In the last 24 hours, the price of Binance Coin (BNB) has seen a significant increase, reaching over $690, with a 0.99% rise. This increase is attributed to increased buying interest and active trading. BNB's trading volume has also gone up by 5.05% to $2.08 billion. The price of BNB has been steadily progressing towards its December high of $793, and its market value has increased by 0.9% to $98.2 billion. Despite the positive trend, there is a possibility of the market turning bearish as more traders are taking short positions. Currently, 44% of traders are optimistic about the price increasing, while 56% think it will decrease. The short-term outlook suggests the price struggling below $700, with a potential trade around $710 and a downside range of $675. In the long term, Coincodex predicts an increase of 18.37% to $814.73 by February 23, 2025, but advises against purchasing BNB due to market volatility.



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