BNB Price Prediction: Will the Binance Coin (BNB) Price Rise or Fall in 2023?

BNB price has been facing increasing bearish volatility over the last 24 hours, struggling to move above $680. Also, BNB’s trading volume has decreased 1.3%

BNB price has seen a slight decrease over the last 24 hours, currently trading at $667 with a minimal drop of 0.84%. The price has been facing increasing selling pressure at the initial Fib level, preventing any further rise.

The total trading volume has also decreased by 1.3% in the last 24 hours, reaching $1.75 billion.

However, looking at the bigger picture, BNB’s price has been steady for the last few weeks. After recovering from a low of $560 in December, BNB price encountered strong buying interest, leading to a price surge. Now, the price is attempting to move towards its December high of $793.

In the last 24 hours, BNB’s market value has declined by 0.86% to reach $95.2 billion. This follows a broader market decline, with the total cryptocurrency market cap decreasing by 0.08% to reach $2.16 trillion.

Binance Coin (BNB) Price Drops Despite Trump's Crypto Support

Despite Trump signing several executive orders to support the cryptocurrency market, the price of Binance Coin (BNB) has still seen a decrease.

This drop in price has led to more people selling their BNB, as evident in the increase in liquidations. According to Coinglass, around $478,000 worth of BNB trades were liquidated in the last 24 hours, with $407,000 of that from buyers who closed their long positions.

The drop in BNB’s price has also resulted in fewer people being interested in trading it. The total open interest, which tracks unsettled derivative contracts, has fallen to $923 million. This is a 4.3% decrease from the previous day and indicates less demand.

Additionally, the long/short ratio, which measures the balance between buyers and sellers, has dropped to 0.6863. This means more traders are taking short positions, betting that the price will keep falling. Right now, 40% of traders believe BNB’s price will increase, while 60% think it will decrease.

BNB Price Prediction: Technical Analysis

The price of BNB has seen a gradual decline after being rejected from continuing a trend above the $690 level. Currently, sellers are in control, resisting any significant rise beyond the initial 23.6% Fibonacci retracement level.

The BNB/USDT pair is trying to stay above $690 but is facing increasing selling pressure. As a result, it might drop below the immediate support channels, giving sellers an advantage.

With the Relative Strength Index (RSI) at 44, below the neutral point, BNB could keep facing challenges. If the price drops below $660, it could attract more sellers, plunging the price toward the low of $640.

On the flip side, if the price surges above $690, buyers might drive it to $700.

BNB Price Prediction: What to Expect Next?

According to BlockchainReporter, BNB price might continue to struggle below $690. If the price moves above that level, we might see a trade around $700. On the downside, $660 is the range.

Short-term BNB price might continue to struggle below $690. If the price moves above that level, we might see a trade around $700. On the downside, $660 is the range.

Long-term BNB price is expected to increase by 19.68% and reach $804.38 by February 28, 2025. Coincodex’s technical indicators suggest that the current sentiment is bearish, and the Fear & Greed Index indicates a score of 72, signifying greed.

Over the last 30 days, Binance Coin has experienced 14/30 (47%) green days with a price volatility of 2.02%. Based on the forecast from Coincodex, it is currently considered a bad time to buy Binance Coin.