BNB Faces Pressure Near $950 as Technical Weakness Emerges
BNB is consolidating near $950 after failing to hold gains above key resistance, with analysts noting a head-and-shoulders pattern that could indicate further downside.
The BNB Chain’s native token, BNB ($913.34), fell below $960 over the past 24 hours following a brief peak at $970.03. A surge in trading volume during the drop suggested that large sell orders triggered liquidations, according to CoinDesk Research’s technical analysis. BNB reached an intraday low of $942.06 before recovering slightly.
The token remains rangebound, with buyers attempting to support prices between $950 and $960. Its position near the lower end of this range signals cautious sentiment among traders.
“BNB’s dip below $970 reflects a shift in order-flow rather than mere volatility,” said Alex Borutski, co-founder of iMe AI Messenger and Wallet, a BNB-linked project. “With liquidity concentrated under $950, the path of least resistance points lower.”
BNB faces a clear resistance level near $970 and short-term support at $942. Borutski highlighted that short-term charts show a head-and-shoulders formation, a common technical indicator suggesting potential further losses. Other analysts on social media have observed similar patterns, indicating bearish pressure in the near term.
The token’s next significant move will likely depend on whether it can reclaim $970 or slides toward support around $900. For now, BNB’s decline mirrors broader crypto market trends, with the CoinDesk 20 (CD20) index down 1.6% over the same period.
