BNB Coin has seen a decline of over 3% in the last 24 hours, dropping to $850, breaking below critical support levels and negating previous session gains.
This movement occurred despite a short-lived attempt to breakout around $888 and indications of accumulation during the overnight hours, as per CoinDesk Research’s technical analysis model.
Throughout much of the day, BNB traded within a narrow range of $885 to $888, forming a tight pattern that was supported by rising lows and increased volume early on. A successful breach of the $888 pivot point indicated possible bullish sentiment.
Nonetheless, this surge failed to sustain as trading volume decreased and broader market pressures resurfaced. With the overall crypto market declining, bitcoin and ether reported losses of 2.8% and 3.6% respectively, leading BNB to drop accordingly.
The decrease appeared to be technical rather than influenced by any news specific to BNB.
This downturn has positioned the wider cryptocurrency market near a $3 trillion valuation, while the 24-hour trading volume experienced a significant rise to $115.7 billion, according to data from CoinGecko.
Disclaimer: Portions of this article were produced with the help of AI tools and reviewed by our editorial team to ensure precision and conformity with our standards. For further details, refer to CoinDesk’s complete AI Policy.
