Binance Coin (BNB) Price Prediction for January 28

BNB price has been facing a bullish volatility over the last 24 hours, trying to move above $680 after a solid rebound from the recent low. However, BNB’s trading volume has decreased 11.7% in the past 24 hours, reaching $1.8 billion.

Looking at the bigger picture, BNB’s price has been steady for the last few weeks. However, with strong buying interest and more active trading, the price of Binance Coin is attempting to surge towards its December high of $793. In the last 24 hours, its market value has declined by 3.56% to $96.17 billion.

BNB Price Faces Increased Short Liquidation

Even though President Trump has signed several executive orders to support the cryptocurrency market, the price of Binance Coin (BNB) keeps dropping. This decrease in price has led to more people selling, as shown by the increase in liquidated trades on the BNB chart. According to Coinglass, around $390,000 worth of BNB trades were liquidated in the last 24 hours, with $312,000 of these coming from people closing their bets against the price.

The drop in BNB’s price has also made people less interested in trading it. The total open interest, which is the total of all open trading contracts, fell to $969 million, down 3.2% from the day before, showing that demand is decreasing.

Moreover, the long/short ratio, which measures the balance between buyers and sellers, has dropped to 0.583. This means there are more short positions, where traders are betting the price will keep falling. Right now, 37% of traders believe BNB’s price will rise, while 63% think it will continue to go down.

BNB Price Prediction: Technical Analysis

The price of BNB has significantly declined, reaching a low of $637, but buyers are trying to keep it above $680. Currently, sellers dominate, preventing any substantial increase past the 23.6% Fibonacci retracement level. At the moment, BNB is trading at $673, showing a minor decrease of 3.3% in the last 24 hours.

The BNB/USDT trading pair is struggling to maintain a level above $690 amid growing selling pressure. This could lead to a further drop below key support levels, giving sellers the upper hand.

With the Relative Strength Index (RSI) at 46, below the neutral 50 mark, BNB may continue to face downward pressure. Should the price fall below $660, it could trigger more selling, potentially driving the price down to a low of $635.

Conversely, if BNB manages to climb above $690, its price could potentially rise above $700.

BNB Price Prediction: What to Expect Next?

According to BlockchainReporter, BNB price might continue to struggle below $690. If the price moves above that level, we might see a trade around $700. On the downside, $675 is the range.