BNB Chain’s native token, BNB, yielded the key $960 support level over the last 24 hours. This drop occurred after it failed to overcome resistance near $970. The selling momentum was notable, and technical analysts are now closely watching the formation of a potential BNB’s bearish technical pattern that could signal further declines.
BNB’s price briefly hit a high of $970.03 before reversing. A sharp increase in trading volume suggested the entry of large-scale sell orders, driving the token to a session low of $942.06. Currently, the asset is rangebound as buyers attempt to stabilize the price around the $950 zone.
Does the “Head-and-Shoulders” Confirm a New Downturn?
The primary technical concern is the appearance of a “head-and-shoulders” pattern on short-term charts. This is a classic formation often interpreted as a bearish reversal signal. Alex Boruski, co-founder of the iMe AI project, commented on the situation. Boruski highlighted the formation of this pattern and noted that the “path of least resistance remains to the downside.”
According to Boruski’s analysis, there are “liquidity pockets” sitting below the $950 level. The BNB token is now trapped between resistance at $970 and immediate support at $942. If the asset fails to reclaim ground above $970, the next major support level sellers would target is located around $900.
This decline in BNB aligns with the general weakness seen in the broader crypto economy. BNB’s next move will depend on whether buyers can defend the $950 zone. On the other hand, a break below $942 could confirm the bearish outlook. Traders remain cautious amid the technical headwinds the asset is facing.
