BNB Chain’s native asset, BNB, fell below the closely watched $1,000 level over the past 24-hour period, hitting a low of $974 in a move that marked a shift into bearish territory.
The drop came with a surge in trading volume, nearly 88% above its 24-hour average, suggesting large-scale selling, according to CoinDesk Research’s technical analysis data model.
The token has established a consistent downtrend after reaching a high of around $1,300 earlier this year. Attempts to reverse failed to push the price back above $1,000, and technical patterns such as lower highs and a failed double bottom near $975 indicate more potential downside ahead.
Still, some see the long-term picture as more stable. “Short-term volatility does not shape the basis of BNB’s innovation,” Jake A., an analyst at BNB-linked project AIC, told CoinDesk. “While market sentiment weighs on price action in the short term, it is important infrastructure, including the new generation of token launchpads, that drives on-chain utility.”
BNB now faces immediate resistance in the $1,000-$1,008 range, while support is around $972.85, with a psychological low of $970. If it breaks, analysts see $959 as the next potential target.
The decline over the past 24-hour period came amid a broader decline in the crypto market, with the CoinDesk 20 (CD20) index losing 2.16% of its value over the period.
Disclaimer: Parts 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.
