Binance Coin (BNB) Price Prediction: Will BNB Price Break $700 Soon?

In the last 24 hours, the price of BNB attempted meet buyers’ demand as it surged toward $660; however, it faced selling pressure and declined.

The price of BNB attempted to maintain a bullish momentum above $660 on February 20. However, it encountered strong resistance at this level, leading to an immediate bearish trend on the price chart. As a result, the price dropped to retest the $650 support.

Despite the bearish pressure, the buying momentum is gradually increasing. Notably, traders should expect a strong selling pressure for BNB, evident from the Relative Strength Index (RSI) at 43, just below the midline.

Moreover, if the price surges above $685, we might see a correction toward $725. Conversely, if the price drops below $650, we might see a drop toward $624.

Short Term Price Analysis for BNB

According to BlockchainReporter, BNB price might continue to trade within a range, surging toward $685. If the price moves above that level, we might see a trade around $725. On the downside, $624 is the range.

BNB Short Term Price Analysis Chart

BNB Short Term Price Analysis Chart

Long Term Price Analysis for BNB

According to the current Binance Coin price prediction from Coincodex, the price of Binance Coin is expected to decrease by -7.32%, reaching $603.55 by March 22, 2025. Coincodex’s technical indicators suggest a Bearish sentiment, and the Fear & Greed Index indicates a score of 44, which represents Fear.

Binance Coin has experienced 16 out of 30 green days, with a price volatility of 6.03% over the last 30 days. Based on this forecast, it is currently advised against buying Binance Coin.

BNB Long Term Price Analysis Chart

BNB Long Term Price Analysis Chart

What Influences the Price of BNB?

Several factors influence the price movements of BNB. Here are some key points to consider:

Demand and Supply: Like any other cryptocurrency, the price of BNB is largely determined by the interplay of demand and supply in the market. Higher demand from buyers tends to drive the price up, while increased selling pressure from traders can lead to a price decrease.

Economic Conditions: Macroeconomic factors and the overall state of the crypto market can also impact BNB's price. Favorable economic conditions and positive market sentiment often contribute to higher prices, while recessions or bearish trends can exert downward pressure.

Regulatory Landscape: Government regulations and policies concerning cryptocurrencies can influence the price of BNB. Clear and supportive regulations tend to boost investor confidence and drive prices up, while strict regulations or bans can have a negative impact.

Technological Advancements: Updates and improvements to the Binance Chain or BNB ecosystem can affect the cryptocurrency's price. Faster transaction speeds, lower fees, or new features often increase demand and drive prices higher.

Market Psychology: The collective emotions and sentiments of traders in the market can influence the price of BNB. Fear of missing out (FOMO) during bull markets tends to drive prices up, while panic selling during bear markets can lead to sharp price drops.

How Much Is the BNB Price Today?

The live BNB price today is $649.13, according to data from Binance. Over the last 24 hours, the BNB price has dropped by over 0.9%. The trading volume has also decreased by 6.13% to $1.88 billion.

BNB price is trading at $649, down by 0.9% in the last 24 hours. The trading volume has also dropped by 6.13% to $1.88 billion.

What Is the BNB Price Prediction for February 20?

Throughout the day, BNB price might continue to trade within a range, surging toward $685. If the price moves above that level, we might see a trade around $725. On the downside, $624 is the range.

Is BNB a Good Buy Now? According to long-term forecasts, the BNB price might reach $603.55 by March 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:

Be aware of the cryptocurrency market's inherent price fluctuations and adjust their investment strategies accordingly.

Consider the risks associated with any new technological updates or changes to the Binance Chain ecosystem.

Monitor the regulatory landscape and be prepared for any shifts in government policies or attitudes toward cryptocurrencies.

Perform thorough research and due diligence before making any investment decisions, taking into account multiple price predictions and analyses.