BNB price has been facing increasing bearish volatility over the last 24 hours, struggling to move above $690. Also, BNB’s trading volume has decreased 25.5% in the past 24 hours, reaching $1.56 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 attempting to surge towards its December high of $793. In the last 24 hours, its market value has declined by 0.49% to $97.2 billion.
BNB’s Open Interest Hovers Below $1 Billion
Despite Trump signing multiple executive orders that support the crypto market, the price of Binance Coin (BNB) has continued to fall. This decline has triggered an increase in sales, as evidenced by the rising liquidation numbers on the BNB price chart. Coinglass reports that approximately $300.6K worth of BNB trades were liquidated in the last 24 hours, with $297.7K of that coming from buyers closing their long positions.
The recent drop in price has also led to decreased interest in trading BNB. The total open interest, which represents the number of unsettled derivative contracts, has dropped to $991 million, a decrease of 0.4% from the previous day, suggesting a reduction in demand.
Furthermore, the long/short ratio, which shows the balance between buyers and sellers, has fallen to 0.6852, indicating a rise in short positions where traders bet on further price declines. This suggests that more traders expect the price to continue falling. Currently, 40% of traders think BNB’s price will go up, while 60% are betting it will go down.
BNB Price Prediction: Technical Analysis
The price of BNB has been slowly declining after rejecting a trend above the $690 level. Currently, sellers are in control, resisting any significant rise beyond the initial 23.6% Fibonacci retracement level. Right now, BNB is priced at $682, with a small drop of 0.7% in the last 24 hours.
The BNB/USDT pair is trying to stay above $690 but is facing increasing selling pressure. As a result, it might drop below the immediate support channels, giving sellers an advantage.
With the Relative Strength Index (RSI) at 43, below the neutral point, BNB could keep facing challenges. If the price drops below $675, it could attract more sellers, plunging the price toward the low of $660.
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 $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 current Binance Coin price prediction by Coincodex, the price of Binance Coin is expected to rise by 18.37% and reach $814.73 by February 23, 2025. Coincodex’s technical indicators suggest that the current market sentiment is bearish, while the Fear & Greed Index indicates a score of 75, categorized as Greed. Over the past 30 days, Binance Coin has experienced 15 out of 30 green days, with a price volatility of 1.51%. Based on this forecast, it is considered a bad time to buy Binance Coin.
BNB price is trading at $682 at the time of writing. The BNB price has dropped by over 0.7% in the last 24 hours.
Throughout the day, BNB price might continue to struggle around $690. If the price moves above that level, we might see a trade around $700. On the downside, $675 is the range.
According to long-term forecasts, the BNB price might reach $814.73 by February 23. 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-25/