BNB Price Prediction: Binance Coin (BNB) Faces a Surge in Open Interest as the Price Surges above $560 Resistance

In the last 24 hours, the price of BNB successfully met buyers' demand as it surged above the crucial resistance of $560.

The price of Binance Coin (BNB) faced strong buying demand as it encountered the crucial resistance at $560. Although buyers are attempting to push the price above the immediate Fib level around $600, sellers are presenting a strong defense against a further surge.

Additionally, there was a significant increase in BNB’s trading volume, with a 3.1% rise in the past 24 hours, bringing the total to $1.87 billion.

In the broader perspective, BNB’s price has been encountering greater downward volatility since the crash on February 3. However, the price is now making a recovery towards $600. Within the last 24 hours, its market cap has surged by 3.8%, reaching $82.72 billion.

BNB Faces a Surge in Open Interest

The price of BNB displayed a strong bullish rally as it breached the $560 resistance. Buyers successfully maintained the momentum above the Fib levels. Nonetheless, bears are fiercely defending any attempts at a steeper ascent above the descending resistance line.

There was a significant amount of trading activity involving BNB in the past 24 hours. According to Coinglass, approximately $708K worth of BNB trades were settled, and out of that sum, $263,000 came from buyers who decided to sell off their long positions. Meanwhile, sellers closed about $445K of their positions.

The total number of open trading contracts, commonly known as open interest, experienced a surge to $747 million, which marks an 8.3% increase from the previous day. This statistic is an indicator of a strong rise in demand. However, the funding rate for BNB stands at -0.0004%, and it is in the negative, which might indicate a growing bearish or short-term selling dominance as the price hovers above immediate resistance lines.

Moreover, the BNB price might continue its upward trajectory with more traders opting for long positions in anticipation of a further surge in the price. The ratio of long to short positions is currently 1.1, indicating an increment in long positions. This suggests that a majority of traders, currently 51%, believe the price will move upwards soon.

BNB Price Prediction: Technical Analysis

The price of Binance Coin (BNB) encountered strong buying pressure as it broke through the $560 resistance. This move immediately sparked a surge in buying confidence among traders. However, sellers are presenting a strong defense against further advances on the price chart above the descending resistance line. Currently, BNB is trading at $580, showing an increase of 3.8% in the past 24 hours.

The BNB/USDT trading pair is making an attempt to hold above the descending resistance line, but it might face strong resistance, leading to a potential retest of the $560 zone. However, with the Relative Strength Index (RSI) at 60, which is in the buying zone, there could be more buying pressure for BNB. If the price manages to break above the resistance line, we might see a rally towards $610.

On the other hand, sellers might try to push the price towards the crucial $563 support line. If the price fails to stay above that level, we might witness a steeper decline, potentially taking the price towards $501.

BNB Price Prediction: What to Expect Next?

Short-term: According to BlockchainReporter, the price of BNB might aim for a surge towards the resistance line. If the price moves above that level, we might see it trading around $610. In the short-term, the price is expected to remain in the $563 range.

Long-term: According to the latest Binance Coin price prediction from Coincodex, the price of Binance Coin is expected to increase by 72.05%, reaching $996.67 by April 12, 2025. Technical indicators from Coincodex suggest that the current market sentiment is bearish, with the Fear & Greed Index at 45, which falls into the ‘Fear’ category. In the last 30 days, Binance Coin has had 14 green days out of 30, and it’s showing a price volatility of 6.33%. Based on these forecasts and indicators, it is currently considered an unfavorable time to buy Binance Coin.

What is the BNB price today?

The price of BNB is $580 at the time of writing. The price of BNB has surged by over 3.8% in the last 24 hours.

What is the BNB price prediction for March 13?

Throughout the day, the price of BNB might aim for a surge towards the resistance line. If the price moves above that level, we might see it trading around $610. In the short-term, the price