BNB, the native symbol for the BNB chain that is also used for discounts on Binance fees, fell 3.3% in the past 24 hours, falling from $1,117 to as low as $1,063 before stabilizing just below $1,080.
The selloff erased recent gains and cut through key technical levels, according to CoinDesk Research’s technical analysis data model. Trading volume rose 87% over the 24-hour average during the decline.
The price action followed a sharp drop in bitcoin and other cryptocurrencies and reflected a broader retreat in crypto markets as the market flushed out excess leverage. The broader market, as measured by the CoinDesk 20 (CD20) index, is down 2.74%.
The downturn accelerated when algorithmic trading systems kicked in, triggering a cascade of sell orders that pushed prices down. As demand finally caught up, BNB found tentative support around the $1,070 mark.
Attempts to come back 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 eased 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 see $1,070 as an important support level.
Disclaimer: Portions of this article were generated with the help of AI tools and reviewed by our editorial staff to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI policy.
