BNB Bulls’ $1K Battle: A Poetic Descent?

by

Key takeaways 📜

  • BNB price must cling to $1,000 like a lover’s last embrace, lest it plunge into the abyss of $845. 🕳️

  • Spot taker CVD remains negative, a siren song of waning demand. 🧠

BNB (BNB) displayed weakness on Wednesday, down 10% over the last seven days, trading at $1,072. Multiple technical and onchain indicators suggest that the Binance-linked coin must hold the $1,000 support to avoid a deeper correction toward $845. 📉

BNB bulls need to defend $1,000 support

The latest sell-off has seen the BNB price drop toward the $1,050 support level. Bulls were fighting to push BNB above this level to avoid further losses. 🧘‍♂️

“$BNB is holding strong around the $1,060 support zone after a recent drop,” said analyst BlockchainBaller in a Tuesday post on X. 😏

Buyers are showing interest here, and a move toward the $1,140 area looks possible if price breaks above the $1,107-$1,120 range, the analyst wrote. 🌟

Note that this is where the 200-period and 50-period simple moving averages (SMAs) currently sit. Higher than that, the next barrier sits at $1,180, which also corresponds to the 100 SMA. 🧱

“A clean breakout could trigger the next leg up.” 🚀

On the downside, the first area of interest lies between Tuesday’s low at $1,050 and the local low at $1,020 (reached on Oct. 15). 🕯️

The following line of defense is the $1,000 psychological level, an area that has acted as support since Sept. 30. 🛡️

A close below $1,000 could trigger another drawdown in price toward the second area of interest lying between the 100-day exponential moving average at $955 and the Sept. 25 low around $930. 🧨

A deeper correction could see the altcoin retest the Oct 11 wick around $874. 🧭

Data from CryptoMoon Markets Pro and TradingView shows BNB breaking below a descending triangle on the six-hour chart, as shown below. 📊

Failure to close above the triangle’s support line at $1,069 could see the price continue the downward trajectory, with a measured target of $845. 🎯

Such a move would bring the total losses to 21% from the current level. 😭

The relative strength index is moving below the 50 mark and has dropped from 86 to 41 over the last two weeks, suggesting increasing downward momentum. 🌀

As CryptoMoon reported, a drop below the $1,020 support could suggest that the BNB/USD pair may have topped out in the short term. 📈

BNB spot taker CVD signals high seller volumes

Analyzing the 90-day spot taker cumulative volume delta (CVD) reveals that sell orders (taker sell) have become dominant again. CVD measures the difference between buy and sell volume over a three-month period. 💸

Since Friday, sell-side pressure has dominated the order book, after the BNB/USD pair hit an all-time high of $1,375. 📈

Negative CVD (red bars in the chart below) indicates profit-taking among traders, signaling waning demand as sellers take control. 🧠

If the CVD remains red, it means sellers are not backing down, which could set the stage for another wave of downward movement, as seen in historical corrections. 🧨

The chart above suggests more sell orders are being placed in the market than buy orders, with a majority being in profit at current prices. In other words, there’s currently more supply than demand, which generally signals that the price may extend its correction. 📉

As CryptoMoon reported, persistent outflows from the Binance crypto exchange pose risks for BNB, limiting its upside potential. 🚫

Read More

2025-10-22 17:26