BNB Price Prediction: Will the Price Recover After Trump Snub?

BNB price has been facing increasing volatility over the last 24 hours, going from $674 to over $700 and then facing rejection. Also, BNB’s trading volume

BNB price has shown signs of a slight decrease, dropping from over $700 to $698 at the time of writing. This price movement comes with a 0.71% gain in 24 hours. However, BNB’s trading volume has also decreased by 23% in the past 24 hours, reaching $1.88 billion.

This price decrease might be linked to the lack of cryptocurrency mentions in Trump's inauguration speech. According to Coinglass, around $343.5K worth of BNB trades were liquidated in the last 24 hours, with $296K of that from sellers closing their short positions.

The total open interest, which indicates the number of unsettled derivative contracts, has fallen to $985 million, a decrease of 1.3% from yesterday, يوhighlighting lower demand. Additionally, the long/short ratio, which showcases the balance between buyers and sellers, has dropped to 0.9216, indicating an increase in short positions where traders bet on further price decreases.

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

In the long term, Binance Coin price is expected to rise by 17.56% and reach $821.09 by February 21, 2025. According to Coincodex, technical indicators show a bullish market sentiment, with the Fear & Greed Index at 84, indicating Extreme Greed.

Over the last 30 days, out of 30 days, 16 were green days, showcasing a price volatility of 1.66%. Based on this forecast, it is considered a good time to purchase Binance Coin.