BNB Token Holds $606 Support After 4.4% Price Drop Amid Bearish Sentiment and High Trading Volume

BNBUSDT experienced a price decline of approximately 4.4% over the past 24 hours, falling from an open of $634.91 to a current price of $606.98. This drop is primarily attributed to a combination of mild bearish sentiment indicated by a Fear & Greed Index at 42, a Relative Strength Index (14-day) of 38.50 suggesting the asset is closer to being oversold, and a recent 1.14% dip reported on June 20. Despite positive technical signals such as a bullish engulfing pattern on the weekly chart and ongoing ecosystem upgrades, short-term profit-taking and broader market caution have contributed to the recent price pullback.

Currently, BNB trades at $606.98 with a 24-hour trading volume of approximately $1.40 billion, a market capitalization of $88.28 billion, and remains above key support levels, reflecting continued market interest even as volatility and sentiment fluctuate.