BNB price has been facing increasing bearish volatility over the last 24 hours, dropping from the peak of $700 due to the rising selling pressure. As a result, the price of BNB formed a low near $680. However, BNB’s trading volume has increased by 9.7% in the past 24 hours, reaching $2.01 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. Over the last 24 hours, its market value has dropped by 2.19% to $98 billion.
BNB’s Price Faces Increasing Selling Pressure
BNB’s price has declined due to the absence of any mention of cryptocurrencies in President Trump’s inauguration speech, sparking a wave of liquidations among traders and strengthening the resistance level.
Data from Coinglass reveals that in the past 24 hours, approximately $466,000 worth of BNB trades were liquidated, with $396,000 coming from buyers liquidating their long positions. This downturn has also dampened trading interest for BNB, with the total open interest in unsettled derivative contracts dropping to $957 million, a 1.8% decrease from the previous day, signaling declining demand.
Nevertheless, the long/short ratio, reflecting the balance between buyers and sellers, has climbed to 1.1711, suggesting an increase in long positions where traders anticipate price increases. This indicates that a majority of traders, 54%, are bullish about a potential price rebound for BNB, while 46% foresee a further decline.
BNB Price Prediction: Technical Analysis
BNB’s price continues to encounter resistance near the $700 mark, with sellers dominating and thwarting any significant climb past the initial 23.6% Fibonacci retracement level. The sellers have effectively driven the price down to a low of $680. Currently, BNB is trading at $685, reflecting a nearly 1.4% decrease over the past 24 hours.
The BNB/USDT trading pair is attempting to maintain a position above $680 and could potentially break through the 23.6% Fibonacci level if buyers regain control. With the Relative Strength Index (RSI) at 43, just shy of the neutral threshold, BNB may continue to struggle near the $700 level. Should the price rise above $710, it could potentially attract additional buyers.
Conversely, if the price falls below $675, sellers could push it further down towards approximately $660.
BNB Price Prediction: What to Expect Next?
Short-term: According to BlockchainReporter, BNB price might continue to struggle around $680. If the price moves above that level, we might see a trade around $690-$700. On the downside, $675 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 18.52% and hit $812.52 by February 22, 2025. The technical indicators currently suggest a bearish sentiment, while the Fear & Greed Index stands at 75, indicating greed. Over the past 30 days, Binance Coin has experienced 16 out of 30 green days, with a price volatility of 1.48%. Based on the Binance Coin forecast, it is currently not advisable to purchase Binance Coin.
How much is the BNB price today?
BNB price is trading at $685 at the time of writing. The BNB price has decreased by over 1.4% in the last 24 hours.
What is the BNB price prediction for January 23?
Throughout the day, BNB price might continue to struggle around $680. If the price moves above that level, we might see a trade around $690-$700. On the downside, $675 is the range.
Is BNB a Good Buy Now?
According to long-term forecasts, the BNB price might reach $812.52 by February 22. 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.
