Key takeaways
- BNB (Binance Coin) slipped about 1% despite other leading cryptocurrencies showing positive momentum.
- The coin could retest the $820 low before attempting a move above $900.
BNB holds above $850 as market waits for a rebound
BNB, the native token of the Binance ecosystem, declined by under 1% over the past 24 hours even as the broader market began a modest recovery. The token’s relative weakness means BNB remains near the $850 area while BTC, SOL, BCH and XRP push higher.
Price stability has persisted despite Binance announcing the launch of its Mexican arm, Medá. According to the exchange, Medá is registered as an Electronic Money Institution and will operate as an independent unit focused on developing fintech services for Binance across Latin America.
Binance also committed $53 million to the new entity over the next four years. Although the expansion into Latin America is a constructive development, the news has had limited short-term impact on BNB’s market price.
BNB may retest $820 before attempting to rise
The 4-hour BNB/USD chart shows a consolidation phase after BNB hit a fresh all-time high around $900 about ten days ago. That recent ATH means momentum indicators remain in focus for near-term direction.
The RSI near 46 indicates selling pressure is present, while MACD lines have crossed into bearish territory. If selling pressure persists, BNB could retest the TLQ and the $820 support level within the coming hours.
Liquidity clustered around the TLQ at $820 could provide the impetus needed for BNB to challenge the $900 peak again. However, failure to hold the $820 low may open the way to support around $792.
A successful move toward $900 would bring BNB closer to the psychological $1,000 mark and could set the stage for a new all-time high if buying interest accelerates.