The price of BNB, the native token of the BNB chain, fell 3% in the last 24-hour period to $865 as traders digested the Federal Reserve’s rate cut on Wednesday.
BNB fell with the broader CoinDesk 20 index (CD20), which was down 3.4% over the same time period.
The token reached a high of $908.83 on Wednesday before pulling back sharply. Selling pressure increased as BNB surpassed $870, a key support zone that had held in recent weeks, according to CoinDesk Research’s technical analysis data model. The breakdown was supported by volume, with trading activity increasing.
BNB also fell below its 30-day moving average and 23.6% Fibonacci retracement level at $874, adding to the bearish setup. These indicators often serve as signals to traders that a short-term uptrend may be ending.
While BNB found some footing near $861.95, multiple attempts to rally towards $870 met resistance. The token is now trading in a tight range, with buyers defending the $864-$867 zone and sellers limiting gains near $868.50.
For now, traders seem cautious. A recovery above $874 could change the momentum, but with network activity on pause, most are waiting for the upgrade to complete before taking new positions.
A deeper decline could push BNB towards $839, the next technical support based on Fibonacci levels.
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.
