Binance Coin (BNB) has shown resilience following recent turmoil in financial markets marked by military actions between Israel and Iran. The escalation has prompted investors to pull back from risk assets, leading to over $700 million in liquidations across the crypto market in just one day, as reported by CoinGlass.
Despite these challenges, BNB maintained a tight trading range above $640, bouncing off a key support level that corresponds with a significant Fibonacci retracement level. According to CoinDesk Research, BNB has struggled to break past its immediate resistance at $660, indicating a consolidation within a symmetrical triangle pattern.
Trading volume data suggests a seller influence near the $655.5 mark, while a support base is forming around $649. Technical indicators present a mixed outlook. The Moving Average Convergence Divergence (MACD) has shifted into negative territory, while the Relative Strength Index (RSI) hovers slightly below 50, reflecting waning momentum. Meanwhile, the 50 and 200-day moving averages are approaching a golden cross, and the Chaikin Money Flow indicator maintains a positive reading, historically hinting at potential upward reversals.
Despite these mixed signals, sentiment surrounding BNB is tempered. The Net Taker Volume, which tracks aggressive sell pressure, recently fell to a multi-week low of -$197 million. Furthermore, while trading activity on the Binance Smart Chain has spiked, this uptick has not corresponded with increased demand for BNB, and futures open interest is down over 30% since its December high.
Despite these challenges, BNB maintained a tight trading range above $640, bouncing off a key support level that corresponds with a significant Fibonacci retracement level. According to CoinDesk Research, BNB has struggled to break past its immediate resistance at $660, indicating a consolidation within a symmetrical triangle pattern.
Trading volume data suggests a seller influence near the $655.5 mark, while a support base is forming around $649. Technical indicators present a mixed outlook. The Moving Average Convergence Divergence (MACD) has shifted into negative territory, while the Relative Strength Index (RSI) hovers slightly below 50, reflecting waning momentum. Meanwhile, the 50 and 200-day moving averages are approaching a golden cross, and the Chaikin Money Flow indicator maintains a positive reading, historically hinting at potential upward reversals.
Despite these mixed signals, sentiment surrounding BNB is tempered. The Net Taker Volume, which tracks aggressive sell pressure, recently fell to a multi-week low of -$197 million. Furthermore, while trading activity on the Binance Smart Chain has spiked, this uptick has not corresponded with increased demand for BNB, and futures open interest is down over 30% since its December high.
