BNB fell at $ 635, integrating a jerky market while traders are preparing for the Fork Maxwell Hard and the rise in geopolitical risks in the Middle East.
The resilience of the token occurs while daily transactions on the BNB channel have increased from 8 million to 17.6 million since mid-May, according to Defilma data.
Scheduled for June 30, the Maxwell fork will reduce block times from 1.5 seconds to 0.75 seconds and will bring a series of improvements. It should improve transactions and user experience.
Investors also react to the assembly of global uncertainty. Crude prices have increased by more than 10% in last week while markets weigh the possibility that the United States enter the Israeli-Iranian conflict.
The closure of Iranian oil exports or the closure of the Hormuz Strait, reports Reuters, could lead oil to $ 130 per barrel, warned the analysts of Oxford Economics. This could potentially push American inflation to 6% and derail the hopes of rate reductions this year.
In this environment, risk assets like BNB can see a sale while investors go to risk positioning.
Preview of technical analysis
BNB is negotiated in a narrow range between $ 635 and $ 646, with a volume confirming a solid support base at $ 638, as confirmed by a peak in volume.
Repeated attempts to unravel resistance nearly $ 644.5 at $ 645 failed, which suggests that the sellers defend this area, according to the Technical Analysis model of Coindesk Research.
A burst of volume of 4,222.99 tokens earlier corresponded to a rapid drop to $ 638, strengthening this area as a level of support which has now been raped as tapered volumes for the weekend
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