BNB is currently trading at around $843.
Technical indicators suggest a downward trend.
The prevailing negative sentiment in the cryptocurrency markets has led to declining prices. With the fear and greed index reaching 43, the market is stabilizing in the neutral zone. Notably, Bitcoin (BTC) and Ethereum (ETH) traded lower, while coins like HYPE, CRO, and FORM emerged as the top three gainers on the list.
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BNB, the native currency of the Binance platform, has positioned itself among trending coins. It has declined by more than 1.36% in the past 24 hours. Before this decline gained momentum, the price of BNB was trading at its highest level at $870.87, then gradually retreated to its recent low of $832.72.
BNB is currently trading at around $843.84, with a market cap of $117.53 billion. Furthermore, the daily trading volume has risen by more than 5.84% to reach $3.21 billion. Coinglass data reported that the BNB market experienced liquidations worth $2.76 million over the past 24 hours.
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Are there more downward risks for BNB?
The price pattern of BNB shows a bearish consolidation, and with red candles lighting up, the price may drop to the initial support level at $843.74. Further downward correction could lead to a death cross, potentially pushing the asset price to its next support level below $843.64.
Assuming the asset reflects its momentum, the price may rise to the resistance level at $843.94. As the bulls gain strength, an upward correction could lead to a death cross. The price of BNB may move toward its recent high at approximately $844.04.
BNB chart (Source: TradingView)
The moving average convergence divergence (MACD) line for BNB stock is below the zero line, but the signal line is briefly above zero. This indicates weakness in overall momentum. The market expects a breakout above zero to confirm an upward trend or a drop below to renew downward pressure. Additionally, the Chaikin Money Flow (CMF) indicator remains at -0.25, indicating selling pressure dominance in the market, with capital flowing out of the asset.
The daily relative strength index (RSI) for BNB stock, which stands at 41.21, indicates that it is in a neutral to weak zone. This is a sign that the market is stabilizing or gradually weakening, not in an acute state. Furthermore, the Bull Bear Power (BBP) indicator value of -28.29 signals strong bearish market control. The price is trading below this level, indicating significant downward pressure.
