Binance Coin (BNB) experienced a nearly 4% drop over the last 24 hours, sliding from $672.53 to a low of $646.27 as traders reacted to renewed global trade tensions. This downturn coincided with President Trump’s announcement of new tariffs on Canada and Mexico, triggering fears of a rekindled trade war, which has negatively impacted various financial markets, including cryptocurrency.
Despite the recent voluntary dismissal of an SEC lawsuit against Binance and its founder, Changpeng Zhao—news that was seen as positive—BNB struggled to maintain momentum. This lawsuit had troubled the exchange for nearly two years due to allegations of facilitating the trading of unregistered securities.
On the BNB Chain, activity remained robust; Binance Smart Chain (BSC) recorded 1.93 million daily active users and saw total weekly trading volume hit $69.75 billion, with a total value locked (TVL) of $10.5 billion. Recent project launches included UpTop in DeFi, Volare Finance for options trading, and WeApe by Wello for stablecoin payments.
However, the token faced technical resistance within a high-volume zone around $669.68, with selling gaining momentum during peak trading hours. A significant wave of selling emerged as BNB broke below the $650 support level. Currently, there is modest support forming between $646 and $648, yet BNB’s overall trend remains bearish, indicated by lower highs and lower lows. While short-term movements might suggest attempts at recovery, global trade tensions could continue to challenge BNB's stability.
Experts caution that, as macroeconomic concerns grow, BNB might struggle to find a clear path forward amid investor uncertainty.
Despite the recent voluntary dismissal of an SEC lawsuit against Binance and its founder, Changpeng Zhao—news that was seen as positive—BNB struggled to maintain momentum. This lawsuit had troubled the exchange for nearly two years due to allegations of facilitating the trading of unregistered securities.
On the BNB Chain, activity remained robust; Binance Smart Chain (BSC) recorded 1.93 million daily active users and saw total weekly trading volume hit $69.75 billion, with a total value locked (TVL) of $10.5 billion. Recent project launches included UpTop in DeFi, Volare Finance for options trading, and WeApe by Wello for stablecoin payments.
However, the token faced technical resistance within a high-volume zone around $669.68, with selling gaining momentum during peak trading hours. A significant wave of selling emerged as BNB broke below the $650 support level. Currently, there is modest support forming between $646 and $648, yet BNB’s overall trend remains bearish, indicated by lower highs and lower lows. While short-term movements might suggest attempts at recovery, global trade tensions could continue to challenge BNB's stability.
Experts caution that, as macroeconomic concerns grow, BNB might struggle to find a clear path forward amid investor uncertainty.
