BNB’s price fell by 2.7% over the past 24 hours to $1,105 after the increase triggered by BNB Chain’s largest-ever quarterly token burn in dollar terms subsided.
This drop dampened expectations that the $1.6 billion reduction in supply would bolster the price further. BNB Chain burned 1.44 million BNB as part of its deflationary model, reducing the total supply to approximately 137.7 million.
Traders, however, shifted their focus, as the overall crypto market dipped 1.8% during this time, according to the CoinDesk 20 (CD20) index.
Following the failure to hold the $1,128 support level, trading volume surged and prices plummeted, temporarily hitting an intraday low of $1,076. Over 308,000 BNB were exchanged in a single hour, nearly three times the typical daily average, according to CoinDesk Research’s technical analysis data model.
Attempts to rebound consistently faltered around $1,110, creating a pattern of lower highs that reinforced the bearish trend. Even short-term oversold conditions did not halt the decline.
Nonetheless, traders continue to respond to technical signals, where key price levels and volume changes hold more influence than broader market structures. Presently, the chart suggests that $1,076 is the next significant support level.
A decisive break above $1,128 is necessary to alter market sentiment. Until that occurs, the momentum remains downward.
Disclaimer: Parts of this article were generated with the aid of AI tools and were reviewed by our editorial team to ensure accuracy and compliance with our standards. For further details, see CoinDesk’s full AI Policy.
