In the last 24 hours, the price of BNB has significantly increased, going from $678 to over $690, which is a 0.99% rise. The price is now similar to what it was in early January, due to increased buying interest. Also, BNB’s trading volume has gone up by 5.05% in the past 24 hours, reaching $2.08 billion.
Looking at the bigger picture, BNB’s price has been steady for the last few weeks. However, with strong buying interest and more active trading, the price of Binance Coin is smoothly progressing towards its December high of $793. As a result, its market value has increased by 0.9% to $98.2 billion.
BNB’s Open Interest Touches $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 $320,000 worth of BNB trades were settled, with $278,000 of that from buyers who decided to close their long positions.
This increase in price has also led to more people interested in trading BNB. Open interest, which shows the total number of open derivative contracts, has gone back up to $1 billion, a 4.69% increase from yesterday. This suggests that demand is going up.
Despite this positive trend, the market might still 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 0.8047, with an increase in shorts. This means more traders think the price will go down soon. Currently, 44% of traders are optimistic about the price increasing, while 56% think it will decrease.
BNB Price Prediction: Technical Analysis
The price of BNB has been slowly increasing and is trying to stay above $700. Despite this, sellers are still in control, resisting any significant rise beyond the initial 23.6% Fibonacci retracement level. Right now, BNB is priced at $689, with a small gain of 0.66% in the last 24 hours.
The BNB/USDT pair is also trying to stay above $700 and might even surpass the 23.6% Fibonacci level. However, with the Relative Strength Index (RSI) at 48, just below the neutral point, BNB could keep facing challenges below the $700 mark. If the price does go over $710, it could attract more buyers.
On the flip side, if the price drops below $675, sellers might drive it down to about $660.
BNB Price Prediction: What to Expect Next?
Short-term: According to BlockchainReporter, BNB price might continue to struggle below $700. If the price moves above that level, we might see a trade around $710. 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 18.37%, reaching $814.73 by February 23, 2025. Technical indicators suggest a Bearish sentiment, while the Fear & Greed Index indicates a level of 75, denoting Greed. Over the past 30 days, Binance Coin has experienced 15 out of 30 green days, with a price volatility of 1.51%. Based on the forecast from Coincodex, it is currently not advisable to purchase Binance Coin.
BNB price is trading at $689 at the time of writing. The BNB price has increased by over 0.66% in the last 24 hours.
Throughout the day, BNB price might continue to struggle below $700. If the price moves above that level, we might see a trade around $710. On the downside, $675 is the range.
According to long-term forecasts, the BNB price might reach $814.73 by February 23. 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.
