BNB Slips 2.7% As Traders Focus on Technicals During Crypto Market Drawdown
BNB’s price slid 2.7% in the last 24-hour period to $1,105 after the rise that started after BNB Chain’s largest-ever quarterly token burn in U.S. dollar terms faded out.
The decline undercut hopes that the $1.6 billion reduction in supply would further support the price. BNB Chain burned 1.44 million BNB as part of the token’s deflationary model, shrinking the token’s total supply to roughly 137.7 million.
Traders, however, were focused elsewhere, with the crypto market as a whole dropping 1.8% over the period, measured via the CoinDesk 20 (CD20) index.
When the $1,128 support level failed, volume surged and prices cascaded lower, briefly hitting an intraday low of $1,076. Over 308,000 BNB changed hands in a single hour, nearly…
