BNB Price Drops 1.7% as Market Reacts to Geopolitical Tensions
BNB, the token of BNB Chain, declined 1.7% in the last 24 hours amid market concerns related to the Israel-Iran conflict and U.S. President Trump's National Security Council preparations.
Key points:
- BNB traded between $659 and $646, with $647 identified as a support level now breached.
- BNB Chain saw over $100 billion in DEX volume last month and over $10 billion in the past day.
- Investors await the Federal Open Market Committee meeting for insights on interest rates that could affect liquidity in crypto markets.
- VanEck's pending BNB ETF application may enhance institutional participation if approved.
Technical Analysis Overview
- Support at $647 is validated by increased volume of 82,311 tokens, nearly three times the average.
- Resistance exists between $658 and $659, where price faced rejection twice.
- Hourly charts show a push to $655 followed by a pullback to $652, indicating local resistance at $655.70-$655.80.
- Selling pressure has increased, with BNB consolidating below resistance and showing a bearish outlook under weak sentiment.