BNB Falls Below Key Support as Crypto Market Cap Slips Toward $3T
BNB fell over 3% in 24 hours to around $850, breaking below key support zones and erasing earlier session gains. This decline followed a broader downturn in the cryptocurrency market rather than any negative news specific to BNB. Earlier in the day, BNB briefly attempted a technical breakout near $888 but failed to sustain momentum as trading activity thinned and overall market pressure resumed.
Bitcoin and Ether also declined by approximately 2.8% and 3.6%, respectively, contributing to the market-wide slump. The total crypto market capitalization hovered near $3 trillion during this period of decline. Despite the pullback, BNB spent most of the day consolidating between $885 and $888, showing rising lows and increased volume that indicated a tight trading range prior to the drop.
CoinDesk Research's technical analysis data model noted signs of accumulation during overnight trading hours. Additionally, 24-hour trading volume across the market rose sharply to $115.7 billion, as reported by CoinGecko data.
