BNB has fallen to $ 635, in the market of an choppy market as merchants prepare for the Maxwell Hard Fork and the increase in geopolitical risk in the Middle East.
Token resilience occurs when daily transactions in the BNB chain have increased from 8 million to 17.6 million since mid -May, according to defillion data.
Scheduled for June 30, the Maxwell Fork will reduce blocking times of 1.5 seconds to 0.75 seconds and will bring a series of improvements. The performance of the transaction and user experience is expected to improve.
Investors are also reacting to the growing global uncertainty. Crude prices have increased more than 10% during the past week, since markets weigh the possibility of the United States from entering Israel-Iran’s conflict.
Reuters reports that a closure of Iranian oil exports or the closure of the hormuz strait could take oil to $ 130 per barrel, Oxford Economics analysts warned. That could carry the inflation of the United States to 6% and derail the hopes of rates cuts this year.
In that environment, risk assets such as BNB can see a massive sale as investors move towards risk positioning.
General description of the technical analysis
BNB is quoted within a narrow range between $ 635 and $ 646, with a volume that confirms a solid support base to $ 638, as confirmed by an increase in volume.
Repeated attempts to break the resistance about $ 644.5– $ 645 failed, suggesting that sellers are defending that area, according to the technical analysis model of Cindensk Research.
An explosion of volume of 4,222.99 tokens previously corresponded to a quick fall to $ 638, reinforcing that area as a support level that has now been violated as the volumes decreased for the weekend
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