BNB Hits New High Then Slides — Here’s Why Traders Should Be Cautious

Core Insights - BNB reached an all-time high of $1,375, driven by a market recovery from a recent liquidation event, but has since dropped approximately 10% as bullish momentum fades [1][8] - Technical indicators suggest a potential bearish crossover in the Moving Average Convergence Divergence (MACD), indicating possible deeper losses for BNB in the near term [2][4] - The negative funding rate of -0.015% among BNB derivatives traders reflects low confidence in the continuation of BNB's rally, suggesting a shift towards bearish sentiment [5][6] Market Sentiment - The waning bullish sentiment among BNB market participants increases the likelihood of a near-term price pullback [7] - If sell-side pressure intensifies, BNB risks breaching critical support levels at $1,192 and potentially falling to $1,048 [8] - A bearish outlook could be invalidated if new demand enters the market, allowing BNB to reclaim its all-time high [9]