Why is BNB Down Today? Price Slips Below $960

BNB, the native token of the BNB Chain, has seen a drop in value, slipping below $960 as it faced resistance at approximately $970. Following a brief climb to a high of $970.03, the token fell sharply, hitting a session low of $942.06 amidst a notable increase in trading volume, indicating significant sell-off activity. Analysts have observed a potential head-and-shoulders pattern forming, usually a precursor to further declines. Currently, BNB is attempting to stabilize in the range of $950-$960, but with liquidity challenges identified below $950, the outlook appears bearish. Experts suggest that the next major price movement will depend on whether BNB can reclaim resistance above $970 or continue to fall towards support levels near $900. This decline aligns with a broader downturn in the cryptocurrency market, with the CoinDesk 20 index also reflecting a drop of 1.6% during this period.

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