BNB Experiences 4% Price Swing, Settles Above $800 Level
BNB experienced a 4% price swing in the last 24 hours, trading between $793 and $827, ultimately settling above $800. Key points include:
- Initial peak at $827 with over 146,000 tokens traded in one hour.
- Sellers intervened, leading to volatility and failed recoveries near $800.
- CEA Industries became the largest corporate holder of BNB after purchasing $160 million worth.
- Market capitalization reached nearly $112 billion, making BNB the fifth-largest cryptocurrency.
Technical analysis reveals:
- Trading range of $33.34 (low at $793.99 and high at $827.33).
- Resistance formed at $827.33, with support around $794 due to morning buying.
- Short-term resistance near $800.50, with potential breakout targets at $811.22 and $827.33.
- Breakdown below $794 may lead to further declines towards $780.
- High trading volumes indicate strong institutional interest at key liquidity zones.