BNB Token Gains 1.75% as Market Monitors Resistance Near $674
Binance’s BNB token increased by 1.75% in the last 24 hours, rising from $659.72 to $670.91, amid market volatility due to geopolitical and economic factors.
- The U.S. Consumer Price Index (CPI) report indicated lower-than-expected inflation, positively impacting risk asset prices.
- The S&P 500 rose by 0.3%, while NASDAQ increased by 0.4%. CoinDesk 20, a digital assets market gauge, gained 2.6%.
- BNB has shown higher lows, indicating accumulating interest despite ongoing volatility.
- Bitcoin is currently around $109,800, with growing wallet activity suggesting accumulation among long-term holders.
Technical Analysis Overview
- BNB traded within an $8.12 range, with peak buying pressure between 06:00 and 12:00 UTC.
- Volume exceeded the 24-hour average of 41,757 tokens during this period.
- The token tested resistance at $673.67 multiple times without success but held support at $667.50.
- A brief price correction dropped BNB from $669.87 to $667.35, but it quickly stabilized.
- Traders are looking for a break above $674 as a potential signal for further upward movement.