BNB Price Prediction: Targeting $676 as Buyers Aim for an Upward Correction

In the last 24 hours, the price of BNB has been under a minor bearish pressure as it got rejected below $640.

In the past 24 hours, the price of BNB has come under minor bearish pressure as it got rejected below $640. However, buyers are now aiming for an upward correction as BNB price gains momentum for another retest of resistance.

Additionally, BNB’s trading volume has surged by 25.3% in the past 24 hours, reaching $2.4 billion.

Larger Context: BNB Price Faces Increasing Downward Volatility

Shifting to a broader perspective, BNB’s price has been encountering increasing downward volatility since the crash on February 3. Nonetheless, BNB is now recovering with a bullish rally.

In the last 24 hours, its market cap has surged by 3% to reach $89.5 billion.

Furthermore, BNB faces $1.3 million in liquidation as sellers actively block bids to rise past current resistance.

As per recent liquidation data from Coinglass, about $1.31 million in positions got liquidated in the past 24 hours. Out of the liquidated positions, $313K were from longs and around $992K were from shorts.

The total open interest in BNB, reflecting all active trading contracts, has surged by 7.6%, increasing to $832 million. This surge indicates increasing trader engagement. However, the negative funding rate for BNB, currently at -0.0301%, signals a cautious or bearish market sentiment.

A notable shift in the long to short position ratio to 0.5335, with 65.2% of traders anticipating a further decline in BNB’s price, could drive the price closer to the $600 mark.

Technical Analysis: Where Could BNB Go Next?

Binance Coin (BNB) is showing a slight decrease in buying interest after struggling to break through the $640 mark. However, there's a potential for a buyers' return as they might aim for another test of the resistance levels.

At present, BNB is trading at $627, reflecting a 2.44% increase over the last 24 hours. Technical indicators are displaying bullish signals, with BNB/USDT positioned above the EMA20 trend line, hinting at a possible approach toward the $640 resistance shortly.

The Relative Strength Index (RSI) stands at 59, suggesting BNB is currently in a favorable buying territory. This may prompt continued buying efforts, potentially propelling the price beyond the $640 mark, with sights set on reaching up to $676.

Conversely, an increase in selling pressure could push BNB back down to the pivotal $610 support level. Should it break below this threshold, BNB could see a significant downturn to $563, indicating a reversal from its current bullish trajectory.

Get the latest email updates from CCXVOpen positions in the derivatives market got liquidated on Thursday, delivering $1.31 million in losses to traders within 24 hours.

Out of the liquidated positions, $313K were from longs and around $992K were from shorts. The majority of liquidated longs were in ETH, amounting to $194K, while the majority of liquidated shorts were in BNB, delivering $544K in losses to traders.

The total open interest in cryptocurrency derivatives rose by 7.6% to reach $832 million, reflecting increased trader activity. However, the funding rate for BNB was negative and stood at -0.0301%, which indicates a cautious or bearish market sentiment.

The long to short position ratio for BTC was 0.5335, with 65.2% of traders anticipating a further decline in the cryptocurrency's price, potentially driving it closer to the $50,000 mark.

At the same time, the open interest in BTC reached $10.33 billion, and the funding rate for BTC was 0.01%.

At the beginning of the year, several analysts predicted that BNB would hit $1,000 by the end of 2024. However, given the significant gains in the cryptocurrency market this year, some analysts believe that BNB could reach $1,000 even sooner than expected.

Earlier this month, crypto analytics firm Glassnode reported that the number of Ethereum (ETH) whales, defined as addresses holding 1,000 ETH or more, reached a 16-month high in February 2024.

According to Glassnode's analysis, the count of ETH whales surged to 1,101 on February 28, marking the highest level since October 2021, when the total reached 1,120.

This surge followed a period of accumulation by large investors, who had been hoarding ETH in anticipation of a rebound from the 2022 bear market lows.