BNB Faces $654 Resistance Amidst Israel-Iran Tensions

BNB is encountering resistance at $654, with price fluctuations influenced by rising global tensions stemming from the Israel-Iran conflict.

Key Points:

• BNB is struggling to break through a resistance level of $654, driven by market volatility due to the ongoing Israel-Iran conflict.
• There remains some bullish sentiment, especially following the U.S. Senate’s recent passage of stablecoin legislation.
• The price appears to be consolidating within a turbulent range, with a resistance zone near $653.5 and pivotal support at $638.

As noted by CoinDesk’s analysis, BNB hit a low of $637, exhibiting potential signs of stabilization, having recorded three consecutive higher lows, indicating renewed buying interest.

Technical Analysis Overview

• The asset fluctuated within a 2.53% range, shifting between $641 and a peak of $654 before facing downward pressure.
• A critical resistance area has emerged around $653.5, highlighted by ongoing struggles to push higher and an uptick in selling activity.
• There’s a significant support level established at $638, as marked by noteworthy volume spikes, indicating strong buyer interest.
• If BNB can maintain above the $640 support threshold, a continued upward movement may be feasible; otherwise, a decline below $637 could lead to a pronounced pullback.

CoinDesk’s research and technical analysis underline the impact of geopolitical developments on cryptocurrency market dynamics.

CoinDesk Data

(CoinDesk Data)