The original token of the BNB chain, BNB fell below $960 in the last 24 hours, giving up gains after running into resistance just above $970.
The token’s price briefly rose to a high of $970.03 before falling back. Volume jumped sharply during the reversal, suggesting large sell orders triggered a cascade of liquidations, according to CoinDesk Research’s technical analysis data model. The price fell to a session low of $942.06 before recovering.
The shift in momentum left the token range, with buyers trying to stabilize BNB around the $950-$960 zone. The token held near the lower end of its intraday range, signaling continued caution among traders.
“BNB’s break below $970 is not so much about its volatility, but more about a shift in order flow dynamics,” Alex Boruski, co-founder of BNB-linked project iMe AI, told CoinDesk in an emailed statement. “With pockets of liquidity below $950, the path of least resistance remains to the downside.”
BNB is caught between a clear resistance level near $970 and near-term support near $942. Boruski highlighted the formation of a head-and-shoulders pattern on shorter time frames, a setup often viewed as a sign of potential downside ahead.
Other analysts on social media pointed to similar patterns, conveying short-term bearish pressure affecting the cryptocurrency.
Whether BNB can regain ground above $970 or break down towards support levels around $900 could shape its next big move. So far, the decline is in line with the broader crypto market. The CoinDesk 20 (CD20) index fell 1.6% during 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.
