In the last 24 hours, the price of BNB is attempting to meet sellers’ demand, currently flashing 2.6% drop. Though buyers are attempting to send the price above immediate Fib level, sellers are strongly defending the $600-$610 level. Additionally, BNB’s trading volume has dropped by 32.9% in the past 24 hours, reaching $2.01 billion.
Looking at the bigger picture, BNB’s price has been steady for the last few weeks. However, the price recently faced a major crash, touching the low near $500. In the last 24 hours, its market value has dropped by 2.6% to $86.17 billion.
BNB’s Open Interest Continues to Decline
BNB’s price has been attempting to meet sellers’ demand toward the $600 mark. The $650 price point was particularly rejected due to pressure from short-term holders.
In the past day, there’s been a lot of trading activity with BNB. According to Coinglass, about $1.13 million worth of BNB trades were settled, and out of that, $973,000 came from buyers who decided to sell off their long positions. Meanwhile, sellers closed about $155,000 worth of their positions.
The total number of open trading contracts, known as open interest, has fallen to $752 million, which is a 10.2% drop from yesterday. This indicates a decrease in demand. However, the funding rate for BNB is now positive, at 0.0023%.
Despite the current situation, the market might turn bullish as more traders are choosing to take long positions, hoping the price will rise. The ratio of long to short positions is now 1.6116, showing an increase in long positions. This suggests that more traders, currently 62% of them, believe the price will go up soon.
BNB Price Prediction: Technical Analysis
The price of Binance Coin (BNB) is facing increasing selling pressure as sellers aim for a drop below $600. However, buyers are strongly defending the immediate Fib levels. Currently, BNB is priced at $604, with a decrease of 2.5% in the last 24 hours.
The BNB/USDT trading pair is targeting $600 but might face strong rebound, resulting in a retest of the immediate Fib channel. With the Relative Strength Index (RSI) at 50, around the neutral region, there could be strong buying demand for BNB. If the price rebounds above $600, we might see a correction toward $620.
Conversely, if the price drops below $600, we might see a drop toward $560.
BNB Price Prediction: What to Expect Next?
Short-term: According to BlockchainReporter, BNB price might continue to hover around $600. If the price holds above that level, we might see a trade around $620. On the downside, $560 is the range.
Long-term: According to Coincodex’s current Binance Coin price prediction, the price of Binance Coin is expected to increase by 27.53% and reach $737.24 by March 10, 2025. Coincodex’s technical indicators suggest that the current sentiment is bearish, while the Fear & Greed Index indicates a level of 44, categorized as “Fear.” Over the past 30 days, Binance Coin has experienced 15 green days out of 30, with a price volatility of 6.37%. Based on the forecast from Coincodex, it is currently not a good time to buy Binance Coin.
BNB price is trading at $604 at the time of writing. The BNB price has dropped by over 2.5% in the last 24 hours.
Throughout the day, BNB price might continue to hover around $600. If the price holds above that level, we might see a trade around $620. On the downside, $560 is the range.
According to long-term forecasts, the BNB price might reach $737.24 by March 10. 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-10/