In the last 24 hours, the price of BNB has been under a minor bearish pressure as it got rejected below $640. Buyers are currently aiming for an upward correction as BNB price gains momentum for another retest of resistance. Additionally, BNB’s trading volume has surged by 25.3% in the past 24 hours, reaching $2.4 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 surged by 3% to $89.5 billion.
BNB Faces $1.3 Million Worth of Liquidation
BNB’s price has been on an upward trajectory but struggling to break above $640. This pressure has put the price below key Fibonacci levels, with sellers now actively blocking any attempts to rise past the current resistance.
Recent liquidation data from Coinglass reveals significant market activity, with about $1.31 million in positions being liquidated in the last 24 hours. This includes $313K from long positions and around $992K from short positions.
Moreover, the total open interest in BNB—reflecting all active trading contracts—has surged by 7.6%, rising to $832 million. This surge indicates increasing trader engagement. However, the negative funding rate for BNB, currently at -0.0301%, signals a cautious or bearish market sentiment.
A notable shift in the long to short position ratio to 0.5335, with 65.2% of traders anticipating a further decline in BNB’s price. This sentiment could drive the price closer to the $600 mark.
BNB Price Prediction: Technical Analysis
Binance Coin (BNB) is experiencing a slight decline in buying interest after struggling to breach the $640 mark. Despite this, there’s a potential resurgence as buyers might target the resistance levels again. At present, BNB is trading at $627, up by 2.44% over the last day. Technical indicators are bullish, with BNB/USDT positioned above the EMA20 trend line, hinting at a possible approach toward the $640 resistance shortly.
The Relative Strength Index (RSI) stands at 59, suggesting BNB is currently in a favorable buying territory. This may prompt continued buying efforts, potentially propelling the price beyond the $640 mark, with sights set on reaching up to $676.
Conversely, an increase in selling pressure could push BNB back down to the pivotal $610 support level. Should it break below this threshold, BNB could see a significant downturn to $563, indicating a reversal from its current bullish trajectory.
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 Coincodex’s Binance Coin price prediction, the price of Binance Coin is expected to surge by 70.73%, aiming to reach $1,072.11 by April 19, 2025. Current technical indicators reflect a Neutral market sentiment, corroborated by a Fear & Greed Index score of 49, also indicating Neutral conditions. Over the last 30 days, Binance Coin has achieved 14 green days, which is 47% of the time, with a recorded price volatility of 5.22%. Based on Coincodex’s forecast, it is currently considered a favorable time to invest in Binance Coin.
BNB price is trading at $627 at the time of writing. The BNB price has surged by over 2.5% in the last 24 hours.
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.
According to long-term forecasts, the BNB price might reach $1,072.11 by April 19. 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.
