The recent decision by the Federal Reserve to halt interest rate hikes has boosted investor confidence, leading to new capital inflows into the risky assets market. Data shows that in the past 24 hours, around $30 billion of new capital has entered the crypto market. However, the price of Binance Coin (BNB) is still influenced by key resistance levels, making traders cautious about the next move. Recent expansion of Binance services and the increase in spot and derivatives trading activities have strengthened BNB fundamentals. Historical patterns indicate that with increased volatility, the chance of a price breakout for BNB also rises. As of now, BNB is trading around $672 and is in a narrow range. If bulls manage to push the price above $689.47, an upward trend towards $720.98 could materialize. On the other hand, failure to break the $689.47 resistance may lead BNB towards the lower Bollinger Band at $657.96, acting as immediate support. The Accumulation/Distribution line shows a steady uptrend, signaling growing buying interest favoring the upward trend. However, losing the $657.96 support could invalidate the bullish scenario and push BNB towards further decline to $625.
