BNB Price Drops to $635 Amid Maxwell Hard Fork and Geopolitical Tensions
BNB is currently priced at $635 amid market volatility, influenced by the upcoming Maxwell hard fork and geopolitical tensions in the Middle East. Key points include:
- Daily transactions on the BNB Chain increased from 8 million to 17.6 million since mid-May.
- The Maxwell fork, scheduled for June 30, aims to reduce block times from 1.5 seconds to 0.75 seconds, enhancing transaction throughput and user experience.
- Crude oil prices rose over 10% recently due to concerns about potential U.S. involvement in the Israel-Iran conflict.
- Analysts warn that disruptions in Iranian oil exports could push oil prices to $130 per barrel, raising U.S. inflation to 6% and affecting interest rate expectations.
- Risk assets like BNB may face sell-offs as investors adopt a risk-off approach.
Technical Analysis Overview
BNB trades between $635 and $646, with solid support around $638 confirmed by volume spikes. Attempts to breach resistance near $644.5–$645 have been unsuccessful, indicating selling pressure in that area. A recent volume surge of 4,222.99 tokens corresponded with a drop to $638, reinforcing this support level.