BNB price drops to near $900 as crypto sell-off intensifies
The BNB price dropped over 8% in 24 hours, hitting intraday lows near $900 amidst a broader cryptocurrency market sell-off. This decline extended BNB's weekly losses to over 19%. The market downturn also saw Bitcoin drop below $100,000 for the first time since June, while Ethereum fell 10% to under $3,300. Over $1.3 billion in cryptocurrency liquidations occurred as major U.S. stock indices, including the Nasdaq, S&P 500, and Dow Jones, also experienced declines. Analysts suggest continued bearish momentum for BNB, potentially falling to $824 or $736, while resistance at $1,000 remains a key target for bulls.
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BNB Price Drops Amid Market Sell-Off
The BNB price dropped by more than 8% over 24 hours, trading at intraday lows near $900, as selling pressure across cryptocurrencies intensified. BNB fell to $900, touching the lows after crashing from intraday highs of $1,000. Losses for the altcoin came amid a broader crypto market bloodbath, which saw Bitcoin crash below the significant psychological level of $100,000. If sell-off pressure persists, the altcoin could slip to $800 or lower.
Cryptocurrencies Extend Losses in November
Cryptocurrencies flipped red on Tuesday, deepening the downbeat start to November and adding to the overall gloom following an underwhelming October. For BNB, the token dropped from highs of $1,000 to $910, marking an approximate 8% decline. This extends weekly losses to over 19% for the native token of Binance's ecosystem, which includes the BNB Chain blockchain.
Bitcoin and Ethereum Struggle During Sell-Off
Bitcoin (BTC), despite a brief recovery to around $920, struggled near $100,000 after a 6% dip. This marks the first time BTC has dipped below $100,000 since June. In parallel, Ethereum saw a nearly 10% drop over 24 hours, trading under $3,300. The combined liquidations across cryptocurrencies totaled over $1.3 billion, mirroring the broader bearish sentiment in the market.
Stock Market Weakness Amplifies Crypto Gloom
U.S. stocks were also lower amid fresh market jitters. The Nasdaq Composite dropped more than 1.6%, the S&P 500 fell 1%, and the Dow Jones Industrial Average shed nearly 300 points. This alignment of weakness in both cryptocurrencies and Wall Street contributed to the overall pessimistic market tone.
BNB Price Technical Analysis
On the daily chart, the Relative Strength Index (RSI) is near oversold territory, with a reading of 32. While bulls might aim for a swift rebound, the downsloping trajectory hints at further downside risks. The Moving Average Convergence Divergence (MACD) indicator signals weakening momentum. Should BNB price drop below $900, it might test support at $824, or even fall to $736. On the upside, regaining control above $1,000 remains a crucial goal for bulls.
Conclusion and Market Sentiment
The recent losses in BNB and other major cryptocurrencies highlight the ongoing market distress. As the sell-off aligns with Wall Street declines, risks remain high for further downside. Recovery efforts hinge on key levels like $1,000 for BNB and $100,000 for Bitcoin, making these critical targets for a potential reversal.