Binance Coin (BNB) shows resilience after a stormy week for the financial markets as Israel attacked Iran in an attempt to limit its nuclear program and missile features, which led to a large -scale missile attack in response.
The conflict saw investors flee from risk assets and led to more than $ 700 million in liquidation in the crypto market in just 24 hours, according to Coinglass. However, BNB managed to maintain a narrow trading area of just over 1%and withstand a wider altcoin strike.
BNB, after sale, failed to break over $ 660, its immediate level of resistance according to Coindesk Research’s technical analysis data model and has since consolidated within a symmetrical triangle pattern.
Despite the setback, the coin has stayed over key support for $ 640, a zone in line with 78.6% Fibonacci Retracement level. Trade volume analysis suggests that sellers dominate nearly $ 655.5, while a buyer base forms about $ 649, the model shows.
Technical signalizes a mixed image. The moving average convergence of convergence (MACD) became negative and the relative strength index (RSI) sits just 50 and suggests fading momentum.
Still, the 50/200-day sliding average approaches near a golden cross, and the Chaikin Money Flow indicator remains positive, a set-up that has historically priored back upwards, according to the model.
But the mood around BNB is not all bullish. Net taker -volume, a gauge with aggressive sales pressure, hit a low -week low at -$ 197 million.
Meanwhile, even when Binance Smart Chain’s eternal trading volume increased exponentially month-over-month, this activity does not appear to have given rise to new demand for BNB. Futures Open interest rates remain more than 30% from its tops in December.
