BNB Price Prediction: Will Binance Coin (BNB) Price Surge to $600?

In the last 24 hours, the price of BNB attempted to meet buyers' demand as it surged toward $600. However, bears strongly defended an upward trend.

The price of (CRYPTO: BNB) attempted to meet buyers’ demand as it surged toward $600 in the last 24 hours. However, bears defended an upward trend on the price chart, which resulted in a rejection.

Also, the trading volume of BNB increased by 23.6% to $2.31 billion in the past 24 hours.

In the bigger picture, the price of BNB has been facing increased downward volatility since the crash on February 3. But, BNB is now recovering toward a bullish rally. Its market cap surged by 0.1% to $82.5 billion.

What Happened?

The price of BNB jumped past $600 following a Wall Street Journal report. The report claimed that the Trump family was considering buying into the U.S. branch of Binance. During this time, the founder of the exchange, Changpeng Zhao, known as CZ, was reportedly planning to get a presidential pardon after spending four months in jail for breaking anti-money laundering laws.

However, the increase in the value of BNB didn’t last long after CZ stated that there were no talks about selling Binance.US or trying to get a pardon. He addressed the issue on a social media post, saying, “Sorry to disappoint. The WSJ article got the facts wrong. I have had no discussions of a Binance US deal with… well, anyone.”

The report by the WSJ was part of a larger attempt to attack the cryptocurrency world and the current U.S. administration, according to CZ. He said that there are still people from the last administration who are against cryptocurrencies and are causing problems.

Recently, BNB experienced a significant upward surge, reaching the $613 mark before encountering selling pressure that drove it back down toward the $580 level, showcasing substantial volatility.

Liquidation data over the last 24 hours from Coinglass reveals high activity, with positions totaling approximately $745K being liquidated. This includes $535K worth of long positions and about $210K from short positions liquidation.

The total open interest in BNB, which represents all active trading contracts, has decreased slightly by 10% to $748 million, indicating a slight decline in trader engagement. Additionally, the funding rate of BNB stands at -0.0129%.

Yet, the long to short position ratio has increased to 1.2, and 51% of traders are expecting an increase in the price of BNB, which indicates a rising bullish sentiment and hints at potential upward movement in its price.

Technical Analysis Of BNB

Binance Coin (BNB) recently rallied to the $600 resistance level, but it has struggled to sustain gains above this level due to increased selling pressure.

At the time of writing, BNB is currently trading at $578, showing a minimal decline of 0.04% over the last 24 hours.

On the price chart, the BNB/USDT pair is now ranging around the descending resistance line, which increases the possibility of a rejection that could propel the price downward to the $563 support level.

However, the Relative Strength Index (RSI) stands at 55, indicating that BNB is still in the buying zone. This suggests potential buying interest that could help the price break through the $610 resistance, paving the way for a potential rally toward the $676 price point.

Conversely, if sellers exert more control, we could see BNB pulling back towards the pivotal $563 support level. A breach below this level could trigger a more rapid decline towards the $501 price range.

What To Expect Next From BNB

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 $676. On the downside, $563 is the range.

Long Term: According to the current Binance Coin price prediction from Coincodex, the price of Binance Coin is expected to increase by 101.83% and reach $1,174.11 by April 13, 2025. Coincodex’s technical indicators suggest that the current market sentiment is bearish, and the Fear & Greed Index indicates a level of 27, which is categorized as Fear. Over the past 30 days, Binance Coin has experienced 14/30 (47%) green days with a price volatility of 6.46%. Based on this forecast, it is currently recommended not to buy Binance Coin.