Key Points
- Binance’s BNB is down about 1% despite other major cryptocurrencies showing gains.
- The coin could retest the $820 low before climbing back above $900.
BNB holds above $850 as market eyes recovery
BNB, the native token of the Binance ecosystem, has slipped by under 1% over the past 24 hours, even as the broader market has seen a modest recovery. This relative weakness means BNB is still trading near $850 while BTC, SOL, BCH and XRP push higher.
The muted price reaction comes despite Binance announcing the launch of its Mexican entity, Medá. According to the exchange, Medá is registered as an electronic payment funds institution and will operate as an independent division focused on developing fintech services for Binance across Latin America.
Binance also pledged $53 million in funding for the new entity over the next four years. While the expansion represents a strategic positive for Binance in the region, the news has had limited short-term impact on BNB’s price.
BNB could retest $820 before moving higher
On the 4-hour chart, the BNB/USD trend remains constructive, after BNB reached a fresh high near $900 about ten days ago. That recent all-time high keeps momentum indicators generally tilted in favor of bulls.
However, the Relative Strength Index around 46 indicates increased selling pressure, and MACD lines have crossed into bearish territory. If selling continues, BNB may revisit the trendline support and the $820 support level in the coming hours.
Liquidity clustered around the $820 trendline could provide the base for BNB to test the $900 area again. Conversely, failure to hold the $820 floor could push BNB down toward the next support zone around $792.
A successful move back above $900 would open the path for BNB to advance toward $1,000 and potentially set a new all-time high.