BNB, the native token of the BNB chain which is also used for Binance fee discounts, fell 3.3% in the last 24 hours from $1,117 to $1,063 before settling just below $1,080.
The selling erased recent gains and cut key technical levels, according to CoinDesk Research’s technical analysis data model. Trading volume surged 87% above its 24-hour average during the decline.
Price action follows sharp drop in Bitcoin and other cryptocurrencies and reflected a broader withdrawal from crypto markets as the market eliminated excess debt. The broader market, as measured via the CoinDesk 20 Index (CD20), is down 2.74%.
The downturn accelerated as algorithmic trading systems took effect, triggering a cascade of sell orders that sent prices lower. When demand finally caught up, BNB found tentative support around $1,070.
The rebound attempts were weak. The price stopped near $1,075, where selling resumed, keeping BNB stuck in a tight range. On short-term charts, momentum indicators have eased but not reversed, and buyers are still hesitant to commit without a clearer trend.
Maintaining this level could determine whether this move was a one-time capitulation or the start of a deeper correction. For now, traders view $1,070 as a key support level.
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.
