BNB, the native token of the BNB Chain, is trading in a narrow range as buyers defend the $864–$867 zone while sellers cap gains near $868.50. Over the past 24 hours, the token dropped 3% to $865 as traders reacted to the Federal Reserve’s rate cut on Wednesday.

The decline mirrors broader market trends, with the CoinDesk 20 (CD20) index falling 3.4% over the same period. BNB initially surged to $908.83 on Wednesday before reversing sharply. Selling pressure intensified as the token breached $870, a key support level in recent weeks, according to CoinDesk Research’s technical analysis model. The breakdown was accompanied by elevated trading volume, highlighting strong bearish momentum.

Further technical signals reinforce the negative bias. BNB fell below its 30-day moving average and the 23.6% Fibonacci retracement level at $874, signaling that the short-term uptrend may be losing strength. While the token found temporary support near $861.95, attempts to reclaim $870 have repeatedly failed.

For now, traders remain cautious. A move above $874 could restore upward momentum, but with network activity temporarily paused for an upcoming upgrade, many are waiting before taking new positions.

If selling continues, BNB could test the next major support near $839, based on Fibonacci levels.