BNB Price Plummet Amid Geopolitical Tension: Awaiting FOMC Clues for Crypto Market Direction
The native token of BNB Chain, BNB, has experienced a 1.7% decline over the past 24-hour period, as market unease grows in response to the escalating conflict between Israel and Iran. This decline has occurred after U.S. President Donald Trump called for the National Security Council to prepare in the situation room, further adding to the already tense market sentiment.
During the day, BNB swung between $659 and $646, marking a tight but significant trading range. The $647 level has emerged as a crucial support line for the token, which currently hovers below this level, according to CoinDesk Research's technical analysis data.
Despite the turbulence, BNB Chain’s fundamentals remain strong. The platform processed over $100 billion in decentralized exchange (DEX) volume in the past month and more than $10 billion in the last 24 hours, according to DeFiLlama.
Investors are now looking towards Wednesday’s Federal Open Market Committee (FOMC) meeting for cues on interest rates, which could influence liquidity, particularly in risk-on assets like crypto. Additionally, VanEck’s pending BNB ETF application, filed in May, is still in the background and could open the door to greater institutional participation if approved.
Technical analysis shows that strong support has formed at $647, backed by a surge in volume to 82,311 tokens, nearly triple the 24-hour average. Resistance is entrenched between $658 and $659, an area where the price was rejected twice amid rising volume. Hourly charts reveal a push to $655, followed by a slight pullback to $652, identifying a local resistance at $655.70-$655.80. Selling pressure intensified during downswings, and BNB is currently consolidating below resistance with a bearish tilt. Further downside is likely if sentiment remains weak.
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.
