In the last 24 hours, the price of BNB has significantly increased, going from $660 to over $683, recording 0.08% gain. Though buyers are attempting to send the price above immediate Fib level, sellers are strongly defending the $680 level. However, BNB’s trading volume has declined by 12.6% 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 is currently minor domination from the bears in reaching its December ATH. In the last 24 hours, its market value has increased by 0.08% to $96.4 billion.
BNB’s Open Interest Hovers Below $1 Billion
BNB’s price has been climbing over the past few hours. Analysts think it might rise even more because Donald Trump has signed several executive orders that are good for the cryptocurrency market.
Over the last 24 hours, a lot of people have been buying and selling BNB. According to Coinglass, around $306,000 worth of BNB trades were settled, with $235,000 of that from buyers who decided to close their long positions. On the other hand, sellers closed around $71K worth of positions.
Open interest, which shows the total number of open derivative contracts, has dropped to $935.7 million, a 0.34% decrease from yesterday. This suggests that demand is going down. However, the funding rate of BNB remains positive as it hovers around 0.0055%.
Amid this, the market might turn bearish since more traders are taking short positions, betting that the price will drop. Right now, the ratio of long to short positions is 0.5574, with an increase in shorts. This means more traders think the price will go down soon. Currently, 64.2% traders are expecting that the prices will drop.
BNB Price Prediction: Technical Analysis
The price of Binance Coin (BNB) has been gradually rising and is attempting to stay above $680. Despite this, sellers are dominating, preventing any major increase beyond the initial 23.6% Fibonacci retracement level. Currently, BNB is priced at $682, with a slight increase of 0.3% in the last 24 hours.
The BNB/USDT trading pair is targeting $690 and might even break through the 23.6% Fibonacci level. Moreover, with the Relative Strength Index (RSI) at 56, just above neutral, there could be continued buying interest in BNB. If the price climbs above $690, it could draw more buyers aiming for prices between $700 and $710.
Conversely, if the price falls below $675, sellers might push it down to around $660.
BNB Price Prediction: What to Expect Next?
Short-term: According to BlockchainReporter, BNB price might continue to struggle below $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 Binance Coin price prediction on Coincodex, the price of Binance Coin is expected to increase by 19.39% and reach $807.97 by March 2, 2025. Technical indicators suggest that the current market sentiment is neutral, while the Fear & Greed Index indicates a level of 76, signifying extreme greed. Over the past 30 days, Binance Coin has experienced 15 green days, which constitutes 50% of the period, along with a price volatility of 2.19%. Based on these forecasts, it is considered a good time to purchase Binance Coin.
BNB price is trading at $682 at the time of writing. The BNB price has increased by over 0.3% in the last 24 hours.
Throughout the day, BNB price might continue to struggle below $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 $807.97 by March 2. 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-31/