In the last 24 hours, the price of BNB has been under a minor bearish pressure

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

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

Additionally, BNB’s trading volume has dropped by 16.4% in the past 24 hours, reaching $1.96 billion. This decrease in volume might indicate a decrease in market interest in BNB.

Looking at the bigger picture, BNB’s price has been facing increasing downward volatility since the crash on February 3. However, BNB is now recovering with a bullish rally. In the last 24 hours, its market cap has surged by 0.5% to $90.3 billion.

BNB Faces a Drop in Open Interest

BNB’s price has been on an upward trajectory but struggling to break above $640. Currently, buyers are aiming for a break above immediate Fib levels to strengthen the bullish rally.

Recent liquidation data from Coinglass reveals significant market activity, with about $805K in positions being liquidated in the last 24 hours. This includes $473K from long positions and around $332K from short positions.

Moreover, the total open interest in BNB—reflecting all active trading contracts—has dropped by 4.6%, declining to $855 million. This drop indicates declining trader engagement.

Additionally, the negative funding rate for BNB, currently at -0.0309%, signals a cautious or bearish market sentiment. A positive funding rate usually indicates that traders are bullish and optimistic about the asset's price direction. In contrast, a negative funding rate, like the one observed for BNB, typically signifies that traders are bearish and expecting a decrease in the asset's price.

A substantial portion of the liquidated positions belonged to Huobi exchange, which saw roughly $307K in long positions liquidated, while Binance liquidated around $164K in short positions.

Finally, the long to short position ratio is showing a notable shift in favor of longs with a 1.1 multiple, as 51% of traders are expecting an upward correction in the BNB’s price. This sentiment could drive the price closer to the $640 mark.

BNB Price Prediction: Technical Analysis

Binance Coin (BNB) is currently witnessing a modest increase in buying interest, with the price aiming to retest the $640 level. However, sellers are actively trying to push the price down to the 23.6% Fibonacci retracement level.

As of press time, BNB is trading at $635, having risen by 0.9% in the last 24 hours.

Technical indicators appear bullish, as BNB/USDT is trading above the EMA20 trend line, suggesting a potential move toward the $640 resistance level soon. The Relative Strength Index (RSI) is at 64, indicating that BNB is in a favorable buying zone.

This condition could encourage further buying activity, possibly driving the price above $640, with an aim to reach as high as $676.

On the flip side, if selling pressure increases, it could force BNB down to the crucial support level at $610. A break below this point could lead to a significant drop to $563, marking a reversal from its current bullish path.

BNB Price Prediction: What to Expect Next?

Short-term: According to BlockchainReporter, BNB price might aim for a surge toward the $640 resistance level. If the price moves above that level, we might see a trade around $676. On the downside, $610 is the range.

Long-term: According to the current Binance Coin price prediction on Coincodex, the price of Binance Coin is expected to increase by 86.06% and reach $1,174.32 by April 20, 2025. The technical indicators on Coincodex suggest that the current market sentiment is neutral, while the Fear & Greed Index indicates a level of 0, which suggests extreme fear. Over the last 30 days, Binance Coin has experienced 15 out of 30 green days, demonstrating a price volatility of 5.08%. Based on these forecasts, Coincodex suggests that it is now a good time to buy Binance Coin.

How much is the BNB price today?

BNB price is trading at $635 at the time of writing. The BNB price has surged by over 0.9% in the last 24 hours.

What is the BNB price prediction for March 21?

Throughout the day, BNB price might aim for a surge toward the $640 resistance level. If the price moves above that level, we might see