In the last 24 hours, the price of BNB has been facing intense bearish domination as it struggles to move above $640.
As a result, sellers are now aiming for a decline toward the low of $630. Additionally, BNB’s trading volume has dropped by 24.36% in the past 24 hours, reaching $1.68 billion.
Looking at the bigger picture, BNB’s price has been facing increasing downward volatility since the crash on February 3. However, BNB is now recovering with a bullish rally. In the last 24 hours, its market cap has dropped by 0.43% to $90 billion.
BNB’s Open Interest Faces Sharp Decline
The price of BNB has been trending downward lately as it failed to meet buyers’ demand above $640. As a result, sellers are now aiming for a hold below $630 level to strengthen their domination.
Recent data from Coinglass shows that approximately $275,000 in trading positions was liquidated in the past 24 hours, with sellers (short positions) losing around $93,000, while buyers (long positions) accounted for about $182,000.
Amid this bearish pressure, trader interest in BNB appears to be declining. Open interest—representing the total amount of active trading contracts—decreased by roughly 11.6%, reaching about $831 million. Additionally, BNB’s funding rate has become negative, currently at -0.0027%, suggesting traders are maintaining a cautious or bearish sentiment overall.
Interestingly, market sentiment seems slightly bullish regarding the balance between long and short positions, with the ratio now at 1.2. Around 53% of traders currently anticipate a potential upward rebound. If bullish sentiment strengthens, BNB could soon make another attempt at challenging the crucial $640 resistance level.
BNB Price Prediction: Technical Analysis
Binance Coin (BNB) is struggling to surpass the critical resistance mark of $640 amid escalating bearish pressures. Currently, the coin is consolidating around $630, with recent trades dipping to about $626—a nearly 1% decline as sellers attempt to drive the price down further towards the 23.6% Fibonacci retracement level.
Despite the downward pressure, certain technical indicators hint at a potential upswing. BNB’s price is holding steady above the key support trend line, suggesting that a rebound towards the $640 resistance could be forthcoming. The Relative Strength Index (RSI), sitting at 46, reflects a balanced market environment, potentially giving buyers a chance to rally.
Should the buying pressure intensify, BNB might overcome the $640 resistance and aim for the next target near $676. Conversely, if sellers push the price below the EMA20 trend line, BNB could retreat to the crucial support at $610. A breach of this level might trigger a more significant correction to $563, potentially reversing recent gains.
BNB Price Prediction: What to Expect Next?
Short-term:
According to BlockchainReporter, BNB price might aim for a surge toward the $640 resistance level. If the price moves above that level, we might see a trade around $676. On the downside, $610 is the range.
Long-term:
According to the latest Binance Coin price prediction from Coincodex, the price of Binance Coin is expected to increase by 96.78% and reach $1,244.57 by April 25, 2025. Coincodex’s technical indicators suggest that the current market sentiment is bearish, while the Fear & Greed Index indicates a neutral stance with a score of 47. Over the past 30 days, Binance Coin has experienced 14 out of 30 green days, demonstrating a price volatility of 4.16%. Based on these forecasts, it is currently not an advisable time to purchase Binance Coin.
How much is the BNB price today?
BNB price is trading at $626 at the time of writing. The BNB price has dropped by over 1% in the last 24 hours.
What is the BNB price prediction for March 26?
Throughout the day, BNB price might aim for a surge toward the $640 resistance level. If the price moves above that level, we might see a trade around $676. On the downside, $610 is the range.
Is BNB a Good Buy Now?
According to long-term forecasts, the BNB price might reach $1,244.57 by April 25. 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.