BNB Price Holds Above $650 Amid Increased Market Volatility
Binance Coin (BNB) Overview
BNB remains above $650 amid rising global market volatility due to trade tensions. After briefly hitting $664, it has shown strong support at $650, as per CoinDesk Research.
Market Context
- Recent tariffs imposed by President Trump have increased uncertainty in global trade.
- Major cryptocurrencies, including BNB, are experiencing price fluctuations due to these developments.
- Despite this, BNB benefits from growth in the BNB Smart Chain ecosystem.
On-Chain Activity
- Daily transactions on BNB Smart Chain reached 14 million.
- DEX volume increased by 50% over the past month, with BNB Chain processing over $150 billion in trading volume in the last 30 days.
- BNB Chain outperformed Ethereum and Solana in trading volume.
Technical Analysis Highlights
- BNB showed strength but is showing signs of short-term fatigue after failing to surpass $664.
- An uptrend began on June 1, supported by a volume of 45,756 units, pushing prices toward $662–$664 before encountering selling pressure.
- Currently, BNB is consolidating between $658.05 and $659.60, with a recent brief spike.
- Volume peaked at two points during indecisive market behavior.
- A descending channel pattern suggests short-term bearish sentiment, though $658.00 to $658.20 remains a support zone.
- Traders are monitoring for either a breakout above recent highs or a drop below support to gauge future movements.