In the last 24 hours, the price of BNB attempted meet buyers’ demand as it surged toward $660; however, it faced selling pressure and declined. Though buyers are attempting to send the price above immediate Fib level, sellers are strongly defending a surge. Additionally, BNB’s trading volume has dropped by 6.13% in the past 24 hours, reaching $1.88 billion.
Looking at the bigger picture, BNB’s price has been rising for the last few days after facing an intense crash in the starting of February. In the last 24 hours, its market cap has dropped by 1.2% to $92.21 billion.
BNB’s OI Metric Declines
BNB’s price made a strong bullish surge as it broke through the $660 mark. However, it failed to maintain the buying momentum due to rising selling pressure. As a result, BNB price dropped to retest $650.
In the past 24 hours, there’s been a lot of trading activity with BNB. According to Coinglass, about $304,000 worth of BNB trades were settled, and out of that, $176,000 came from buyers who decided to sell off their long positions. Meanwhile, sellers closed about $128,000 worth of their positions.
The total number of open trading contracts, known as open interest, has declined to $828 million, which is a 1.6% drop from yesterday. This indicates a decline in demand. Additionally, the funding rate for BNB is now negative, at 0.0032%.
The BNB price might turn bearish with more traders choosing to take short positions, hoping the price will decline. The ratio of long to short positions is now 0.8096, showing an increase in short positions. This suggests that more traders, currently 55% of them, believe the price will go down soon.
BNB Price Prediction: Technical Analysis
The price of Binance Coin (BNB) attempted to hold a momentum above $660 but faced significant resistance. This resulted in an immediate decline on the price chart, pushing the price toward a retest of $650. Though sellers are strongly defending a surge, the buying domination is on a rise. Currently, BNB is priced at $649, with a decrease of 0.9% in the last 24 hours.
The BNB/USDT trading pair is targeting $685 but might face strong rejection, resulting in a retest of $650-$660 zone. However, with the Relative Strength Index (RSI) at 43, just below the midline, there could be strong selling pressure for BNB. However, if the price surges above $685, we might see a correction toward $725.
Conversely, if the price drops below $650, we might see a drop toward $624.
BNB Price Prediction: What to Expect Next?
Short-term: According to BlockchainReporter, BNB price might continue to surge toward $685. If the price moves above that level, we might see a trade around $725. On the downside, $624 is the range.
Long-term: According to the current Binance Coin price prediction from Coincodex, the price of Binance Coin is expected to decrease by -7.32%, reaching $603.55 by March 22, 2025. Coincodex’s technical indicators suggest a Bearish sentiment, and the Fear & Greed Index indicates a score of 44, which represents Fear. Binance Coin has experienced 16 out of 30 green days, with a price volatility of 6.03% over the last 30 days. Based on this forecast, it is currently advised against buying Binance Coin.
BNB price is trading at $649 at the time of writing. The BNB price has dropped by over 0.9% in the last 24 hours.
Throughout the day, BNB price might continue to surge toward $685. If the price moves above that level, we might see a trade around $725. On the downside, $624 is the range.
According to long-term forecasts, the BNB price might reach $603.55 by March 22. 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-20/