• Binance Coin drops below key moving averages, reflecting cooling momentum amid broader market underperformance.
• Developer-mandated migration of legacy multi-signature wallets adds selling pressure, accelerating the recent decline.
• RSI at 52.46 and narrowing MACD gap suggest slowing upside momentum despite MA Ribbon support.

BNB is currently under growing pressure this week as the token falls below key moving averages, continuing to trail the rest of the crypto market. Data from 10x Research and TradingView readings highlight that technical issues, ecosystem updates, and changes in the chain’s activities are currently influencing the near-term outlook.

Despite these short-term challenges, there are still chances that upcoming updates could support the long-term development and growth of BNB Chain. Investors are keeping a close eye on these improvements as potential catalysts for a recovery.

Binance Coin Drops Amid Wallet Migration

At press time, Binance Coin is trading at $ 939, with a 24-hour trading volume of $ 2.15 billion and a market cap of $ 129.08 billion. BNB price increased 0.49% in the last 24 hours. BNB has registered a decrease of 5.14% over the last week. This indicator has often revealed waning strength in the coin.

According to data from the 10x research, the intensification of the fall can be seen as having gained momentum shortly after the announcement made by the developers regarding the mandatory migration of the older multi-signature wallets on the BNB chain.

This issue made the users reorganize, adding to the selling pressures at a time when the BNB was seen to be slowing down.BNB Underperforms the Crypto Market

On-chain analytics show that BNB has been lagging in the broader market over the course of the last week. Although most other assets like Ether (ETH) and Solana (SOL) showed signs of recovering, the price actions of BNB were much more constrained. This points to a more conservative strategy at play in the BNB market, particularly in the face of the ongoing lack of liquidity in the broader market.

Also Read | Binance Coin (BNB): Bulls Confident to Push It Above $960 This Month

Binance Coin Weekly Trend Weakens

The technical readings in the weekly charts show a gradual weakening in the level of momentum. The reading in the Relative Strength Index stands at 52.46, denoting a weak position rather than a stronger buy position. The signal line occurs at 67.09, indicating that the support level from the buyers has reduced.

The MA Ribbon remains supportive of the longer-term upside, with levels set at 935.02, 759.09, 640.84, and 465.94. BNB, however, has seen the price move close to the ribbon, indicating that the extreme momentum observed in the past few months might be slowing down.

The MACD line rests at 100.69, slightly above the signal line of 106.34, but the persisting reduction in the gap between the lines indicates weakening support on the upside. The declining bars of the histogram also support this, suggesting BNB could be in a period of slowing down unless stronger market volumes return to the market.

Also Read | Binance Coin (BNB) Signals Breakout Setup: Is a $2,300 Rally Next?