BNB is under $860 for traders via US employment data

BNB prices continued to fall from the all-time high of $900 seen later last month, resulting in sharp internal shaking over the past 24 hours.

In a 24-hour window, assets were traded between $849.88 and $868.76. This is a 2% movement that began with bullish momentum but ended with signs of fatigue, approaching resistance.

The volatility follows a filing with the U.S. Securities and Exchange Commission by Rex Stocks later last month, along with the rise of BNB-focused financing companies. The latest B-Strategy aims to retain up to $1 billion worth of BNB, supported by an investment company led by Binance co-founders Changpeng Zhao and Yi He.

Although BNB was unable to retain its previous profits, underlying network activity has skyrocketed. According to Defillama data, the BNB chain’s daily active wallet address has more than doubled, rising to nearly 2.5 million.

However, data from the same source shows that since late June, the volume of transactions has steadily declined. BNB prices have also moved ahead with key US economic data this week, including manufacturing and services surveys and August payroll figures.

Employment data could affect the probability that the Federal Reserve will cut interest rates this month. Currently, CME’s FedWatch tool weighs nearly 90% of a 25 bps cut, while polymer kettle traders have an odds of 82%.

Technical Analysis Overview

BNB took part in the session with a surge from $860.30 to $868.08, but the rally quickly lost steam. According to Coindesk Research’s technical analysis model, sales pressure has now been generated at the level of $867-868, a zone established as a ceiling on critical resistance.

The volume spiked during this attempt, far above the average of 54,000 at 72,000 tokens, indicating a high level of participation during failed breakouts.

After rejection, BNB was retarded towards the $850-$855 range and the purchase rights came out. This was most noticeable as the token dipped into $851.40 and triggered a volume spike. This response pointed to strong demand at these lower levels.

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