BNB, the native token of the BNB Chain, is trading in a tight range as buyers hold $864–$867 while sellers cap gains near $868.50. Over the past 24 hours, the token has dropped 3% to $865 following the Federal Reserve’s rate cut on Wednesday.
The move reflects broader market weakness, with the CoinDesk 20 (CD20) index down 3.4% in the same period. BNB initially surged to $908.83 before reversing sharply. Selling pressure increased after the token broke below $870, a key support level in recent weeks, accompanied by higher trading volume, according to CoinDesk Research’s technical analysis.
Technical indicators suggest further caution. BNB fell below its 30-day moving average and the 23.6% Fibonacci retracement at $874, signaling that the short-term uptrend may be weakening. Support has emerged near $861.95, but repeated attempts to climb back toward $870 have met resistance.
Traders are staying cautious ahead of the network’s upcoming upgrade. A move above $874 could restore bullish momentum, while a deeper slide may target the next support level near $839, based on Fibonacci analysis.
