Binance Coin (BNB) faces increased selling pressure after a failed attempt to break through the $900 resistance level. The rejection, occurring amid a lack of fresh market liquidity, has raised concerns about further short-term declines. Analysts are watching key support zones between $820-$840 and $710-$720, with BNB currently trading around $849.50.
Binance Coin (BNB) is experiencing renewed selling pressure following its rejection at a major $900 resistance level. This failure has heightened concerns about potential further downside for the asset in the short term.
The market is now concentrating on major support levels, with the macro environment dampening upside potential. Focus has shifted to whether the asset will find support at current levels or if selling pressure will persist.
At the time of writing, BNB is trading at $849.50, according to data from CoinMarketCap. The token has declined 5.18% over the past day, reflecting the increasing downside pressure.
Crypto analyst CryptoPulse highlighted that the rejection at $900 is a significant technical event. The analyst pointed out that financial markets, which were expected to increase liquidity, did not do so, keeping interest rates steady.
This lack of new capital inflow makes the rejection more significant, increasing the likelihood of a further move down. CryptoPulse identified the $820-$840 range as a level where selling strategies might continue to be effective.
The analyst also pointed out that profitable opportunities exist outside of rising markets. Corrective movements in BNB have consistently offered trading opportunities since October, showing clear levels provide chances regardless of market direction.
In a broader technical analysis, CryptoPulse noted that BNB has been supported around the 50-week moving average during standard pullbacks this cycle. More pronounced corrections have seen price action settle closer to the 100-week moving average.
If selling pressure continues, the $710 to $720 range near the 100-week moving average could become a zone of interest. This area presents a potential level for gradual future accumulation.
