BNB, the native token of the BNB Chain and Binance exchange, has declined over 2% in the past 24 hours, falling below the key $1,000 psychological level. This drop coincides with a broader cryptocurrency market sell-off.
Market sentiment remains weak, with the Crypto Fear and Greed Index dropping to 41, hovering near "Fear" territory. Technical analysis indicates oversold conditions across the market, according to average Relative Strength Index (RSI) data from CoinMarketCap.
BNB price action shows the token sliding from $1,025 to under $1,000 as sellers dominated, with strong resistance forming near $1,035. The broader CoinDesk 20 Index (CD20) mirrored the downturn, falling 3.7%.
In development news, BNB Chain validators have proposed a significant reduction in network gas fees from 0.1 to 0.05 gwei. This upgrade aims to slash average transaction costs to approximately $0.005 and improve block speeds from 750ms to 450ms.
The proposal arrives during a surge in on-chain activity on BNB Chain, driven largely by the recent launch of the Aster decentralized trading platform, which has surpassed Hyperliquid in daily perpetual trading volume.
BNB Technical Analysis
Over the last 24 hours, BNB traded within a $49 range, finding support around $987 after dipping to $993. Resistance proved strong just above $1,030.
A brief price recovery saw BNB climb from below $990 to near $994, indicating emerging buying pressure and the formation of higher lows.
Trading volume analysis suggests a transition from aggressive selling to gradual accumulation, with support consolidating near $989 and new resistance forming below $996.