Binance Coin (BNB) Plummets Below $850 Amidst Market Weakness

Binance Coin (BNB), a cryptocurrency exchange token, has experienced a significant downturn, dropping 41% from its peak of $1,360. The price is now below the key support level at $850 and its 20-day simple moving average. This decline comes amidst broader market weakness, with trading volumes declining, long positions being liquidated, and a weakening RSI indicator (35.15) pointing to weak buying interest. Long liquidations of over $870 million have been recorded in the last 24 hours, adding to the pressure on BNB’s price.