Binance Coin Holds Above $640 Despite $700M Crypto Liquidations
Coin WorldSaturday, Jun 14, 2025 1:36 pm ET
1min read
Binance Coin (BNB) has demonstrated resilience amidst recent market volatility, maintaining a narrow trading range and staying above a key support level of $640. This stability comes despite a tumultuous week for financial markets, sparked by the clash between Israel and Iran. The conflict led to a significant flight from risk assets, resulting in over $700 million in liquidations within the crypto market over a 24-hour period. However, BNB managed to resist a broader pullback among altcoins, showcasing its relative strength.
Technical indicators for BNB present a mixed picture. The Moving Average Convergence Divergence (MACD) has turned negative, and the Relative Strength Index (RSI) is just below 50, suggesting waning momentum. However, the 50/200-day moving averages are approaching a golden cross, and the Chaikin Money Flow indicator remains positive. Historically, this setup has preceded upward reversals, indicating potential for a bullish turnaround.
Despite these positive signals, there are also bearish indicators. Net Taker Volume, which measures aggressive sell pressure, hit a multi-week low of -$197 million. Additionally, while Binance Smart Chain’s perpetual trading volume has increased exponentially month-over-month, this activity has not translated into new demand for BNB. The coin remains down more than 30% from its December peak, highlighting the challenges it faces in regaining its previous highs.
In summary, BNB's ability to stay above the $640 support level suggests potential for an upward reversal. However, the mixed technical indicators and the lack of new demand from increased trading volume on the Binance Smart Chain present a complex outlook. Investors will be watching closely to see if BNB can overcome these challenges and resume its upward trajectory.
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