As a result, its market value has increased by 1.01% to $100.5 billion.
BNB’s Open Interest Touches $1 Billion
The price of BNB has been on a strong recovery for over the last few days. Analysts believe that BNB could increase further as Donald Trump is all set to take his office today and is known to support crypto initiatives, which could boost buying demand for BNB.
In the last 24 hours, there has been significant trading activity around BNB, especially from buyers. Coinglass reports that around $1.87 million in BNB trades were liquidated, with $1.36 million of that coming from buyers who closed their long positions.
This recent jump in price has also sparked more interest in trading BNB. Open interest, which indicates the total number of unsettled derivative contracts, has climbed to $1 billion million, suggesting higher demand by 4.6% from yesterday’s rate. However, despite the current upward trend, the market could still turn bearish as the ratio of long to short positions has been decreasing.
Currently, the long/short ratio stands at 0.5235, showing an increase in short positions—where traders bet on price declines. This indicates that more traders are expecting prices to drop soon. At the moment, 34.4% of traders believe BNB’s price will rise, while 65.6% are betting it will fall.
BNB Price Prediction: Technical Analysis
The price of BNB has been slowly increasing and is trying to stay above $700. 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 $700, with a small gain of 0.71% in the last 24 hours.
The BNB/USDT pair is also trying to stay above $700 and might even surpass the 23.6% Fibonacci level. However, with the Relative Strength Index (RSI) at 48, just below the neutral point, BNB could keep facing challenges around the $700 mark. If the price does go over $710, it could attract more buyers.
On the flip side, if the price drops below $690, sellers might drive it down to about $675.
BNB Price Prediction: What to Expect Next?
Short-term: According to BlockchainReporter, BNB price might continue to struggle around $700. If the price moves above that level, we might see a trade around $710. On the downside, $690 is the range.
Long-term: According to Coincodex’s latest Binance Coin price prediction, the price of Binance Coin is expected to increase by 19.26%, reaching $805.33 by February 19, 2025. Coincodex’s technical indicators show a Neutral current sentiment, while the Fear & Greed Index is at 77, indicating Extreme Greed. Over the past 30 days, Binance Coin has had 14 green days, which accounts for about 47% of the time, with a price volatility of 2.05%. Based on this forecast, Coincodex suggests that it is a favorable time to purchase Binance Coin.
How much is the BNB price today?
BNB price is trading at $700 at the time of writing. The BNB price has increased by over 0.7% in the last 24 hours.
What is the BNB price prediction for January 20?
Throughout the day, BNB price might continue to struggle around $700. If the price moves above that level, we might see a trade around $710. On the downside, $690 is the range.
Is BNB a Good Buy Now?
According to long-term forecasts, the BNB price might reach $805.33 by February 19. 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.
