The price of BNB, the BNB chain’s native token, fell 3% in the last 24-hour period to $865 as traders digested the Federal Reserve’s interest rate cut on Wednesday.
BNB moved down with the broader CoinDesk 20 (CD20) index, which is lower by 3.4% in the same time frame.
The token rose as high as $908.83 on Wednesday before reversing sharply. Selling pressure increased as BNB pierced $870, a key support zone that had held in recent weeks, according to CoinDesk Research’s technical analysis data model. The distribution was supported by volume, with increasing trading activity.
BNB also fell below its 30-day moving average and the 23.6% Fibonacci retracement level at $874, adding to the bearish setup. These indicators often serve as signals to traders that a short-term uptrend may be coming to an end.
While BNB found some footing near $861.95, several attempts to rally towards $870 met with resistance. The token is now trading in a tight range, with buyers defending the $864-$867 zone and sellers limiting gains near $868.50.
So far, traders seem cautious. A recovery above $874 could change the momentum, but with network activity paused, most are waiting for the upgrade to complete before taking new positions.
A deeper slide could push BNB towards $839, the next technical support based on Fibonacci levels.
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.
