- BNB tests the 200-day moving average as selling pressure increases and volume slows, creating a fragile support scenario.
- Derivatives data shows reduced activity with rising long liquidations, suggesting traders are cautious near current levels.
- Price hovers around $816, caught between $900 resistance and possible slide toward $700 if support weakens.
BNB is trading in a corrective phase as the market tests critical long-term technical support. Weaker derivatives activity and mixed sentiment show buyers are cautious while price searches for stability after months of volatility.
First Touch of DMA 200 Raises Questions
BNB recently tagged the 200-day moving average for the first time since June 2025. That key test comes after a steep decline from its peak near $1,200. Price trades around $816, near a prior support zone between the upper $820s and low $830s.
A post shared by analyst Cheds Trading (@BigCheds) on X stated that this touch marks the first interaction with the DMA 200 since June, noting that such retests may shift trend cycles after extended advances. The post also referenced a breakdown from a multi-month channel and noted that recent expansion candles show heavy pressure on buyers.
The trend changed after a sharp rise through September and October gave way to a decisive reversal. Price fell from a rising channel and moved below short-term moving averages, which now sit above price and create overhead pressure.
Volume Patterns Show Controlled De-Risking
Trading volume fell more than 13% to $4.21B, pointing to fading speculative participation. The move suggests controlled selling rather than a panic-driven decline. A major bottom often forms when volume spikes sharply, which has not taken place.
Options activity also cooled as volume dropped over 60% to $1.17M. At the same time, open interest rose slightly to $1.37B, meaning traders are keeping positions open while waiting for the next move. This setup often appears when markets approach critical levels.
Short-term moving averages have turned downward. They sit above price and add pressure on attempts to rally. Momentum usually stabilizes when those averages flatten, which has not occurred.
Derivative Bias Bullish but Momentum Slows
Long exposure remains favored among many retail accounts, with long-to-short ratios on Binance near three-to-one. Position-based metrics across major venues show more balance, suggesting larger accounts remain cautious.
Liquidation flows reflect pressure on leveraged longs. Over the past day, long liquidations totaled about $2.47M, while short liquidations reached roughly $794K. That imbalance indicates late buyers continue to absorb losses during downward swings.
BNB now trades between two key levels. A move above $900 may restore confidence and invite larger inflows. Losing the 200-day support could send price toward the $700 region, which served as a prior base during earlier cycles.
