Binance Coin (BNB) is under renewed selling pressure after a steep decline erased much of its recent gains.
The token fell more than 8% in the past 24 hours, dropping to around $1,182 according to TradingView data, as bearish sentiment took hold across the broader crypto market.
BNB recently attempted to break above the $1,300 resistance zone but was met with strong rejection, triggering a wave of profit-taking. The daily chart now shows a red candlestick signaling continuation of the downward move after a failed recovery attempt earlier this week.
According to the latest technical analysis from TradingView, the short-term outlook for BNB remains negative. On the four-hour timeframe, the combined technical summary rates the token as a “Sell,” with 12 indicators pointing to bearish momentum versus only 4 suggesting a potential rebound.
Moving averages also confirm this view, showing 10 sell signals and only 4 buys, while oscillators lean slightly negative with two sell readings and nine neutral.
On the daily chart, the Relative Strength Index (RSI) sits around 54, suggesting BNB is neither overbought nor oversold but may have lost short-term momentum after peaking near the 70 zone last week. Meanwhile, the MACD lines are converging, indicating a possible continuation of the correction phase if buying volume doesn’t recover soon.
Despite the drop, BNB remains one of the strongest large-cap performers of the last quarter, having surged from around $600 in late July to a high of over $1,300 earlier this month. However, traders now appear to be locking in profits as volatility spikes and funding rates cool across major exchanges.
Analysts suggest that if BNB fails to hold above the $1,150 support level, the next key area to watch lies around $1,000. On the upside, a decisive move back above $1,250 could reignite bullish sentiment and open the door for another test of the $1,300 zone.
For now, the technical setup points to short-term caution, with traders monitoring whether BNB’s recent pullback develops into a deeper correction or merely a temporary pause in its broader uptrend.
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