Binance Coin (BNB) Price Prediction for March 24

In the last 24 hours, the price of BNB has been consolidating as sellers strongly defend a push above $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 15.15% in the past 24 hours, reaching $1.36 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 with a bullish rally. In the last 24 hours, its market cap has surged by 0.9% to $89.6 billion.

BNB Faces a Drop in Open Interest

The price of BNB has recently been rising but is facing difficulty moving past the $640 level. Right now, sellers have gained control, keeping the price stuck in bearish territory.

According to data from Coinglass, about $284,000 worth of trading positions were liquidated in the past 24 hours, with approximately $136,000 from buyers (long positions) and around $148,000 from sellers (short positions).

At the same time, total open interest in BNB, which represents all active trading contracts, decreased by 0.7% to roughly $830 million. This decline suggests traders are losing interest or becoming more cautious. Additionally, BNB’s funding rate has turned negative at -0.0236%, reinforcing a cautious or bearish outlook in the market.

Interestingly, the ratio of long to short positions has shifted slightly in favor of the bulls, currently standing at 1.2. With about 52% of traders now expecting the price to rebound upwards, BNB may soon attempt another move toward the $640 resistance level.

BNB Price Prediction: Technical Analysis

Binance Coin (BNB) has seen a slight increase in buying activity recently, with its price slowly moving back toward the $640 resistance level. Right now, BNB is trading around $630, marking a 1.3% gain over the past 24 hours. However, sellers are still active and trying to pull the price lower, potentially down to the 23.6% Fibonacci retracement level.

Technical signals currently lean bullish, as the price remains above the EMA20 trend line, suggesting BNB might soon attempt another push toward $640. Additionally, the Relative Strength Index (RSI) sits at 53, reflecting balanced market conditions with some room for buyers to take control. If buying pressure continues, BNB could break past the $640 level and possibly aim higher toward $676.

However, if sellers regain momentum, the price could drop to an important support at $610. Should this support fail, BNB may experience a deeper decline toward $563, reversing its recent upward momentum.

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 Coincodex’s latest Binance Coin (BNB) price prediction, BNB is expected to rise by 102.22%, reaching approximately $1,262.62 by April 23, 2025. Coincodex’s technical indicators currently suggest a bearish market sentiment, with the Fear & Greed Index standing at 45, indicating “Fear.” Over the past 30 days, BNB had 14 out of 30 (47%) positive trading days, along with a price volatility of 4.63%. Based on these forecasts, Coincodex suggests that it is currently not a favorable time to purchase Binance Coin.

Investment Risks for BNB

Investing in BNB prices can be risky due to market volatility. Investors should:

• Conduct technical and on-chain analysis.
• Assess their financial situation and risk tolerance.
• Consult with financial advisors if necessary.

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