BNB Price Prediction: Will the Bulls Regain Control and Push BNB Price to New Highs?

In the last 24 hours, the price of BNB has significantly increased, going from $660 to over $679, which is a 0.8% rise.

The price of BNB has seen a slight uptick in the last 24 hours, rising from $660 to over $679, marking an increase of 0.8%. This rise can be attributed to increased buying interest, which has pushed the price to levels last seen in early January. However, despite this uptick, BNB’s trading volume has decreased by 6.8%, reaching $1.64 billion.

BNB’s price has remained relatively stable in the last few weeks, with minor domination from the bears in its attempt to reach its December ATH. Over the past 24 hours, its market value has increased by 0.78% to reach $96.4 billion.

BNB’s Funding Rate Remains Positive

As BNB’s price continues to climb, analysts attribute this rise to several executive orders signed by Donald Trump that are favorable to the crypto market.

The buying and selling of BNB have seen a lot of activity in the last 24 hours. According to Coinglass, roughly $295,000 in BNB trades were settled, with $168,000 of that coming from buyers who chose to close their long positions. On the other hand, sellers closed around $126K in positions.

Open interest surged to $934 million, a 0.76% increase from yesterday, suggesting increasing demand. Moreover, the funding rate of BNB remains positive as it hovers around 0.0041%.

Despite the positive trend, the market may turn bearish as more traders bet on the price to drop by taking short positions. Currently, the ratio of long to short positions is 0.8713, with an increase in shorts. This indicates that more traders believe the price will soon decrease. At the moment, 53.4% of traders are expecting the prices to drop.

BNB Price Prediction: Technical Analysis

The price of BNB is slowly trying to stay above $680 despite facing resistance from sellers who are preventing any significant rise beyond the initial 23.6% Fibonacci retracement level. Currently, BNB is priced at $677, with a small gain of 0.86% in the last 24 hours.

The BNB/USDT pair is now aiming for $690 and may even cross the 23.6% Fibonacci level. Furthermore, with the Relative Strength Index (RSI) at 52, just below the neutral point, BNB could continue facing buying demand. If the price does cross above $690, it could bring more buyers toward the $700-$710 range.

On the flip side, if the price drops below $675, sellers may drive it down to around $660.

BNB Price Prediction: What to Expect Next?

Short-term: According to BlockchainReporter, BNB price might continue to struggle below $690 throughout the day. If the price moves above that level, we might see a trade around $700. On the downside, $675 is the range.

Long-term: According to the Binance Coin price prediction on Coincodex, the price of Binance Coin is expected to increase by 19.31% and reach $807.36 by March 1, 2025. Technical indicators used by Coincodex suggest a Bearish current sentiment, while the Fear & Greed Index indicates a level of 70, showing Greed. In the past 30 days, Binance Coin has experienced 14/30 (47%) green days with 2.15% price volatility. Based on this forecast, it is currently considered a bad time to buy Binance Coin.