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Analyst: BNB maintains a key support level at $630, traders are preparing for the next big move
CryptoWorld News reports that BNB is currently maintaining a key support level around $630, despite price pressure due to cautious overall risk appetite. BNB’s current price is approximately $627, with trading activity over the past 24 hours remaining subdued and unable to break the Monday high of $638. The BNB Foundation’s 35th quarterly token burn recently removed over 1.56 million BNB, worth about $1.02 billion, and this deflationary mechanism has increased scarcity, providing price support. Despite reduced trading volume, long-term holders are gradually accumulating during the consolidation. According to CoinMarketCap data, BNB’s daily trading volume has decreased by 9% to $1.74 billion. Analysts suggest that if the price falls below $600, it could retest the demand zone between $550 and $570. Conversely, if Bitcoin stays above $80,000, BNB might push toward resistance levels of $650 to $670.