Binance Coin’s [BNB] volume plunges after smashing ATH above $650

Binance Coin [BNB] remained close to its recently established all-time high despite a minor setback. The exchange token has been on a consolidation mode for nearly three weeks eventually formed a new peak earlier this week. It amassed weekly gains of 16.83%.

Binance Coin [BNB] noted a minor decline of 1.09% over the past 24-hours which drove the crypto-asset to $645.43. At the time of writing, the digital asset registered a market cap of $99.26 billion and a 24-hour trading volume of $5.28 billion.

Binance Coin [BNB] 24-hour Price Chart:

Binance Coin [BNB] has witnessed a renewed bullish momentum in the second quarter of the year. Even as the price bounced off from its peak, it had not yet tested its immediate support level. The mouth of the Bollinger Bands depicted an upcoming phase of volatility in the coin market, which could indicate a further upside price movement in the coming days.

The volume of the token has, however, failed to back the bullish streak as it kept a low profile since mid-April. This could potentially hinder the uptrend.

The red closing bar of Awesome Oscillator on the daily chart of Binance Coin was indicative of a momentum that is shifting towards the bearish realm. The MACD, on the other hand, maintained its streak above the signal line despite hints of a flip to the negative side and a tumbling buying demand. This alerted the possibility of some selling BNB holders in the near term.

But the Relative Strength Index [RSI] depicted a different picture. It was well above the 50-median line that signified a sentiment of increasing buying pressure in the market despite the formation of an all-time high. In short, the investors aren’t done yet and there could be more upside potential.

The immediate resistance level for BNB was found to be at $677. The crypto-asset was supported at levels of $562.8 and $481.9 respectively.