BNB experienced a modest gain of 2% in the last 24 hours and pushed past $ 627 before settling with fixed support for $ 616.55.
The move comes when the BNB chain, Blockchain tied to BNB, saw its daily transactions almost double to 17.6 million since mid-May, according to Data from Defillama.
Crypto markets have been jittery in the midst of escalating geopolitical tensions and changing trade policies between larger economies.
One factor that helps bending the mood is the upcoming Maxwell Hard fork, which is scheduled for June 30. If successful, it reduces blocking times from 1.5 seconds to 0.75 seconds, potentially making the network more competitive with high -speed chains.
If Momentum continues, BNB can try to recover the $ 650 level and push against $ 700. But much will depend on how users respond to the technical upgrades and how the geopolitical situation develops.
Overview of Technical Analysis
- BNB formed a strong uptrend, with remarkable volume support that helped establish a key support level for $ 616.55, according to Coindesk Research’s technical analysis model.
- The most significant outbreak came as the price rose through resistance to $ 624.59 and reached the session high at $ 627.85.
- After several hours that consolidated between $ 620 and $ 625, BNB broke $ 625.24, and the signal potential for additional upside to $ 630- $ 635 area.
- BNB gathered from $ 619.31 to $ 627.03 and added 1.25% in a sharp upward feature that reinforced Bullish Momentum before he saw a fall to now stand at $ 621.6.
