BNB, the native token of the BNB Chain, experienced a decline of over 2.7% in the past 24 hours, settling at $865 as traders analyzed the Federal Reserve’s recent 25 bps rate cut.
While both precious metals and equities saw increases, cryptocurrencies faced downturns, with the broader CoinDesk 20 (CD20) index losing 3.4% during the same timeframe.
The token began the session at $890, reaching a peak of $908.83 before a sharp reversal occurred. Selling pressure intensified as BNB broke through the key support level of $870, which had been stable in recent weeks, according to CoinDesk Research’s technical analysis data model. This breakdown was confirmed by increased trading volume.
Additionally, BNB fell below its 30-day moving average and the 23.6% Fibonacci retracement level, now at $874, contributing to a bearish outlook. These indicators often signal traders that a short-term uptrend may be winding down.
Though BNB found temporary support around $861.95, several attempts to rebound towards $870 faced resistance. The token is currently trading within a narrow range, with buyers defending the $864–$867 price zone while sellers limit gains near $868.50.
Currently, traders seem to be exercising caution. A recovery past $874 could change the momentum, but many are awaiting the completion of the network upgrade before entering new positions.
A further decline could see BNB approaching $839, the next technical support dictated by Fibonacci levels.
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