The BNB price dropped by more than 8% over 24 hours to trade at intraday lows near $900, as selling pressure across cryptocurrencies intensifies.
Summary
- BNB fell to $900, ouching the lows after crashing from intraday highs of $1,000.
- Losses for the altcoin came amid a crypto market bloodbath that saw Bitcoin crash below $100,000.
- The altcoin could slip to $800 or lower if sell-off pressure holds.
Cryptocurrencies flipped red on Tuesday, extending the downbeat start to November, adding to the overall gloom after an underwhelming October. Amid the sell-off that pushed all major cryptocurrencies down, BNB (BNB) dropped from highs of $1,000 to $910.
The nearly 8% slip saw the token, key to the Binance crypto exchange and BNB Chain blockchain ecosystems, extend weekly losses to over 19%.
BNB drops as Bitcoin dips below $100,000
Bears were largely in control despite a flip to around $920, with Bitcoin (BTC) struggling near $100,000 amid a 6% dip not helping the overall picture.
Analysts have pointed to BTC’s drop below $100,000 as the first time the benchmark digital asset has tanked below the psychological level since June.
Ethereum also traded lower, down nearly 10% in 24 hours to under $3,300.
As cryptocurrencies suffered over $1.3 billion in total liquidations, the broader outlook mirrored action across Wall Street.
U.S. stocks were down amid fresh market jitters. The tech-heavy Nasdaq Composite had shed more than 1.6% and the S&P 500 was down 1%. The Dow Jones Industrial Average was down nearly 300 points.
What’s the BNB price technical outlook?
On the daily chart, the relative strength index is near oversold territory with the reading at 32. Although bulls could target a swift bounce, the downslopping trajectory suggests a potential downside continuation.
The moving average convergence divergence indicator also shows a marked flip in weakening momentum. If the BNB price drops below $900, it could fall to support near $824 and potentially $736.
On the upside, strengthening above $1,000 remains a key goal for bulls.
