BNB Price Prediction: Will the Binance Coin Price Rise in 2023?

In the last day, the price of BNB has significantly increased, going from $674 to over $710, which is a 0.99% rise. The price is now similar to what it was in early January, thanks to increased buying interest.

The price of BNB has seen a slight increase over the last 24 hours, moving from $699 to $700 at the time of writing. This marks a gain of 0.71% for the coin.

BNB price has been experiencing increased buying interest, which is evident in the large volume of trades being executed. According to Coinglass, over $12.8 million in BNB trades were liquidated, with a majority of those, around $10.1 million, coming from buyers who closed their long positions.

The price of BNB has been steadily recovering over the last few days, and analysts believe that the coin could continue to rise further. Especially with Donald Trump set to take his office today and his known support for crypto initiatives, which could boost buying demand for BNB.

BNB Open Interest Touches $1 Billion

The price of BNB has seen a strong recovery over the last few days. Especially with strong buying interest and more active trading, the price of Binance Coin is smoothly progressing towards its December high of $793. As a result, its market value has increased by 1.01% to $100.5 billion.

Moreover, the price of BNB has been experiencing increased demand, which is evident in the rising open interest. According to the latest data from Coinglass, the open interest for BNB has climbed to $1,000,000,004. This marks an increase of 1.3% from yesterday’s record of $997,333,696.

However, despite the current upward trend, the market could still turn bearish as the ratio of long to short positions has been decreasing.

Currently, the long/short ratio stands at 0.5235, showing an increase in short positions—where traders bet on price declines. This indicates that more traders are expecting prices to drop soon. At the moment, 34.4% of traders believe BNB’s price will rise, while 65.6% are betting it will fall.

BNB Price Prediction: Technical Analysis

The price of BNB has been slowly increasing and trying to stay above $700. Despite this, sellers are still in control, resisting any significant rise beyond the initial 23.6% Fibonacci retracement level. Right now, BNB is priced at $700, with a small gain of 0.71% in the last 24 hours.

The BNB/USDT pair is also trying to stay above $700 and might even cross the 23.6% Fibonacci level. However, with the Relative Strength Index (RSI) at 48, just below the neutral point, BNB could keep facing challenges around the $700 mark. If the price does go over $710, it could attract more buyers.

On the flip side, if the price drops below $690, sellers might drive it down to about $675.

BNB Price Prediction: What to Expect Next?

Short-term: According to BlockchainReporter, BNB price might continue to struggle around $700. If the price moves above that level, we might see a trade around $710. On the downside, $690 is the range.

Long-term: According to Coincodex’s latest Binance Coin price prediction, the price of Binance Coin is expected to increase by 19.26%, reaching $805.33 by February 19, 2025. Coincodex’s technical indicators show a Neutral current sentiment, while the Fear & Greed Index is at 77, indicating Extreme Greed. Over the past 30 days, Binance Coin has had 14 green days, which accounts for about 47% of the time, with a price volatility of 2.05%. Based on this forecast, Coincodex suggests that it is a favorable time to purchase Binance Coin.

How much is the BNB price today?

BNB price is trading at $700 at the time of writing. The BNB price has increased by over 0.7% in the last 24 hours.

What is the BNB price prediction for January 20?

Throughout the day, BNB price might continue to struggle around $700. If the price moves above that level, we might see a trade around $710. On the downside, $690 is the range.

Is BNB a Good Buy Now?

According to long-term forecasts, the BNB price might reach $805.33 by February 19. 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: