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BNB’s price held on to a support level at press time.
Increased accumulation signal combined with magnetic zone hinted at short-term bullishness.
As a seasoned researcher with years of experience observing the crypto market’s volatile dance, I find myself optimistic about Binance Coin (BNB) at present. The resilience displayed by BNB in July, especially its defense of the five-month range lows at $500, is a testament to its underlying strength.
In July, Binance Coin (BNB) displayed strong performance. Bulls persistently held off the five-month low at $500, a level that also holds psychological significance.
They were able to drive a price rebound, but the momentum has stalled.
In the past few months, we’ve seen adherence to Fibonacci levels and intrarange levels. However, current BNB price trends don’t indicate an imminent bullish surge. Nevertheless, signs suggest a potential rise towards approximately $600 could occur.
Prices are finely balanced at the mid-range support
As an analyst, I’ve observed that the price range I’ve been tracking (indicated by purple), has expanded from a low of $507 to a high of $633 over the past few weeks. Notably, the Fibonacci retracement and extension levels have held strong during this period, suggesting a well-defined trend.
Based on the rebound at the 61.8% level, it seems we might be heading towards the previous peak of $645 once more, with a possibility of reaching an even higher price of up to $700.
In a simplified manner, the Awesome Oscillator hinted at a slight increase in positive market movement, yet it was just a small push. The histogram’s red bars indicated that this bullish momentum might have slowed down or even paused. Additionally, trading activity has been relatively light recently.
Over the last fortnight, I’ve noticed a sluggishness in market movements. However, intriguingly, the A/D indicator has persistently climbed, which is quite bullish. This upward trend suggests potential price growth in the upcoming period.
At the price point of $570, a level considered mid-range, there was strong support. If the day’s trading closes below this level, it could signal an early warning of potential bearish trends.
The liquidation heatmap could see prices pulled higher
Over the past three weeks, I’ve noticed a significant accumulation of short positions centering around the $615 area, which I believe may function as a powerful magnet for BNB. Before a potential price reversal, I anticipate BNB could be drawn towards this zone.
Read Binance Coin’s [BNB] Price Prediction 2024-25
The A/D indicator and the mid-range level’s defense also hint at the same.
Generally speaking, the short-term forecast for BNB‘s price indicated a bullish trend because of the liquidation thresholds. Nevertheless, it seems that the token hasn’t quite reached the point where it can surge beyond its current upper limits just yet.
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2024-08-02 17:12