BNB, the native token of the BNB Chain, is consolidating in a tight range, with buyers defending $864–$867 and sellers limiting gains near $868.50. The token has dropped 3% over the past 24 hours to $865 as markets digest Wednesday’s Federal Reserve rate cut.
The decline follows broader market trends, with the CoinDesk 20 (CD20) index falling 3.4% during the same period. BNB initially spiked to $908.83 before reversing sharply. Selling intensified after the token breached $870, a key support level, with increased trading volume confirming the bearish momentum, according to CoinDesk Research’s technical analysis.
Technical signals point to continued caution. BNB has fallen below its 30-day moving average and the 23.6% Fibonacci retracement level at $874, often signaling the end of a short-term uptrend. Attempts to reclaim $870 have met repeated resistance, while support has emerged near $861.95.
Traders are largely waiting on the sidelines ahead of the network’s upcoming upgrade. A recovery above $874 could reignite bullish momentum, while further weakness may push BNB toward the next key support around $839, based on Fibonacci levels.
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