The price of BNB such sharp intradag swings over the last 24-hour period as it continued to fall from a highlight of all the time of $ 900 seen late last month.
During a 24-hour window, the asset traded between $ 849.88 and $ 868.76, a 2% feature that began with Bullish Momentum, but ended with signs of fatigue near resistance.
Volatility follows archives of the US Securities and Exchange Commission of Rex Shares late last month along with the increase in BNB-focused Treasury companies. The latest, B-strategy, aims to keep up to $ 1 billion BNB with the backing of the investment company led by Binance co-founders Changpen Zhao and Yi He.
While BNB could not hold on to its winnings from the past, underlying network activity increased. Daily active wallet addresses on the BNB chain more than doubled and climb to almost 2.5 million according to Defillama data.
Still, transaction volumes have fallen steadily since the end of June, data from the same source shows. BNB’s price drop is also in front of key financial data from the US this week, including research of manufacturing and services and August salary figures.
Job data could affect the odds of the Federal Reserve cutting rates this month. As it stands, CME’s FedWatch tool weighs a nearly 90% chance of a 25 BPS cutting, while polyming dealers set the odds of 82%.
Overview of Technical Analysis
BNB went into the session with an increase from $ 860.30 to $ 868.08, but the rally quickly lost the steam. Heavy sales pressure emerged around the $ 867 -$ 868 level, a zone that has now established itself as a key resistance ceiling, according to Coindesk Research’s technical analysis model.
Volume increased during this trial and topped by 72,000 tokens, well above the 54,000 average, indicating a high level of participation below the failed outbreak.
After the rejection, BNB went back to the range $ 850- $ 855, where the purchase of interest arose. This was most visible when the token dipped for $ 851.40, triggering a volume. This response pointed to solid demand at these lower levels.
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