BNB Chain’s native asset BNB fell below the closely watched $1,000 level over the past 24-hour period, hitting a low of $974 in a move that marked a shift into bearish territory.
The drop came with an increase in trading volume, almost 88% above its 24-hour average, suggesting large-scale selling according to CoinDesk Research’s technical analysis data model.
The token has been establishing a steady downward trend after reaching a high of around $1,300 earlier this year. Attempts to recover failed to push the price back above $1,000, and technical patterns such as lower highs and a failed double bottom near $975 indicate further potential declines ahead.
Still, some see the long-term outlook as more stable. “Short-term volatility does not shape the foundation of BNB innovation,” Jake A., an analyst at the BNB-linked AIC project, told CoinDesk. “While market sentiment weighs on price action in the near term, what matters is the infrastructure, including the new generation of token launch platforms that drive on-chain utility.”
BNB now faces immediate resistance in the $1000 to $1008 range, while support lies around $972.85, with a psychological floor at $970. If that is broken, analysts see $959 as the next potential target.
The drop over the past 24-hour period came amid a broader crypto market decline, with the CoinDesk 20 Index (CD20) losing 2.16% of its value over 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.
