In the last 24 hours, the price of BNB has been struggling to make a clear as it consolidates below the $600 mark. Though buyers are attempting to send the price above immediate Fib level, sellers are strongly defending the resistance level. However, BNB’s trading volume has declined by 24% in the past 24 hours, reaching $1.43 billion.
Looking at the bigger picture, BNB’s price has been steady for the last few weeks. However, the price recently faced a crash, touching the low around $500. In the last 24 hours, its market cap has increased by 0.29% to $82.36 billion.
BNB’s Funding Rate Touches Negative Zone
BNB’s price has been struggling over the last few hours. Analysts think it might continue to struggle as sellers are strongly defending the immediate resistance lines, creating a consolidated momentum.
Over the last 24 hours, a lot of people have been buying and selling BNB. According to Coinglass, around $323,000 worth of BNB trades were settled, with $184,000 of that from buyers who decided to close their long positions. On the other hand, sellers closed around $139K worth of positions.
Open interest, which shows the total number of open derivative contracts, has dropped to $780.7 million, a 3.55% decrease from yesterday. This suggests that demand is going down. Additionally, the funding rate of BNB remains negative as it hovers around 0.0067%.
Amid this, the market might turn more bearish since more traders are taking short positions, betting that the price will drop. Right now, the ratio of long to short positions is 0.8532, with an increase in bearish positions. This means more traders think the price will go down soon. Currently, 54% traders are expecting that the prices will drop.
BNB Price Prediction: Technical Analysis
The price of Binance Coin (BNB) has been struggling to meet buyers’ demand as it continues to consolidate below the $600 mark. As a result, sellers are dominating, preventing any major increase beyond the initial 23.6% Fibonacci retracement level. Currently, BNB is priced at $579, with a decline of 1.3% in the last 24 hours.
The BNB/USDT trading pair is targeting $600 and might even break through the 23.6% Fibonacci level. Moreover, with the Relative Strength Index (RSI) at 41, just below neutral, there could be a slight buying interest in BNB. If the price climbs above $600, it could draw more buyers aiming for prices toward $620.
Conversely, if the price falls below $552, sellers might push it down to around $516.
BNB Price Prediction: What to Expect Next?
Short-term: According to BlockchainReporter, BNB price might continue to struggle below $600. If the price moves above that level, we might see a trade around $620. On the downside, $552 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 27.35% and reach $737.33 by March 8, 2025. Coincodex’s technical indicators suggest that the current market sentiment is Bearish, while the Fear & Greed Index indicates a score of 49, which is considered Neutral. Over the past 30 days, Binance Coin has had 13 out of 30 green days, with a price volatility of 5.35%. Based on this forecast from Coincodex, it is currently not advisable to purchase Binance Coin.
BNB price is trading at $579 at the time of writing. The BNB price has decreased by over 0.3% in the last 24 hours.
Throughout the day, BNB price might continue to struggle below $600. If the price moves above that level, we might see a trade around $620. On the downside, $552 is the range.
According to long-term forecasts, the BNB price might reach $737.33 by March 8. 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-february-6/