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BNB Pushes Higher Despite Market Turbulence, Testing Resistance Near $674
The token's performance is being closely watched, particularly around the $674 resistance level, which could indicate a breakout if surpassed.
Binance’s BNB token moved higher in the last 24 hours, defying broad market unease driven by geopolitical and economic crosswinds.
The coin gained 1.75%, rising from $659.72 to $670.91, as investors monitored resistance levels near $674 for signs of a breakout.
The token’s performance comes amid the backdrop of a U.S. Consumer Price Index (CPI) report showing inflation came in lower than expected in May, boosting risk asset prices, with the S&P 500 moving up 0.3% in today’s session so far, and the NASDAQ rising 0.4%. Meanwhile, CoinDesk 20, a broader digital assets market gauge, rose 2.6% in the last 24 hours.
BNB has been posting higher lows that suggest accumulating interest even as volatility persists.
Bitcoin, the market’s bellwether, is hovering around $109,800 after bouncing back from last week’s retreat. On-chain data shows growing wallet activity consistent with accumulation phases, hinting that long-term holders may be taking advantage of dips.
Technical Analysis Overview
BNB traded within a narrow $8.12 range on the day, with buying pressure being strongest between 06:00 and 12:00 UTC, according to CoinDesk Research's technical analysis data model. Volume during this window exceeded the 24-hour average of 41,757 tokens, supporting the upward move.
Despite testing resistance around $673.67 several times without success, the token held support near $667.50. A sharp two-minute correction at one point briefly knocked the price from $669.87 to $667.35 on heavy volume. However, it quickly stabilized, potentially suggesting the sell-off lacked conviction.
BNB is now floating above $670, maintaining a bullish structure defined by higher lows. Traders now look for a clean break above $674 for a potential signal for the next leg higher.
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.
