BNB, the native token of BNB Chain, fell 1.7% over the past 24-hour period, rattled by growing market unease as the conflict between Israel and Iran escalates and after U.S. President Donald Trump called for the National Security Council to prepare in the situation room.
BNB swung between $659 and $646 during the day, marking a tight but significant trading range. The $647 level has emerged as a support line for the token, which now hovers below it, according to CoinDesk Research's technical analysis data.
Despite the turbulence, BNB Chain’s fundamentals remain strong.
It processed over $100 billion in decentralized exchange (DEX) volume in the past month, and more than $10 billion in the last 24 hours, according to DeFiLlama.
Investors are now eyeing Wednesday’s Federal Open Market Committee (FOMC) meeting for cues. Any signals on interest rates could influence liquidity, particularly in risk-on assets like crypto.
Also lingering in the background is VanEck’s pending BNB ETF application, which was filed in May. If approved, it could open the door to greater institutional participation.
Technical Analysis Overview
- Strong support has formed at $647, backed by a surge in volume to 82,311 tokens, nearly triple the 24-hour average, according to CoinDesk Research's technical analysis data.
- Resistance is entrenched between $658 and $659, an area where the price was rejected twice amid rising volume.
- Hourly charts reveal a push to $655, followed by a slight pullback to $652. This identifies a local resistance at $655.70-$655.80.
- Selling pressure intensified during downswings. BNB is currently consolidating below resistance with a bearish tilt, and further downside comes if sentiment remains weak.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
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