Binance Coin Faces Resistance After Parabolic Rally
Binance Coin (BNB) has slipped below the $1,000 mark, trading at around $988 after a 2.9% decline in the past 24 hours. The move reflects cooling momentum across the broader crypto market, with sentiment indicators suggesting the market is edging closer to a “fear” phase.
The daily chart shows that BNB recently broke its parabolic uptrend, retreating after testing highs above $1,020. The sharp move upward since July was supported by strong volume and consistent higher lows, but sellers are now defending the $1,000 resistance level.
Key support zones lie between $910 and $930, followed by deeper cushions near $850 and $770. If selling pressure intensifies, a breakdown toward the $690 demand zone cannot be ruled out. On the upside, bulls would need to reclaim $1,020 for the uptrend to resume.
Investor sentiment has softened in recent sessions, with the crypto fear and greed index moving closer to neutral-to-fear territory. Analysts highlight that sharp rallies often invite profit-taking, especially after BNB surged more than 50% in the last two months.
According to BITX market strategists, “Breaking $1,000 was a psychological milestone, but sustainability is key. Unless buyers return with strong volume, BNB could retest the $900 zone.”
According to BITX, “The market is showing signs of exhaustion. Consolidation or a deeper pullback would actually help reset momentum before the next leg higher.”
BNB’s slip under the $1,000 level signals short-term weakness in momentum after weeks of aggressive buying. While the long-term structure remains bullish, the $910–$930 range is now critical for defending the trend. Traders are watching closely whether the current retracement will evolve into a healthy consolidation or a steeper correction fueled by shifting sentiment.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.