BNB Slips Below $960 as Traders Brace for More Downside Over Technical Headwinds
BNB, the native token of the BNB Chain, experienced a decline below $960 in the last 24 hours, after hitting resistance near $970. The token's price briefly reached $970.03 before dropping to a low of $942.06 and stabilizing within the $950–$960 range. The drop was attributed to large-scale sell orders triggering liquidations, reflecting a shift in order-flow dynamics. Analysts highlighted a head-and-shoulders pattern, indicating potential bearish momentum with resistance near $970 and short-term support around $942. The broader crypto market also experienced a 1.6% decline, as seen in the CoinDesk 20 index.
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BNB Token Price Fluctuations
The native token of the BNB Chain, BNB ($964.06), slipped below $960 in the last 24 hours, giving up earlier gains after encountering resistance just above $970. The token's price briefly reached a high of $970.03 before dropping back. Volume jumped sharply during the reversal, suggesting large-scale sell orders triggered a cascade of liquidations, according to CoinDesk Research's technical analysis data model.
Intraday Movement and Buyer Stabilization Efforts
The price fell to a session low of $942.06 before slightly recovering. This shift in momentum left the token in a rangebound state, with buyers attempting to stabilize BNB within the $950–$960 zone. However, the token remained near the lower end of its intraday range, signaling continued caution among traders.
Market Commentary on the BNB Trend
According to Alex Boruski, co-founder of the BNB-linked project iMe AI, the break below $970 isn't primarily about volatility but reflects a shift in order-flow dynamics. Boruski noted, "With liquidity pockets sitting below $950, the path of least resistance remains to the downside."
Technical Patterns and Market Sentiment
BNB is now positioned between a clear resistance level near $970 and a short-term support near $942. Boruski also highlighted the formation of a head-and-shoulders pattern on shorter timeframes—a setup that is often interpreted as a signal of potential downside ahead. Other analysts on social media pointed to similar patterns, reflecting short-term bearish sentiment affecting the cryptocurrency.
Future Outlook and Broader Market Context
Whether BNB can break above $970 or fall lower toward support levels around $900 remains uncertain and will likely determine its next significant move. Meanwhile, the decline aligns with the broader crypto market trends, as the CoinDesk 20 (CD20) index fell 1.6% during the same period.
Disclaimer
Disclaimer: Parts of this article were generated with assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more details, see CoinDesk's full AI Policy.