The native token of the BNB chain, BNB fell below $960 in the last 24 hours, giving up gains after encountering resistance just above $970.
The token price briefly rose to a high of $970.03 and fell again. Volume increased sharply during the reversal, suggesting that large-scale sell orders triggered a cascade of liquidations, according to CoinDesk Research’s technical analysis data model. The price fell to a session low of $942.06 before recovering.
The change in momentum left the token range-bound, with buyers attempting to stabilize BNB around the $950 to $960 zone. The token remained near the lower end of its intraday range, indicating continued caution among traders.
“BNB’s breakout below $970 is not so much due to its volatility, but rather a change in order flow dynamics,” Alex Borutski, co-founder of the BNB-linked iMe AI project, told CoinDesk in an emailed statement. “With liquidity pockets below $950, the path of least resistance remains to the downside.”
BNB is caught between a clear resistance level near $970 and short-term support near $942. Boruski highlighted the formation of a head and shoulders pattern on shorter time frames, a setup often seen as a sign of a possible decline in the future.
Other analysts on social media pointed out similar patterns, conveying short-term bearish pressure affecting the cryptocurrency.
Whether BNB can regain ground above $970 or break towards support levels around $900 may determine its next major move. For now, the decline is in line with the broader crypto market. The CoinDesk 20 Index (CD20) fell 1.6% during the period.
Disclaimer: Portions of this article were generated with the help of artificial intelligence tools and were reviewed by our editorial team to ensure accuracy and compliance with our standards. For more information, see CoinDesk’s full AI Policy.
