The price of BNB, the native token of the BNB chain, fell more than 2.7% to $865 in the past 24 hours as traders digested a 25 basis point interest rate cut by the Federal Reserve.
While precious metals and stocks rose, cryptocurrencies fell, with the broader CoinDesk 20 (CD20) index losing 3.4% in value over the same period.
The coin opened at $890 and hit a high of $908.83 before reversing sharply. According to CoinDesk Research’s technical analysis data model, selling pressure increased as BNB broke through the key support area of $870 that has held in recent weeks. Trading activity surged, supported by trading volume.
BNB also fell below the 30-day moving average and the 23.6% Fibonacci retracement level at $874, adding to the bearish pattern. These indicators often signal to traders that a short-term uptrend may be ending.
While BNB found some footing near $861.95, multiple attempts to recover back to $870 met with resistance. The coin is currently trading within a tight range, with buyers defending the $864-867 area and sellers limiting gains near $868.50.
For now, traders appear cautious. A recovery above $874 could change the momentum, but as network activity will be paused, most are waiting for the upgrade to complete before taking a new stance.
Further 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 reviewed by our editorial team for accuracy and adherence to our standards. For more information, see CoinDesk’s full AI policy.
