The $BNB coin, the native currency of the #BNB Chain, has decreased by 1.7% over the past 24 hours, affected by rising market concerns amid escalating conflict between Israel and Iran, and after President Donald Trump called on the National Security Council to prepare in the crisis room.
The $BNB coin has fluctuated
Between $659 and $646 during the day, recording a narrow but significant trading range. The $647 level has emerged as a support line for the coin, which is now hovering below it, according to CoinDesk's technical analysis data.
Despite the turmoil, the fundamentals of BNB Chain remain strong.
More than $100 billion in decentralized exchange (DEX) volume was processed last month, with over $10 billion in the past 24 hours, according to DeFi Llama.
Investors are now looking to the Federal Open Market Committee (FOMC) meeting on Wednesday for signals. Any indications regarding interest rates could affect liquidity, especially in high-risk assets like cryptocurrencies.
Also in the background is VanEck's request to launch a $BNB exchange-traded fund, which was submitted in May. If approved, it could open the door to larger institutional participation.
Overview of Technical Analysis
A strong support level has formed at $647, backed by a volume increase to 82,311 coins, nearly three times the 24-hour average, according to CoinDesk's technical analysis data.
Resistance is firmly between $658 and $659, an area where the price has been rejected twice amid increased volume.
Hourly charts reveal a push to $655, followed by a slight pullback to $652. This establishes a local resistance at $655.70-$655.80.
Selling pressure has increased during pullbacks. The #BNBSUDT is currently consolidating under resistance with a bearish bias, and further declines may occur if sentiment remains weak.
