Despite Positive Funding Rate, BNB Price Struggles to Break Above $560 Resistance

In the last 24 hours, the price of BNB is attempting to meet buyers' demand as it surged toward $560. However, bears are strongly defending an upward trend

In the last 24 hours, the price of BNB (BNB) is attempting to meet buyers’ demand as it surged toward $560. However, bears are strongly defending an upward trend on the price chart, resulting in a consolidation.

Additionally, BNB’s trading volume has dropped by 26.6% in the past 24 hours, reaching $1.81 billion.

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 toward a bullish rally. In the last 24 hours, its market cap has surged by 1.41% to $79.61 billion.

BNB Struggles Despite Positive Funding Rate

Recently, BNB experienced a strong upward surge, climbing to the $540 mark following a drop to $507, which sparked considerable buying interest. This influx of buyers led to a significant recovery on BNB’s price chart.

However, the altcoin is now struggling to break above the $560 level as it faces difficulties in sustaining the upward momentum due to increased selling pressure.

Liquidation data over the last 24 hours from Coinglass shows high activity, with positions totaling approximately $554K being liquidated. This includes $272K worth of long positions and about $282K from short positions liquidation.

The total open interest in BNB, representing all active trading contracts, has decreased by 7.4% to $688 million, indicating a slight reduction in trader engagement. Despite this, a positive funding rate of 0.0037% suggests optimistic sentiment towards BNB.

Moreover, a rise in the long to short position ratio to 1.1, with 52% of traders anticipating an increase in BNB’s value, indicates growing bullish sentiment, hinting at potential upward movement in its price.

BNB Price Prediction: Technical Analysis

Binance Coin (BNB) recently rallied to the $560 resistance level, but has struggled to break above it due to increased selling pressure. Currently, BNB is trading at $558, reflecting a slight decline of 0.4% in the last 24 hours.

On the trading chart, the BNB/USDT pair is positioned just below the EMA20 trend line, raising the possibility of a rejection that could drive the price down to the $525 support level.

However, the Relative Strength Index (RSI) is at 47, suggesting that BNB is still within the buying territory. This indicates potential buying interest that could help the price breach the $569 resistance, with the potential to climb as high as $610.

On the flip side, if sellers take control, BNB could retreat towards the pivotal $525 support level. A breach below this could trigger a rapid drop towards $501.

What to Expect Next?

Short-term: According to BlockchainReporter, BNB price might aim for a surge toward the $569 resistance level. If the price moves above that level, we might see a trade around $610. On the downside, $525 is the range.

Long-term: According to Coincodex’s current Binance Coin price prediction, the price of Binance Coin is expected to increase by 66.49%, reaching $918.59 by April 11, 2025. Technical indicators from Coincodex indicate a bearish current sentiment, with the Fear & Greed Index displaying a level of 34, denoting ‘Fear’. Over the last 30 days, Binance Coin has seen 13 green days, accounting for 43% of the period, with a price volatility of 6.04%. Based on this forecast from Coincodex, it is currently advised against buying Binance Coin.