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 the crucial $960 mark in the last 24 hours, facing resistance near $970. After reaching a brief high of $970.03, BNB fell sharply, with increased trading volume indicating significant sell orders. This downturn has left BNB attempting to stabilize around $950–$960, though analysts have noted a potential head-and-shoulders pattern forming, often seen as indicative of further declines. According to Alex Boruski, co-founder of iMe AI, the drop below $970 reflects a shift in order-flow dynamics, with liquidity pockets beneath $950 suggesting a bearish trend ahead. BNB is now positioned between a resistance level at approximately $970 and short-term support around $942. The token's next significant move will depend on either reclaiming the $970 level or potentially declining towards support at $900. This development aligns with a broader downtrend in the cryptocurrency market, as indicated by the 1.6% drop in the CoinDesk 20 index during the same period.

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