In the last 24 hours, the price of BNB has made a strong decline as it dropped below the $600 level. Currently, buyers are aiming for a recovery rally. Additionally, BNB’s trading volume has surged by 16% in the past 24 hours, reaching $1.4 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 attempting for a recovery rally amid rising bearish threat. In the last 24 hours, its market cap has surged by 0.45% to $85.73 billion.
BNB Failed to Meet Buyers’ Demand
BNB is currently experiencing downward pressure, with the price now beneath the pivotal $600 mark. This reflects sellers’ efforts to cement their control by maintaining the price below this level.
Recent figures from Coinglass highlight that the market has seen approximately $845K in liquidations over the past 24 hours. Within this, buyers have borne the brunt, losing around $676K, compared to sellers who faced lesser losses of about $169K.
The market sentiment appears bearish, underscored by a dip in trader engagement. Active BNB contracts have decreased by about 2%, dropping to nearly $774 million. Moreover, the persistently negative funding rate of -0.022% suggests a cautious and generally pessimistic outlook among traders.
Despite this, there is a sliver of potential optimism. The buyer-to-seller ratio stands at 0.9, indicating a modest bias towards expectations of the price staying below $600. Nevertheless, should the buyers rally and drive the price upwards, BNB might soon test the crucial resistance level at $610.
BNB Price Prediction: Technical Analysis
Binance Coin (BNB) is currently under a lot of selling pressure as its price has fallen from the key level of $600. The coin briefly dropped to $587, showing that sellers are gaining strength. Right now, BNB’s price is at $598, having fallen by about 0.4% in the last 24 hours.
Even though the market seems to be favoring sellers, some signs suggest a potential recovery, with buyers trying to push the price back above $600. However, the Relative Strength Index (RSI), at around 38, indicates that sellers may still have the upper hand in market trends.
If buyers can gather enough momentum, BNB might be able to break through the $610 mark and possibly aim for a higher resistance at $644. On the other hand, if the selling pressure keeps up and BNB remains under $600, the price could fall towards $563.
BNB Price Prediction: What to Expect Next?
Short-term: According to BlockchainReporter, BNB price might aim for a surge toward the $610 resistance level. If the price moves above that level, we might see a trade around $644. On the downside, $563 is the range.
Long-term: According to Coincodex’s current Binance Coin price prediction, the price of BNB is forecasted to increase by 94.41%, potentially reaching $1,180.66 by April 28, 2025. Coincodex’s technical indicators currently suggest a bearish sentiment, with the Fear & Greed Index indicating a level of 26 (Fear). Over the past 30 days, Binance Coin has recorded 14 green days (47%) and experienced price volatility of approximately 4.20%. Based on these insights, Coincodex suggests it is currently not a favorable time to purchase Binance Coin.
BNB price is trading at $598 at the time of writing. The BNB price has dropped by over 0.4% in the last 24 hours.
Throughout the day, BNB price might aim for a surge toward the $610 resistance level. If the price moves above that level, we might see a trade around $644. On the downside, $563 is the range.
According to long-term forecasts, the BNB price might reach $1,180.66 by April 28. 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.
