According to the latest market trends, BNB’s price is resilient despite bearish sentiment. Binance Coin rose above its resistance levels at $600 and $610 while surpassing Ethereum and Bitcoin in market performance. The strong sales resistance at $618 prevents Binance Coin from advancing as its prices settle below the 100-hourly simple moving average.
BNB recovered beyond the 50% Fibonacci retracement level from the recent drop between $632 and $595. A bearish trend line stands as resistance at $618 to block price movement in the near future. After reaching this indicator level through buying pressure, the price could move higher to reach $622 and $632.
The price could reach $650 after clearing $632 as a sustained closing price. A successful price break of $665 will place it in sight for the coming months. If investors do not break through important resistance levels, another price drop is expected to target the support areas near $602 and $600.
BNB Price Faces Resistance Near $618 and $622
The price of BNB has been struggling near the $618 level, where sellers remain active. Current resistance matches the 76.4% Fibonacci retracement level for BNB as it falls between $632 and $595. If buyers clear this resistance, momentum could push BNB toward the $622 mark.
Beyond $622, the price has the potential to gain strength, but the critical threshold stands at $632. The market opening above $618 could fuel a substantial price movement that could take BNB to $650 and advance it to $665.
The immediate support area is $602 before a primary support mark at $600 appears below this level. A price drop below $600 might initiate a descent carrying BNB towards $595. A sustained price drop from this point may extend to hit both $588, then $565 at their following possible targets.
Short-Term and Long-Term BNB Outlook
Short-term analysis suggests BNB may continue its uptrend toward $647 if buyers sustain momentum. The price exceeding $647 presents an opportunity for BNB to move near $685 before the end of the current period. A failure to surpass price resistance will result in BNB retracing back to $595.
In the long term, Coincodex projections indicate BNB could rise by 13.36%, reaching $714.57 by March 28, 2025. According to technical indicators, the Fear & Greed Index stands at 21, indicating deep investor fear within the market.
BNB has recorded 16 green days in the past 30 days, with a price volatility of 5.47%. Market conditions show volatility, underscoring investors’ need to grasp risks before making investment choices.
Binance Coin struggles near key liquidity zones
The latest market data shows BNB price encountering strong resistance at $618 while trading near key liquidity zones. Significant short liquidations that build up above the current price point appear on the liquidation map, which indicates potential market volatility. If BNB surpasses $618, it may approach $632.9, a crucial resistance level.
The price fluctuations stem from multiple forms of leverage liquidations, including 10x, 25x and 50x positions. The trading sentiment remains negative because the cumulative short positions outnumber long positions both in green and red indicators. The price has the potential to ascend beyond current levels when resistance barriers get surpassed.
The price movements due to leverage-driven liquidations require close analysis from market participants because such events may result in either price spikes or price corrections. With the Fear & Greed Index indicating extreme fear, BNB’s price action in the coming sessions will determine its short-term trend.
Conclusion
BNB price has shown strength, recovering from recent lows and surpassing key resistance levels. Traders remain active within the $618 price point, so new sellers might cause prices to drop. The short-term forecast looks optimistic, yet the long-term assessment signals caution.
Bitcoin price experiences high volatility, and liquidations in the market predict upcoming price movements. With BNB attempting to regain momentum, a breakout above $632 could confirm a stronger bullish trend.
FAQs
What is the current trend of Binance Coin?
BNB attempts to break key resistance levels after recovering from recent lows, but sellers remain active near $618.
Will BNB reach $650 soon?
If the price clears $622 and $632, BNB could move toward $650 in the short term.
What is the long-term price prediction for BNB?
According to Coincodex, BNB could increase by 13.36% to reach $714.57 by March 2025.
Why is Bitcoin experiencing liquidation events?
Bitcoin’s price movements have triggered liquidations due to traders’ high leverage, leading to forced position closures.
Is it a good time to invest in BNB?
Market indicators suggest caution, with technical analysis showing a bearish sentiment and extreme investor fear.
Glossary
Binance Coin (BNB): A cryptocurrency used within the Binance ecosystem for trading and transaction fees.
Fibonacci retracement: A technical analysis tool to identify potential reversal levels in price movements.
Short squeeze is a market condition where short sellers are forced to buy back assets, driving higher prices.
Liquidations: The forced closing of leveraged positions when price movements exceed margin requirements.
Fear & Greed Index: A sentiment indicator that measures market emotions, ranging from extreme fear to extreme greed.
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