In the last 24 hours, the price of BNB has been under a minor bearish pressure as it got rejected below $640. However, buyers are currently aiming for an upward correction as BNB price gains momentum for another retest of resistance at $640. Additionally, BNB’s trading volume has dropped by 16.4% in the past 24 hours, reaching $1.96 billion.
Looking at the bigger picture, BNB’s price has been facing increasing downward volatility since the crash on February 3. However, BNB is now recovering with a bullish rally. In the last 24 hours, its market cap has surged by 0.5% to $90.3 billion.
BNB Faces a Drop in Open Interest
BNB’s price has been on an upward trajectory but struggling to break above $640. Currently, buyers are aiming for a break above immediate Fib levels to strengthen the bullish rally.
Recent liquidation data from Coinglass reveals significant market activity, with about $805K in positions being liquidated in the last 24 hours. This includes $473K from long positions and around $332K from short positions.
Moreover, the total open interest in BNB—reflecting all active trading contracts—has dropped by 4.6%, declining to $855 million. This drop indicates declining trader engagement. Additionally, the negative funding rate for BNB, currently at -0.0309%, signals a cautious or bearish market sentiment.
A notable shift in the long to short position ratio to 1.1, with 51% of traders anticipating an upward correction in BNB’s price. This sentiment could drive the price closer to the $640 mark.
BNB Price Prediction: Technical Analysis
Binance Coin (BNB) is currently witnessing a modest increase in buying interest, with the price aiming to retest the $640 mark. However, sellers are actively trying to push the price down to the 23.6% Fibonacci retracement level. Currently, BNB is trading at $635, having risen by 0.9% in the last 24 hours.
Technical indicators appear bullish, as BNB/USDT is trading above the EMA20 trend line, suggesting a potential move toward the $640 resistance level soon. The Relative Strength Index (RSI) is at 64, indicating that BNB is in a favorable buying zone. This condition could encourage further buying activity, possibly driving the price above $640, with an aim to reach as high as $676.
On the flip side, if selling pressure increases, it could force BNB down to the crucial support level at $610. A break below this point could lead to a significant drop to $563, marking a reversal from its current bullish path.
BNB Price Prediction: What to Expect Next?
Short-term: According to BlockchainReporter, BNB price might aim for a surge toward the $640 resistance level. If the price moves above that level, we might see a trade around $676. On the downside, $610 is the range.
Long-term: According to the current Binance Coin price prediction on Coincodex, the price of Binance Coin is expected to increase by 86.06% and reach $1,174.32 by April 20, 2025. The technical indicators on Coincodex suggest that the current market sentiment is neutral, while the Fear & Greed Index indicates a level of 0, which suggests extreme fear. Over the last 30 days, Binance Coin has experienced 15 out of 30 green days, demonstrating a price volatility of 5.08%. Based on these forecasts, Coincodex suggests that it is now a good time to buy Binance Coin.
How much is the BNB price today?
BNB price is trading at $635 at the time of writing. The BNB price has surged by over 0.9% in the last 24 hours.
What is the BNB price prediction for March 21?
Throughout the day, BNB price might aim for a surge toward the $640 resistance level. If the price moves above that level, we might see a trade around $676. On the downside, $610 is the range.
Is BNB a Good Buy Now?
According to long-term forecasts, the BNB price might reach $1,174.32 by April 20. 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.