BNB is stumbling beneath a stiff resistance level of $654, according to CoinDesk Research’s technical analysis model, with price swings driven by a surge of global unease following the ongoing war between Israel and Iran.
The token fell back after briefly breaking above $650, showing signs of stress, while the broader market gauge. CoinDesk 20 Index remained flat in the last 24 hours of trading. The drop in BNB price comes as the crypto market is rattled over Donald Trump’s call for Iran’s “unconditional surrender,” after saying the country’s leader was an “easy target.”
On the prediction market Polymarket, the odds of U.S. military action in the region before the end of the month have jumped to 61%. If the timeline is extended to next month, the odds rise to 69%.
However, some bullish sentiment remains in the broader crypto market. The U.S. Senate passed stablecoin legislation this week, a sign of growing regulatory clarity that some in the industry view as a turning point.
Corporate bitcoin buying also appears to be holding up demand even as short-term volatility increases.
Technical Analysis Overview
BNB is currently consolidating in a volatile range, showing signs of both accumulation and hesitation among traders.
- The asset traded within a 24-hour range of 2.53%, climbing from $641 to a session high of $654 before facing rejection.
- A potential resistance zone has formed near $653.5, confirmed by repeated failures to break higher and a spike in selling activity and volume around that area.
- A significant support level emerged at $638, marked by the day’s highest volume spike that points to strong buyer interest.
- The price touched a low of $637 before showing signs of stabilization. Since then, BNB has posted three consecutive higher lows, hinting at a potential double bottom and renewed buying interest.
- Market participants might be watching whether BNB can hold above the $640 support line.
- A sustained move higher may require clearing resistance at $654 with stronger conviction, while a break below $637 could trigger a deeper pullback.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.
