Why is BNB Down Today? Price Slips Below $960 as Traders Brace for Further Declines

BNB, the native token of the BNB Chain, has slipped below $960 after encountering resistance above $970. The price of BNB reached a high of $970.03 before declining sharply, with increasing trading volume indicating a wave of sell orders. Now, BNB is attempting to stabilize around the $950 mark, but analysts are noting the formation of a head-and-shoulders pattern, which often suggests further downside risk. Market dynamics have shifted, leading to cautious trading, particularly as the token is caught between resistance near $970 and support levels around $942. Experts suggest that BNB's ability to regain the $970 level or break down towards $900 will determine its next significant movement. This decline in BNB's price aligns with broader trends in the cryptocurrency market, where the CoinDesk 20 index fell by 1.6% during this period.

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