BNB Price Prediction: Will the Surge Toward $600 Continue?

In the last 24 hours, the price of BNB successfully met buyers' demand as it surged toward $600.

In the last 24 hours, the price of BNB (CRYPTO: BNB) successfully met buyers’ demand as it surged toward $600. Though buyers are attempting to send the price above immediate Fib level, sellers are strongly defending a surge.

Additionally, BNB’s trading volume has dropped by 15% in the past 24 hours, reaching $1.79 billion.

Looking at the bigger picture, BNB’s price has been facing increasing downward volatility since the crash on February 3. In the last 24 hours, its market cap has surged by 5.7% to $85.7 billion.

BNB Faces Nearly $1 Million Liquidation

The price of BNB made a strong bullish surge as it broke through the $600 level. Buyers were able to successfully rebound the price from the low of $546. However, bears are defending further surges.

In the past 24 hours, there has been a lot of trading activity with BNB. According to Coinglass, about $1.01 million worth of BNB trades were settled, and out of that, $414,000 came from buyers who decided to sell off their long positions. Meanwhile, sellers closed about $598K of their positions.

The total number of open trading contracts, known as open interest, has dropped to $678 million, which is a 1.9% decrease from yesterday. This indicates a slight decrease in demand. Additionally, the funding rate for BNB is in the negative at 0.018%. Also, the BNB price might turn bearish with more traders deciding to take short positions, hoping the price will decline. The ratio of long to short positions is now 0.9, showing an increase in short positions. This suggests that more traders, currently 53% of them, believe the price will go down soon.

The price of Binance Coin (BNB) saw a strong recovery as it broke through the $600 level, leading to an immediate surge in buying confidence among traders. However, sellers are putting up a strong defense against further surges on the price chart.

Currently, trading at $598, BNB has experienced a surge of 5% in the last 24 hours.

The BNB/USDT trading pair is aiming for the descending resistance line but might face strong rejection, leading to a retest of the $600 zone. However, with the Relative Strength Index (RSI) at 63, which is within the buying zone, there could be some buying pressure on the coin. If the price manages to break above the resistance line, we might see a surge toward the Fib level at $633.

On the other hand, if sellers manage to exert strong pressure and break through the immediate support zone at $588, we might see a decline toward the crucial Fib level at $550. If the price fails to hold above that level, we might see a strong decline toward the Fib level at $501.

According to BlockchainReporter, the price of Binance Coin is expected to rise by 47.18% and reach $869.36 by April 4, 2025. Coincodex’s technical indicators indicate that the current market sentiment is Bearish, and the Fear & Greed Index is at 20, signaling Extreme Fear. In the past 30 days, Binance Coin has recorded 16/30 (53%) green days with a price volatility of 5.65%. Based on this forecast, it is currently not a favorable time to purchase Binance Coin.

On March 5, at 08:34 UTC, the price of BNB was trading at $598, having dropped by over 5% in the last 24 hours.