BNB Price Prediction: Will the Price Rise After Trump Signs Executive Orders?

In the last 24 hours, the price of BNB has significantly increased, going from $660 to over $683, recording 0.08% gain. Though buyers are attempting to send the price above immediate Fib level, sellers are strongly defending the $680 level. However, BNB’s trading volume has declined by 12.6% in the past 24 hours, reaching $1.43 billion.

The price of Binance Coin (BNB) has shown a slight increase over the past 24 hours, rising from $660 to over $683, indicating a 0.08% gain. As buyers attempt to push the price above the immediate Fib level, sellers appear to be strongly defending the $680 level. However, BNB's trading volume has seen a decrease of 12.6% within the past 24 hours, reaching $1.43 billion.

In the broader time frame, BNB's price has maintained stability over the past few weeks. However, the price is currently facing minor domination from the bears in reaching its December ATH. Over the past 24 hours, its market value has increased by 0.08% to reach $96.4 billion.

BNB's Open Interest Hovers Below $1 Billion as Price Rises

The price of BNB has been rising over the past few hours, with analysts suggesting that the price might increase further as several executive orders signed by Donald Trump have benefited the cryptocurrency market.

Over the past 24 hours, there has been a lot of activity in both buying and selling BNB. According to Coinglass, around $306,000 worth of BNB trades were settled, out of which around $235,000 were from buyers who chose to close their long positions. On the other hand, sellers closed around $71K worth of positions.

Open interest, which indicates the total number of open derivative contracts, decreased by 0.34% from yesterday to reach $935.7 million, suggesting a decreasing demand. However, the funding rate of BNB remained positive as it hovered around 0.0055%.

Meanwhile, the market may be turning bearish as more traders are taking short positions, betting that the price will decrease. Currently, the ratio of long to short positions is 0.5574, indicating an increase in shorts, which means that more traders believe the price will decrease soon. At the moment, 64.2% traders are expecting the prices to decrease.

BNB Price Prediction: Technical Analysis

BNB price is attempting to stay above $680 as it faces slight resistance from sellers in pushing the price to rise further past the initial 23.6% Fibonacci retracement level. Currently, BNB is priced at $682, showing a slight increase of 0.3% in the past 24 hours.

The BNB/USDT trading pair is targeting $690 and might break through the 23.6% Fibonacci level. Furthermore, with the Relative Strength Index (RSI) at 56, just above neutral, there could be continued buying interest in BNB. If the price rises above $690, it could attract more buyers aiming for prices between $700 and $710.

On the other hand, if the price falls below $675, sellers might aim to push 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. 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 19.39% and reach $807.97 by March 2, 2025. Technical indicators suggest that the current market sentiment is neutral, while the Fear & Greed Index indicates a level of 76, signifying extreme greed. Over the past 30 days, Binance Coin has experienced 15 green days, which constitutes 50% of the period, along with a price volatility of 2.19%. Based on these forecasts, it is considered a good time to purchase Binance Coin.