Binance Coin (BNB) market witnesses strong bearish momentum, struggling to gain traction above the $640 resistance level.

The price of BNB has been facing heightened volatility since the crash on February 3, causing unease among investors. However, the cryptocurrency is attempting a recovery, showing signs of a bullish rally.

The Binance Coin (BNB) market has witnessed strong bearish momentum over the last 24 hours, with prices struggling to gain traction above the $640 resistance level. Sellers are actively consolidating the price within a bearish region, keeping it subdued below the $630 mark.

The trading volume has surged by 7.1%, reaching $2.09 billion, highlighting increased market activity. However, despite short-term downward pressure, BNB shows signs of resilience, hinting at a potential bullish reversal.

BNB Market Overview

The price of BNB has been facing heightened volatility since the crash on February 3, causing unease among investors. However, the cryptocurrency is attempting a recovery, showing signs of a bullish rally.

Over the past 24 hours, BNB’s market capitalization has dropped by 0.8%, now standing at $89.7 billion.

While the price remains under pressure, key technical and on-chain indicators suggest that a potential breakout could be on the horizon. Traders are closely monitoring the resistance and support levels, with a key focus on whether BNB can reclaim the $640 mark or slip further below $610.

BNB Open Interest Decline and Liquidations

Recent data from Coinglass indicates that market volatility has triggered significant liquidations, totaling approximately $1.34 million over the past 24 hours. Interestingly, long positions suffered the most, with buyers losing around $1.13 million, whereas short positions incurred losses of roughly $210,000.

This bearish sentiment has also impacted trader enthusiasm, as reflected in the sharp decline in BNB’s open interest. Open interest in BNB contracts dropped by approximately 22.5%, settling at around $839 million. Additionally, the funding rate has turned negative at -0.0056%, signaling increased caution and bearish sentiment among traders.

Despite these concerning metrics, a subtle bullish undertone remains in the market. The long-to-short ratio stands at 1.1, indicating that 52% of traders still hold a bullish outlook, anticipating a potential rebound. If bulls manage to regain confidence and push the price above $640, BNB could enter a renewed uptrend in the coming sessions.

BNB Technical Analysis: Resistance and Support Levels

Binance Coin remains in a tug-of-war around the crucial $640 resistance, with bearish momentum restricting upward movement. Currently, the price hovers near $630, briefly dipping as low as $629—a modest 0.2% decline. Sellers are now attempting to push BNB toward the immediate support level defined by the 23.6% Fibonacci retracement.

Despite persistent bearish pressure, certain technical indicators suggest that a recovery could be on the horizon:

Should bullish momentum prevail, BNB may challenge and surpass the $640 resistance, setting sights on the next major resistance at $676. Conversely, if selling pressure intensifies and BNB drops below $610, a further correction toward the $563 support level could be in play.

BNB Price Prediction: Short-Term and Long-Term Outlook

Short-Term Prediction

According to BlockchainReporter, BNB may soon attempt another rally toward the $640 resistance level. A successful breakout above this zone could push the price toward $676. However, on the downside, $610 remains a key support level, acting as the immediate defense against further declines.

Long-Term Forecast

Coincodex’s Binance Coin price prediction suggests that the cryptocurrency could see substantial growth over the next year. The forecast predicts a 88.78% price increase, with BNB potentially reaching $1,194.29 by April 27, 2025.

However, the current technical indicators point to a bearish market sentiment, accompanied by a Fear & Greed Index rating of 44, which signals a cautious investor approach. Over the last 30 days, BNB has recorded 14 out of 30 (47%) positive trading days, with a price volatility rate of 4.17%. Based on this data, Coincodex suggests that now may not be the ideal time to invest in Binance Coin, given the prevailing market uncertainty.

What to Expect Next?

As BNB navigates its current consolidation phase, traders and investors should watch for key levels that could determine the cryptocurrency’s next move: