BNB Falls Below $1K Amid Crypto Market Decline and Fear Index Drop
- BNB, the token of BNB Chain used for fee discounts on Binance, declined over 2% in the past 24 hours amid a general crypto market drop.
- The Crypto Fear and Greed Index is at 41, nearing fear levels, while the RSI indicates oversold conditions.
- The token's price fell from $1,025 to just below $1,000 with resistance around $1,035.
- The CoinDesk 20 index decreased by 3.7%.
- BNB Chain validators proposed reducing gas fees from 0.1 to 0.05 gwei, lowering transaction costs to about $0.005 and speeding up block times.
- The proposal follows increased on-chain trading activity due to Aster's launch, surpassing Hyperliquid in daily trading volumes.
Technical Analysis Overview
- BNB traded within a $49 range, dropping to $993 with resistance above $1,030 and support at $987.
- The price recovered slightly from below $990 to near $994 due to increased buying demand.
- Trading volume indicated a shift from aggressive selling to accumulation, with support around $989 and resistance under $996.
