BNB Chain’s native asset, BNB, fell below the closely watched $1,000 level over the past 24 hours, hitting a low of $974, which marked a move into bearish territory.
The drop was accompanied by an increase in trading volume, nearly 88% above its 24-hour average, suggesting widespread selling according to CoinDesk Research’s technical analysis data model.
The token has established a steady downtrend after reaching a high of around $1,300 earlier this year. Bounce attempts have failed to bring the price back above $1,000, and technical patterns, such as lower highs and a missed double bottom near $975, indicate more potential declines to come.
However, some believe that the long-term situation is more stable. “Short-term volatility does not shape the innovation foundation of BNB,” Jake A., an analyst on the BNB-related AIC project, told CoinDesk. “While market sentiment will weigh on near-term price action, what matters is infrastructure, including the next generation of token launchpads that drive on-chain utilities.”
BNB now faces immediate resistance in the $1,000-$1,008 range, while support lies around $972.85, with a psychological bottom at $970. If that happens, analysts are eyeing $959 as the next potential target.
The drop over the past 24 hours came amid a broader decline in the crypto market, 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 AI tools and reviewed by our editorial team for accuracy and compliance with our standards. For more information, see CoinDesk’s full AI policy.
