BNB fell below $590 when Trump threatened to hit Iran’s energy plants
Key receivers
Binance's BNB is down 4.5% in the last 24 hours and now trades below $590.
The bearish performance came as President Trump threatened to attack Iran's power plants.
BNB (formerly Binance Coin) is currently trading below $585 since Thursday, continuing its three-week decline.
The correction deepened after U.S. President Donald Trump said the ongoing U.S.-Iran conflict could last until the end of April, dampening investors' sentiment on riskier assets.
From a technical perspective, momentum indicators are signaling the potential for further downside in BNB.
Trump's comments weigh on market sentiment.
Bitcoin, Ether, BNB and XRP are in the red after President Trump warned on Wednesday that the US-Iran war could be extended until the end of April. He also threatened to target Iran's energy plants and said Iran would return to the “stone age” if no deal was reached.
These statements increased the prospect of a downturn, reducing investors' appetite for riskier assets. As a result, the US dollar (USD) and oil prices have strengthened, putting pressure on US stocks and other high-risk assets.
Retail interest in BNB has also decreased in recent days. As he says CoinGlassBNB's long-to-short ratio read 0.80 on Thursday, the lowest point in a month.
A ratio below one indicates bearish market sentiment, with traders betting on further declines in BNB prices.
BNB may drop to February lows.
The 4-hour chart of BNB/USD is weak and ineffective as BNB has underperformed in recent days.
Currently, BNB is trading well below the 50-day, 100-day and 200-day exponential moving averages, all of which trend higher than the current price and create a broader bearish backdrop.
The Relative Strength Index (RSI) on the 4-hour chart reads 42, below the neutral 50, indicating a bearish bias. The Moving Average Convergence Divergence (MACD) is also migrating below zero, indicating persistent selling pressure rather than complete downside exhaustion.
If the bearish trend continues, BNB will retest the initial support at $570.16 (February low). A break below this level opens the way to lower daily lows and extends the correction level to the key psychological level at $500.
However, if the bulls regain control of the market, they will face resistance in line with the EMAs, which is further down at $697.
A sustained recovery above this barrier is needed to ease the current bearish tone and expose the next resistance at $790.79.
