Binance Coin Reverses Gains, Key BNB Price Levels To Watch

Key Points

1. BNB reached an all-time high of $859.56 before plunging approximately 24 hours later, with the price dropping to $815.42, a 2.78% decline in 24 hours.

2. Investors took profits following the price spike, leading to a 23.38% drop in trading volume, equivalent to $3.03 billion.

3. The Relative Strength Index (RSI) of BNB was at 76.04, indicating an overbought condition that likely triggered the profit-taking trend.

4. BNB needs to stay above the $808.85 support level to avoid further declines, but the asset has still gained 6.72% in the last seven days and 25.29% in the previous 30 days.

5. Despite the recent pullback, Binance Coin has shown significant long-term growth, with reports indicating a 10,000 times increase over the last eight years.