Binance Coin (BNB) Price Prediction: Will BNB Price Rise to $610?

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.

The price of Binance Coin (BNB) has declined in the last 24 hours as it dropped below the pivotal $600 level. However, buyers are aiming for a recovery rally.

On the other hand, BNB’s trading volume has surged by 16% in the past 24 hours, reaching $1.4 billion.

In the last 24 hours, BNB’s market cap has surged by 0.45% to $85.73 billion. On the other hand, its price has dropped by over 0.4%, trading at $598 at the time of press.

Looking at the bigger picture, BNB’s price has been facing increasing downward volatility since the crash on February 3.

At the beginning of this year, BNB’s price shot up to new all-time highs of over $700. However, the token’s price has declined sharply since then.

However, BNB is now attempting for a recovery rally amid rising bearish threat.

Recently, there has been a surge in liquidations within the crypto market. As per recent figures from Coinglass, the market has seen approximately $845K in liquidations over the past 24 hours.

Out of the total liquidations, buyers have faced greater losses with about $676K liquidated, whereas sellers have faced lesser losses of around $169K.

Moreover, the market sentiment appears bearish with a decrease in trader engagement. Active BNB contracts have decreased by about 2%, dropping to nearly $774 million.

Furthermore, 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.

However, should the buyers rally and drive the price upwards, BNB might soon test the crucial resistance level at $610.

If the buyers manage to push the price above this resistance, the next relevant resistance level to watch out for is at $644. Conversely, if the sellers manage to maintain their control and keep the price below the support level at $600, the next significant support level lies at $563.

Binance Coin 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. 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 that it is currently not a favorable time to purchase Binance Coin.