Key Points:

The BNB price must hold the $1000 support level to avoid a deeper pullback towards $845.

The CVD indicator for spot buying continues to be negative, indicating that market demand is clearly weakening.

BNB performed weakly on Wednesday, dropping 10% over the past week, with a trading price of $1072. Multiple technical and on-chain indicators show that this Binance-related cryptocurrency must maintain the critical support level of $1000, or it may face a deep adjustment towards $845.

The recent wave of selling has pulled the BNB price down to the $1050 support level. Bulls are struggling to push BNB above this level to avoid further losses.

Analyst BlockchainBaller noted on the X platform on Tuesday: "After the recent drop, $BNB remains solid in the $1060 support area."

He stated that buyers are showing interest at this price level, and if the price successfully breaks through the $1107-$1120 range, there is a high likelihood of moving towards the $1140 area.

It is important to note that this area coincides with the current positions of the 200-period and 50-period simple moving averages (SMAs). The next resistance level at a higher position is at $1180, which also corresponds to the 100-day moving average.

On the downside, the first important area of focus is between Tuesday's low of $1050 and the local low of $1020 reached on October 15.

The next line of defense is the psychological level of $1000, which has played a key support role since September 30.

A close below $1000 could trigger further price declines, down to the second area of focus, which is between the 100-day exponential moving average at $955 and the low of about $930 on September 25.

A deeper pullback could see this altcoin retest the low of about $874 from October 11.

Data from Cointelegraph Markets Pro and TradingView shows that BNB has broken below a descending triangle pattern on the 6-hour chart, as illustrated below.

If it fails to close above the triangle's $1069 support line, the price may continue its downward trend, with a measured target of $845.

Such a trend would result in a total decline of 21% from the current level.

The Relative Strength Index (RSI) is currently operating below the 50 line, having dropped significantly from 86 to 41 over the past two weeks, indicating that downward momentum is significantly increasing.

As previously reported by Cointelegraph, a drop below the $1020 support level may suggest that the BNB/USD trading pair has peaked in the short term.

The latest analysis of the 90-day cumulative volume delta (CVD) shows that sell orders (eating sell orders) are once again dominating the market. The CVD indicator accurately measures the changes in the difference between buying and selling volumes over a three-month period.

Since last Friday, after the BNB/USD trading pair reached an all-time high of $1375, selling pressure has clearly dominated the order book.

Market analysts point out that the negative CVD shown in the chart (red bars) clearly indicates that traders are taking profits, suggesting that as sellers gradually take control of the market, buying demand is clearly weakening.

Professional traders state that if the CVD remains in the red zone, it means that there are no signs of a retreat from selling pressure, which could pave the way for another wave of downward movement in BNB prices, similar to patterns observed during historical pullbacks.

The data in the above chart clearly shows that the number of sell orders in the market has significantly exceeded buy orders, and most traders are still in profit at the current price level. Market research institutions explain that this indicates a clear oversupply compared to demand, and this technical indicator typically suggests that prices may continue their pullback trend.

As reported by Cointelegraph, the ongoing outflow of funds from the Binance cryptocurrency exchange poses a significant risk to BNB, which may limit its upside potential in the short term.

Related: Binance's $33 million charitable donation becomes a political minefield in Malta

This article does not contain any investment advice or recommendations. Any investment and trading activities involve risks, and readers should conduct their own research before making decisions.

Original article: “BNB Price Analysis: Why Bulls Must Hold $1000?”

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