Binance Coin (BNB) has dropped approximately 14.6% since Jan. 29 and is now testing what market analysts describe as its final short-term support at $730, a level that has held since mid-2024 but faces mounting selling pressure amid declining risk appetite across cryptocurrency markets.

What Happened: BNB Tests Key Support

The token has underperformed Bitcoin (BTC) over the same period.

While BNB trades above long-term swing levels on higher timeframes, daily charts show a bearish structure after the price fell below former support near $820.

Momentum indicators such as the Awesome Oscillator remain in negative territory, pointing to continued downside pressure rather than a confirmed reversal.

Volume data presents a mixed picture. On-balance volume has declined during recent selling, though the broader monthly trend has moved upward, suggesting not all holders are exiting aggressively.

Below $730, the next notable support sits near $687. A decisive break could expose BNB to deeper losses, potentially extending toward the mid-$600 range.

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Why It Matters: Resistance Stacks Above

Any recovery attempts face resistance between $780 and $840, where multiple supply zones have formed. The former $820 support has flipped into resistance.

Macro conditions continue to weigh on sentiment. Weakness in technology stocks, renewed expectations of higher interest rates following recent Federal Reserve developments, and ongoing negative headlines linked to Binance have combined to suppress risk appetite.

Some traders point to technical patterns that could support a bounce if $730 holds. However, most analysts agree that meaningful recovery would require improved broader market conditions and a sustained move above key resistance levels.

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