BNB Holds Above $640 Support Despite Market Turmoil Following Israel-Iran Conflict
Binance Coin (BNB) remains stable following increased market volatility due to geopolitical tensions between Israel and Iran. Key points include:
- Over $700 million in liquidations occurred in the crypto market within 24 hours.
- BNB maintained a narrow trading range of just over 1%, resisting broader altcoin declines.
- Failed to break above $660, its immediate resistance level; currently consolidating within a symmetrical triangle pattern.
- Key support holds at $640, aligned with the 78.6% Fibonacci retracement level.
- Sellers dominate near $655.5; buyer base forms around $649.
- Technical indicators show mixed signals: MACD is negative and RSI is below 50.
- 50/200-day moving averages nearing a golden cross; Chaikin Money Flow indicator remains positive.
- Net Taker Volume indicates aggressive sell pressure at -$197 million.
- Despite an increase in Binance Smart Chain’s perpetual trading volume, new demand for BNB remains absent.
- Futures open interest is down over 30% from December's peak.