BNB Slips 2.7% As Traders Focus on Technicals During Crypto Market Drawdown

BNB’s price slid 2.7% in the last 24-hour period to $1,105 after the rise that started after BNB Chain’s largest-ever quarterly token burn in U.S. dollar terms faded out.

The decline undercut hopes that the $1.6 billion reduction in supply would further support the price. BNB Chain burned 1.44 million BNB as part of the token’s deflationary model, shrinking the token’s total supply to roughly 137.7 million.

Traders, however, were focused elsewhere, with the crypto market as a whole dropping 1.8% over the period, measured via the CoinDesk 20 (CD20) index.

When the $1,128 support level failed, volume surged and prices cascaded lower, briefly hitting an intraday low of $1,076. Over 308,000 BNB changed hands in a single hour, nearly three times the usual daily average according to CoinDesk Research's technical analysis data model.

Rebound attempts repeatedly stalled near $1,110, forming a series of lower highs and reinforcing the bearish structure. Short-term oversold conditions didn’t stop the slide.

Traders have nevertheless been reacting to technical cues, an environment where key price levels and volume shifts carry more weight than structural design. For now, the chart points to $1,076 as the next major support.

A convincing break above $1,128 would be needed to shift market sentiment. Until then, momentum remains pointed down.

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.