BNB price drops to near $900 as crypto sell-off intensifies

The $BNB price dropped by more than 8% over 24 hours to trade at intraday lows near $900, as selling pressure across cryptocurrencies intensifies.

Cryptocurrencies flipped red on Tuesday, extending the downbeat start to November, adding to the overall gloom after an underwhelming October. Amid the sell-off that pushed all major cryptocurrencies down, $BNB ($BNB) dropped from highs of $1,000 to $910.

The nearly 8% slip saw the token, key to the Binance crypto exchange and $BNB Chain blockchain ecosystems, extend weekly losses to over 19%.

$BNB drops as Bitcoin dips below $100,000

Bears were largely in control despite a flip to around $920, with Bitcoin ($BTC) struggling near $100,000 amid a 6% dip not helping the overall picture.

Analysts have pointed to $BTC’s drop below $100,000 as the first time the benchmark digital asset has tanked below the psychological level since June.

Ethereum also traded lower, down nearly 10% in 24 hours to under $3,300.

As cryptocurrencies suffered over $1.3 billion in total liquidations, the broader outlook mirrored action across Wall Street.

U.S. stocks were down amid fresh market jitters. The tech-heavy Nasdaq Composite had shed more than 1.6% and the S&P 500 was down 1%. The Dow Jones Industrial Average was down nearly 300 points.

What’s the $BNB price technical outlook?

On the daily chart, the relative strength index is near oversold territory with the reading at 32. Although bulls could target a swift bounce, the downslopping trajectory suggests a potential downside continuation.

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$BNB chart. Source: crypto.news

The moving average convergence divergence indicator also shows a marked flip in weakening momentum. If the $BNB price drops below $900, it could fall to support near $824 and potentially $736.

On the upside, strengthening above $1,000 remains a key goal for bulls.