- The price of BNB remained at a support level at the time of writing.
- An elevated accumulation signal combined with a magnetic zone indicated short-term bullishness.
The exchange token Binance Coin [BNB] performed excellently in July. The bulls stubbornly defended the five-month low at $500, which is also psychologically important.
They were able to create a price rebound, but the momentum has stalled.
The Fibonacci levels and the levels within the range have been respected in recent months. The BNB price forecast does not indicate a bullish breakout yet, but there are indications that a move towards $600 is likely.
The prices are finely balanced in the mid-range
Source: BNB/USDT on TradingView
The range formation (purple) extended from $507 to $633. The Fibonacci retracement and extension levels have been respected in recent weeks.
The rebound from the 61.8% level indicated a fresh move towards the local highs at $645, and possibly even $700.
The Awesome Oscillator picked up bullish momentum, but only just barely. The red bars on the histogram indicated that momentum had stalled. Trading volume was also low.
Despite the lack of momentum over the past two weeks, the A/D indicator continued to rise. This was bullish and supported the idea of price gains in the coming days.
The mid-level at $570 served as support. A daily session just below would be an early bearish warning.
The liquidation heatmap could push prices higher
The price action over the past three weeks created a cluster of short liquidations around the $615 zone. This magnetic zone could attract BNB before a price reversal occurs.
Read Binance Coin’s [BNB] Price forecast 2024-25
The A/D indicator and mid-range defense also point to the same thing.
Overall, BNB’s near-term price forecast was bullish due to liquidation levels. However, the token is probably not ready to break past the range highs yet.
Disclaimer: The information presented does not constitute financial, investment, trading or other advice and is solely the opinion of the author.
