Key takeaways
- Binance’s BNB slipped about 1% despite many leading cryptocurrencies registering gains.
- The coin could retest the $820 low before attempting a move above $900.
BNB holds above $850 as market gears up for recovery
BNB, the native token of the Binance ecosystem, fell just under 1% in the past 24 hours while the broader market shows signs of a modest recovery. Despite the overall uptick in other assets, BNB remains range-bound near the $850 level as BTC, SOL, BCH and XRP make gains.
This muted price action comes even after Binance announced the launch of its Mexican entity, Medá. The exchange said Medá is registered as an electronic payment institution and will operate as an independent division focused on expanding Binance’s fintech services throughout Latin America.
Binance also committed $53 million in planned investment for the new entity over the next four years. While the expansion represents a strategic step into Latin America, the announcement had little immediate impact on BNB’s price.
BNB may retest $820 before moving higher
The BNB/USD 4-hour chart remains constructive, reflecting the token’s momentum after a recent peak near $900 about ten days ago. That all-time high has kept short-term indicators biased to the upside.
However, the 46 reading on the RSI points to growing selling pressure, and the MACD lines have slipped into bearish territory. If selling persists, BNB could revisit the trendline support and the $820 level in the coming hours.
Liquidity clustered around the $820 trendline could provide the lift needed for BNB to retest the $900 high. Conversely, failure to hold $820 would likely open the door to the next support band around $792.
A successful move back to $900 would restore psychological momentum and position BNB to challenge the $1,000 level, keeping the door open for a new all-time high.