BNB, the native token of the BNB chain, fell 1.7% over the last 24-hour period, rattling the market’s turmoil as the conflict between Israel and Iran escalates and after US President Donald Trump called for National Security Council to prepare in the situation.
BNB swung between $ 659 and $ 646 during the day, marking a tight but significant trade area. The $ 647 level has emerged as a support line for the token, which is now hovering under it, according to Coindesk Research’s technical analysis data.
Despite the turbulence, the BNB chain’s basic strong remains.
It treated over $ 100 billion in decentralized volume (DEX) in the last month and more than $ 10 billion within the last 24 hours, according to Defillama.
Investors are now looking at Wednesday’s Federal Open Market Committee (FOMC) meeting for signals. Any signals of interest rates can affect liquidity, especially in risk-on assets such as crypto.
Vaneck’s pending BNB ETF application filed in May. If approved, it could open the door to greater institutional participation.
Overview of Technical Analysis
- Strong support has formed for $ 647, supported by an increase in volume to 82,311 tokens, almost triple the 24-hour average, according to Coindesk Research’s technical analysis data.
- Resistance is anchored between $ 658 and $ 659, an area where the price was rejected twice in the middle of increasing volume.
- Time charts reveal a push to $ 655, followed by a slight withdrawal to $ 652. This identifies a local resistance to $ 655.70- $ 655.80.
- Sales of pressure intensified during immersion. BNB is currently being consolidated under resistance with a bearish slope, and longer disadvantage comes if the mood remains weak.
Disclaimer: Parts of this article were generated with the help of AI tools and reviewed by our editorial team to ensure accuracy and compliance with our standards. For more information, see Coindesk’s full AI policy.
