BNB’s price fell 10% in 24 hours, but analysts still see a long-term bullish trend.
- BNB fell 13% from its all-time high of $1,300 earlier this week.
- Analysts predict a short-term dip but remain optimistic for a $2,000 target.
- Technical indicators show overbought risks that may trigger a pullback.
BNB Slides After Hitting Record Price
The price of BNB, the token linked to Binance, dropped sharply after reaching a new high of $1,300. It is now down 13% from that level. The decline reflects a wider cautious mood in the crypto market. On the weekly chart, BNB’s Relative Strength Index (RSI) recently hit 81, a signal of an overbought condition. It has since cooled to 71, still considered high.
Why BNB Could Keep Falling
Technical signs suggest that BNB may fall further. A pattern called a double-top has formed, pointing to a price level around $1,000. A return to that level would mean losing 17% from where it trades now. The RSI and price are also showing a bearish divergence, meaning buyers might be getting tired, and sellers could step in to lock in profits.
Support and Resistance Levels to Watch
Key support levels sit between $730 and $860, near the 20-week and 50-week simple moving averages. These lines have helped support BNB in past downturns. If those levels hold, BNB could stabilize before trying to rise again. But if they break, a longer correction is possible.
Is the Bull Run Still Alive?
Despite the pullback, bigger-picture charts suggest the rally might not be over. Analysts point to a bull flag forming since October 2023, which could push BNB up to $2,100 if it breaks out. That would be a 73% gain from current prices. Traders like Henry and CoinCentral believe that BNB has momentum and could even challenge Ethereum if it keeps up the pace.
What Could Help BNB Go Higher?
Recent news, like Binance’s $283 million user payout and rising network activity, adds support to bullish views. Many traders are watching the $1,350 level—if BNB can close a day above that, it may rally toward $1,600 or more. Still, the market remains uncertain, and past overbought levels have led to big drops before.
Source: cointelegraph.com
