Support in Sight or Freefall Ahead?

• BNB is currently trading at around $843.
• Technical indicators are reflecting a downtrend.

The bearish sentiment across the crypto assets has dragged their prices down into the red territory. With the Fear and Greed Index value at 43, the market is in the neutral zone. Notably, Bitcoin (BTC) and Ethereum (ETH) traded on the downside, while the tokens like HYPE, CRO, and FORM emerged as the top three gainers among the list. 

The native token of the Binance ecosystem, BNB, has secured a spot among the trending coins. It has dropped by over 1.36% in the last 24 hours. Before the bears gained momentum, the asset traded at a high of $870.87, and gradually the BNB price retraced to its recent low at $832.72. 

BNB is currently trading at around the $843.84 level, with its market cap reaching $117.53 billion. Besides, the daily trading volume has spiked by over 5.84%, to the $3.21 billion mark. The Coinglass data reported that the BNB market has observed a 24-hour liquidation event of $2.76 million.

Are There More Downside Risks for BNB?

The BNB price pattern shows the bear hold, with the red candles lit up, the price could plunge to the initial support at $843.74. Further downside correction might trigger the death cross to unfold, and it may send the asset’s price to its subsequent support below $843.64. 

Assuming the asset reverses the momentum, the price might rise to the $843.94 resistance. Upon the bulls gaining strength, the upside correction could invite the death cross to take place. The BNB price may move toward a recent high at around the $844.04 range. 

The Moving Average Convergence Divergence (MACD) line of BNB is below the zero line, but the signal line is briefly above zero. This implies the overall momentum is weak. The market expects a cross above zero for a bullish confirmation or a drop below for renewed bearish pressure. In addition, the Chaikin Money Flow (CMF) indicator stays at -0.25, pointing to the dominating selling pressure in the market, and capital is flowing out of the asset. 

BNB’s daily Relative Strength Index (RSI) found at 41.21 suggests its neutral to weak territory. This is considered a sign that the market is consolidating or gradually weakening rather than in an extreme condition. Moreover, the Bull Bear Power (BBP) value of -28.29 indicates a strong bearish dominance. The price is trading below, signalling heavy downward pressure.

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