Key takeaways
- The price of Binance’s BNB coin has fallen by 4.5% in the past 24 hours and is now trading at less than $590.
- This declining performance comes at a time when President Trump threatens to attack Iranian power plants.
BNB (formerly Binance Coin) is currently trading below $585 as of Thursday, continuing its three-week decline.
The correction deepened after US President Donald Trump said that the ongoing US-Iran conflict may continue until late April, dampening investor sentiment towards riskier assets.
Technically, momentum indicators point to the possibility of further decline in BNB.
Trump’s statements affect market sentiment
Bitcoin, Ether, BNB and XRP are in the red after President Trump warned on Wednesday that the US-Iran war could extend into late April. He also threatened to target Iranian power plants, and stated that Iran would be returned to the “stone age” if an agreement was not reached.
These statements reduced hopes for stopping the escalation, reducing investors’ appetite for high-risk assets. As a result, US dollar and oil prices rose, while US stocks and other high-risk assets came under pressure.
Retail interest in BNB has also declined in recent days. according to Queen GlassThe ratio of long and short transactions in BNB reached 0.80 on Thursday, its lowest point in a month.
A ratio less than one indicates bearish market sentiment, as traders are betting on a further decline in the BNB price.
BNB could fall to February low
The BNB/USD 4-hour chart is bearish and inactive as BNB has performed poorly in recent days.
Currently, BNB is trading below the 50-day, 100-day and 200-day EMAs, which are all trending higher above the current price and framing a broader bearish backdrop.
The Relative Strength Index (RSI) on the 4-hour chart is reading 42, below the neutral 50 level, indicating a bearish bias. The Moving Average Convergence Divergence (MACD) indicator is also drifting deeper below zero, indicating continued selling pressure rather than complete bearish exhaustion.
If the downtrend continues, BNB will retest the initial support at $570.16 (February low). A break below this level would open the way towards daily lows and deepen the corrective phase towards the key psychological level at $500.
However, if the bulls regain control of the market, they will face immediate resistance at $697, in line with the bearish EMAs.
A sustained recovery above this barrier will be needed to ease the current bearish tone and expose the next resistance at $790.79.
