Binance Coin (BNB) Price Prediction: Stretched Toward $600 as Buyers Attempt to Meet Demand

In the last 24 hours, the price of BNB is attempting to meet buyers' demand as it surged toward $600.

In the last 24 hours, the price of BNB is attempting to meet buyers’ demand as it surged toward $610. However, sellers are strongly defending a surge above $610, which might be a Fib level, and a break above it might open the way for a strong rally.

The cryptocurrency’s trading volume has dropped by 8.9% to reach $1.62 billion in the past 24 hours.

The crypto is now recovering toward a bullish rally, and its market cap has surged by 0.78% to reach $86 billion.

BNB’s Funding Rate Turns Negative

Recently, BNB displayed a strong bullish push, breaking past the $600 barrier. However, its momentum is being tested as it struggles to surpass the $610 level due to robust resistance from bearish traders.

In the trading activity over the last 24 hours, significant movements have been noted. According to Coinglass, around $298.9K in BNB trades were settled, with $133.8K originating from buyers liquidating their long positions, while sellers closed positions amounting to $165.1K.

The total open interest in BNB, representing all active trading contracts, has risen slightly by 0.3% to $670 million, suggesting a modest increase in trading activity. Despite this, the negative funding rate of -0.0005% indicates a less favorable view on BNB.

Moreover, the shift in the long to short position ratio to 0.8 highlights a growing preference for short positions among traders, as 54% anticipate a decrease in BNB’s price in the coming period.

BNB Price Prediction: Technical Analysis

The price of Binance Coin (BNB) witnessed a strong recovery as it broke through the $600 mark. This resulted in an immediate surge in buying confidence among traders. However, sellers are strongly defending further surges on the price chart above $610.

Currently, BNB is priced at $601, showing an increase of 0.56% in the last 24 hours. The BNB/USDT trading pair is targeting the descending resistance line but might face strong rejection, resulting in a retest of the $600 zone.

However, with the Relative Strength Index (RSI) at 54, which is in the buying zone, there could be buying pressure for BNB. If the price breaks above the resistance line, we might see a surge toward $625.

On the other hand, sellers might attempt to drive the price toward the crucial $550 support line. If the price fails to hold above that level, we might see a strong decline toward $501.

BNB Price Prediction: What to Expect Next?

Short-term: According to BlockchainReporter, BNB price might aim for a surge toward the resistance line. If the price moves above that level, we might see a trade around $625. On the downside, $550 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 46.43% and reach $886.52 by April 5, 2025. Current technical indicators describe the market sentiment as bearish, and the Fear & Greed Index is at 25, indicating extreme fear.

Over the last 30 days, Binance Coin has experienced 16 green days, which accounts for 53% of the period, with a price volatility of 5.57%. Based on this forecast, it is currently not recommended to buy Binance Coin.

How much is the BNB price today?

BNB price is trading at $601 at the time of writing. The BNB price has surged by over 0.56% in the last 24 hours.

What is the BNB price prediction for March 6?

Throughout the day, BNB price might aim for a surge toward the resistance line. If the price moves above that level, we might see a trade around $625. On the downside, $550 is the range.

Is BNB a Good Buy Now?

According to long-term forecasts, the BNB price might reach $886.52 by April 5. 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: