BNB Faces Resistance at $654 Amid Global Market Uncertainty
BNB faces resistance at $654, impacted by geopolitical tensions from the Israel-Iran conflict. After briefly surpassing $650, BNB showed weakness as the CoinDesk 20 Index remained stable.
- The crypto market reacted to Donald Trump’s call for Iran's "unconditional surrender," with Polymarket reporting a 61% chance of U.S. military action this month, rising to 69% next month.
- Despite volatility, bullish sentiment persists due to the U.S. Senate passing stablecoin legislation, indicating increased regulatory clarity.
- Corporate bitcoin purchases are sustaining demand amid market fluctuations.
Technical Analysis Overview
- BNB traded within a 24-hour range of 2.53%, from $641 to a high of $654 before facing rejection.
- A resistance zone near $653.5 has been identified, marked by multiple failures to break higher and increased selling volume.
- Support is noted at $638, indicated by high trading volume and buyer interest.
- The price dipped to $637 but stabilized, showing three consecutive higher lows, suggesting potential buying interest.
- Market focus is on whether BNB can maintain above the $640 support level.
- A move above $654 may require stronger conviction; a drop below $637 could lead to further declines.