The price of BNB, the native digital asset of the Binance ecosystem, experienced a notable BNB price correction during the last day. The cryptocurrency pulled back 12% from its recent all-time high, sparking intense debate among market traders. This move follows a phase of strong bullish momentum that took the asset to unprecedented levels.
Technical data shows that the BNB price correction coincided with overbought indicators. The asset’s weekly Relative Strength Index (RSI) had reached a value of 81, a signal that historically precedes market pullbacks. Market analyst known as Saint noted that the RSI was in the overbought range across multiple timeframes. This suggests the asset needed a pause to consolidate its recent gains before a potential new push. Technical charts now point to a possible downside target near $1,000.
The Long-Term Future of BNB
Despite the short-term volatility, the overall outlook for BNB appears to maintain a positive bias. Some analysts, like Henry, believe that BNB is still looking strong after the crash and maintain an optimistic perspective for the coming months. In fact, a bull flag pattern on the monthly chart suggests an ambitious long-term target of $2,100. The continued development of its Blockchain and high network activity are factors that could support a sustained recovery. Therefore, key support levels to watch are between $730 and $860.
The recent BNB price correction has introduced a dose of short-term uncertainty. Investors are closely monitoring whether the asset will manage to stay above its critical supports to resume its trend. Although the possibility of a deeper drop exists, the long-term market structure remains bullish for many experts. The price action in the coming weeks will be decisive in confirming if this was just a necessary consolidation.
