BNB, the native token of the BNB chain that is also used for Binance fee discounts, fell 3.3% in the last 24 hours, falling from $1,117 to $1,063 before stabilizing just below $1,080.
The sell-off erased recent gains and broke through key technical levels, according to CoinDesk Research’s technical analysis data model. Trading volume increased 87% above its 24-hour average during the decline.
Price action followed a sharp drop in bitcoin and other cryptocurrencies and reflected a broader pullback in cryptocurrency markets as the market shed excess leverage. The broader market, as measured by the CoinDesk 20 Index (CD20), is down 2.74%.
The slowdown gained momentum as algorithmic trading systems were activated, triggering a cascade of sell orders that drove prices down. When demand finally recovered, BNB found tentative support around the $1,070 mark.
Attempts to recover were weak. The price stalled near $1,075, where selling resumed, keeping BNB locked in a tight range. On short-term charts, momentum indicators have declined but not reversed, and buyers remain hesitant to commit without a clearer trend.
Whether this level holds could determine whether the move was a one-time capitulation or the start of a deeper correction. For now, traders consider $1,070 to be a key support level.
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.
