In the last 24 hours, the price of BNB has gone up significantly, moving from $700 to more than $716, which is an increase of 0.35%. The price of BNB is now approaching the levels it hit in early January, helped by a boost in buying demand. Additionally, BNB’s trading volume has risen by 3.02% in the last day, reaching $1.93 billion.

Zooming out, the price of BNB has been stable for the past few weeks. However, due to strong buying interest and active market participation, Binance Coin’s price is smoothly recovering toward its December high of $793. Consequently, its market capitalization has grown by 0.42% to $103.13 billion.

BNB Might Witness a Bearish Threat from Long/Short Ratio

The price of BNB has seen a strong recovery this week after the release of the CPI data, rising from a low of $660 to over $716. Analysts believe that BNB could increase further as Donald Trump is expected to take office on January 20 and is known to support crypto initiatives, which could boost buying demand for BNB.

In the last 24 hours, there has been significant trading activity around BNB, especially from buyers. Coinglass reports that around $483.7K in BNB trades were liquidated, with $282K of that coming from buyers who closed their long positions.

This recent jump in price has also sparked more interest in trading BNB. Open interest, which indicates the total number of unsettled derivative contracts, has climbed to $986 million, suggesting higher demand. However, despite the current upward trend, the market could still turn bearish as the ratio of long to short positions has been decreasing.

Currently, the long/short ratio stands at 0.8685, showing an increase in short positions—where traders bet on price declines. This indicates that more traders are expecting prices to drop soon. At the moment, 46.4% of traders believe BNB’s price will rise, while 53.6% are betting it will fall.

BNB Price Prediction: Technical Analysis

The price of BNB has been rising gradually and is trying to maintain a level above $716. However, it faced a minor setback due to some selling from short-term holders, which caused a slight drop near the immediate resistance level. Currently, the price of BNB is at $715, showing a modest increase of 0.34% in the last 24 hours.

The BNB/USDT trading pair is floating around $716 and could potentially move past the 23.6% Fibonacci retracement level. With the Relative Strength Index (RSI) above the midpoint at 60, BNB might approach the resistance level of $735. If it stays above this level, it could lead to further gains, possibly reaching its all-time high (ATH).

On the other hand, if the price falls below the 20-period Exponential Moving Average (EMA20) on the 1-hour chart, sellers could push the price down to around $690.

BNB Price Prediction: What to Expect Next?

Short-term: According to BlockchainReporter, BNB price might continue to struggle around $715-720. If the price moves above that level, we might see a trade around $735. On the downside, $690 is the range.   

Long-term: According to Coincodex’s Binance Coin price prediction, the price of Binance Coin is expected to increase by 16.70% and reach $829.57 by February 16, 2025. Coincodex’s technical indicators suggest a bullish sentiment, while the Fear & Greed Index indicates a score of 75, classified as ‘Greed’. Over the last 30 days, Binance Coin has experienced 14 green days, which is about 47% of the time, with a price volatility of 2.22%. Based on this forecast from Coincodex, it is considered a good time to buy Binance Coin.

Investment Risks for BNB

Investing in BNB price 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.