BNB slips below $590 as Trump threatens to strike Iranian power plants

Key takeaways

• Binance’s BNB is down 4.5% in the last 24 hours and now trades below $590.
• The bearish performance comes as President Trump threatens to attack Iran’s power plants. 

BNB (formerly Binance Coin) is currently trading below $585 as of Thursday, continuing its three-week decline. 

The correction has deepened following US President Donald Trump’s statement that the ongoing US-Iran conflict could last until late April, which has dampened investor sentiment towards riskier assets. 

From a technical standpoint, momentum indicators are signaling a potential for further downside in BNB.

Trump’s remarks weigh on market sentiment

Bitcoin, Ether, BNB, and XRP are in the red after President Trump warned on Wednesday that the US-Iran war could extend until late April. He also threatened to target Iranian power plants and stated that Iran would be sent back to the “Stone Age” if an agreement is not reached.

These statements have tempered hopes for de-escalation, further reducing investor appetite for riskier assets. As a result, the US Dollar (USD) and oil prices have strengthened, while US equities and other high-risk assets have come under pressure. 

Retail interest in BNB has also declined in recent days. According to CoinGlass, BNB’s long-to-short ratio reads 0.80 on Thursday, its lowest point in a month. 

A ratio below one indicates bearish market sentiment, with traders betting on a further decline in BNB’s price.

BNB could dip to February’s low

The BNB/USD 4-hour chart is bearish and inefficient as BNB has underperformed in recent days. 

Currently, BNB is trading well below the 50-day, 100-day, and 200-day Exponential Moving Averages, which all trend higher above the current price and frame a broader bearish backdrop. 

The Relative Strength Index (RSI) on the 4-hour chart reads 42, below the neutral 50, indicating a bearish bias. The Moving Average Convergence Divergence (MACD) is also drifting deeper below the zero, signaling persistent selling pressure rather than a completed downside exhaustion.

If the bearish trend persists, BNB will retest the initial support at $570.16 (February’s low). A break below this level would open the way toward lower daily lows and deepen the corrective phase toward the key psychological level at $500.

However, if the bulls regain control of the market, they would encounter immediate resistance at $697, in line with the descending EMAs.

A sustained recovery above this barrier would be needed to ease the current bearish tone and expose the next resistance at $790.79.