In the last 24 hours, the price of BNB has declined significantly, moving from $730 toward $695, which is a decline of 2.6%. The price of BNB is now approaching the levels it consolidated during mid-January. However, BNB’s trading volume has risen by 9.7% in the last 24 hours, reaching $2.13 billion.
Zooming out, the price of BNB has been stable for the past few weeks. However, due to strong buying interest and active market participation, Binance Coin’s price is attempting to reach a new ATH. In the last 24 hours, its market capitalization has dropped by 2.6% to $100.9 billion.
BNB’s OI Funding Rate Went Negative
The price of Binance Coin (BNB) has dropped significantly from its high of $730. However, analysts think BNB could rise again as Donald Trump is expected to become president on January 20 and he is known to back crypto initiatives, which might increase demand for BNB.
In the past day, there’s been a lot of buying and selling of BNB. According to Coinglass, about $1.64 million worth of BNB trades were settled, and $1.24 million of this was from buyers who closed their bets on BNB’s price increasing.
This recent drop in price has plunged the funding rate of BNB. The funding rate touched a negative zone of -0.0058% as sellers continued to dominate. When Binance Coin (BNB)’s funding rate is negative, it means more traders are betting that its price will drop. This setup encourages some traders to buy, hoping the price will go back up, while increasing market volatility and suggesting a general expectation of falling prices.
BNB Price Prediction: Technical Analysis
The price of Binance Coin (BNB) has been gradually falling and is now trying to stabilize around $700. After dropping to around $695, BNB saw an increase in buying interest, and its current price is $702, marking a 2.6% decline over the last 24 hours.
For the BNB/USDT trading pair, it’s hovering near $700 and might rise above the 23.6% Fibonacci retracement level soon. With the Relative Strength Index (RSI) at 47, just below the midpoint, BNB might drop to the $690 support level. Staying above this could lead to further price increases, potentially reaching its all-time high.
However, if BNB continues to fall below the 20-period Exponential Moving Average (EMA20) on the 1-hour chart, the price could be pushed down to around $660.
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 17.12% and reach $821.81 by February 17, 2025. Coincodex’s technical indicators suggest that the market mood is optimistic, with the Fear & Greed Index indicating extreme greed at a level of 77. In the past 30 days, Binance Coin has seen 15 green days out of 30, with a price volatility of 2.27%. Based on this forecast, it is considered a good time to invest in Binance Coin.
BNB price is trading at $702 at the time of writing. The BNB price has decreased by over 2.6% in the last 24 hours.
Throughout the day, the 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.
According to long-term forecasts, the BNB price might reach $821.81 by February 17. 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.
Source: https://blockchainreporter.net/daily-prediction/binance-coin-bnb-price-for-january-18/