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BNB (Binance Coin) has slid sharply over the past week, raising the risk of a confirmed bearish crossover on its daily chart. The token declined roughly 13% in seven days and is trading near critical technical levels that could determine whether the correction remains shallow or evolves into a deeper sell-off.
Price action and market context
BNB fell to an intraday low of $1,027 on Nov. 3, representing a 6% drop in 24 hours and roughly a 13% decline from last week’s highs. Daily trading volume jumped to about $1.8 billion, nearly double previous levels, which, combined with price deterioration, indicates rising selling pressure and potential panic selling by short-term holders.
The broader crypto market also experienced elevated volatility today, driven by waves of short selling and nearly $400 million in liquidations. Traders are repositioning ahead of the U.S. jobs report scheduled for Friday, Nov. 7. A stronger-than-expected jobs print could reinforce the Federal Reserve’s current hawkish stance and weigh on risk-on assets like BNB. Conversely, a softer report might renew hopes for rate cuts and alleviate some selling pressure.
A look at derivatives data adds to the bearish tone. Open interest in BNB futures has dropped sharply from $2.97 billion on Oct. 8 to about $1.56 billion at press time, and the long/short ratio sits below 1. Together these metrics suggest traders are positioning for more downside rather than a quick recovery. The Crypto Fear & Greed Index also reflects caution, with a reading in the ‘fear’ zone at 42 when this analysis was performed.
Technical analysis: patterns, indicators and key levels
On the daily chart, BNB has formed what appears to be a bearish double-bottom pattern, with both lows forming near $1,376 and the neckline around $1,074. Price action has slipped below that neckline, which is commonly interpreted as a confirmation of breakdown and can accelerate downward momentum.
BNB price shows a bearish crossover approaching on the daily chart — Nov. 3
Technical indicators reinforce near-term bearish risk. The 20-day simple moving average (SMA) is poised to cross below the 50-day SMA, a bearish crossover traders often treat as an early warning of extended weakness. The Supertrend indicator has flipped red after crossing above price, signaling a trend shift to the downside. The Relative Strength Index (RSI) is below the neutral 50 level, indicating sellers are currently dominating buying pressure.
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BNB price, Supertrend, and RSI chart — Nov. 3
Support and resistance targets
Immediate support sits near $931.6 — a level tested during the September pullback and likely to act as the next significant floor. If that level fails, technical projections based on the double-bottom height point to a deeper downside target near $777.3, which is approximately 24% below the current market price at the time of writing.
On the upside, a decisive reclaim of $1,100, which aligns with the 50-day SMA, would invalidate the bearish setup and could open the door for a short-term recovery toward prior highs. Until that level is convincingly breached, the risk-reward profile favors sellers.
What traders should watch
- U.S. jobs data: A strong employment report may reinforce Fed hawkishness and pressure crypto prices, including BNB. A weak report could boost rate-cut expectations and relieve some downside pressure.
- Derivatives flows: Continued declines in open interest and a long/short ratio below 1 suggest the futures market is leaning bearish. A reversal in these metrics would be bullish.
- Volume behavior: If price drops continue on rising volume, it signals conviction among sellers. Conversely, dwindling volume on further declines could hint at exhaustion and a potential bounce.
- Key technical levels: Watch $931.6 for support and $1,100 for an upside invalidation of the bearish case.
Conclusion
BNB’s short-term outlook currently tilts bearish. Chart structure, moving averages, Supertrend, and RSI signal that downside momentum could persist unless buyers step in and push price above the 50-day SMA and the $1,100 threshold. Traders and holders should monitor macro catalysts — notably U.S. jobs data and Fed policy implications — alongside derivatives metrics to gauge whether this correction remains temporary or deepens toward the $777.3 projection.
At press time, BNB was trading around $1,031 per coin.
Source: crypto
Comments
fundflux
Is this even real? BNB dropping fast, but OI fell too, could be washout or bigger seloff. Watching $931.
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