Crypto asset Binance Coin experiences a 1% decline, with cryptocurrency enthusiasts aiming to maintain its position above the $844 price floor.

Binance Coin (BNB) is currently trading at $844.64, marking a 1.23% decline over the last 24 hours. The token's market capitalization stands at approximately $117.5 billion, with a daily trading volume of around $919 million.

The overall market action suggests a phase of consolidation, where both buyers and sellers are maintaining caution. This is particularly true for BNB, as short-term traders and long-term holders are adjusting their strategies, making upcoming sessions crucial for the coin's direction.

Traders are closely monitoring the weekly close to determine whether momentum will favor buyers or sellers. The immediate test for Binance Coin lies in sustaining the $844-$845 support range. Analyst Crypto Tony believes the bulls are attempting to defend this level as an important support zone.

Last week, some traders and investors sold their BNB Coin positions around the $850 level. This was mainly due to broader market sell-offs, profit-taking after short-lived price rallies, and geopolitical tensions such as Israel targeting Hamas leadership in Qatar, which contributed to market uncertainty and selling pressure. As a result, BNB retreated from highs near $884 back below $850.

The token dipped as low as $843 after early declines from $852. Analyst That's My Quant noted that the BNB coin price had reached a profit-taking zone near the $850 mark. In response, That's My Quant trimmed 30% of holdings at the $850 level, citing caution after the coin's extended rally.

Failure to hold the $845 level could expose the market to further selling pressure, with potential downside levels between $745 and $760. However, maintaining stability above $845 could help prevent deeper losses and may allow BNB to retest previous highs.

A successful breakout above the $845 resistance could renew buying pressure and open the path toward retesting recent highs. The $850 resistance area is a potential target for bulls if the support range is held. The weekly chart shows that price action has slowed near the $845 mark, suggesting that holding the level could be essential in preserving market structure.

In conclusion, the upcoming sessions for Binance Coin are crucial, as traders and holders adjust their strategies in response to recent market conditions. The $845 level is a key support zone, and whether Binance Coin can hold this level will significantly impact its future price direction.