BNB is showing renewed strength as July draws to a close, with the token trading around $797 at the time of writing.
After gaining over 15% in the past week and climbing 4.5% in the last 24 hours (reaching a new ATH), momentum appears to be on BNB’s side heading into August.
The token, ranked fifth by market cap, now holds a valuation of approximately $111 billion. Daily trading volume also remains strong, exceeding $3.2 billion in the last 24 hours, suggesting sustained interest from both institutional and retail investors.
Bullish Signals Strengthen
BNB’s recent surge has reignited bullish sentiment, with several indicators supporting the case for further upside in August:
- Technical momentum: The token has broken above key resistance levels seen earlier this year, with consistent higher lows on the chart.
- Market-wide optimism: As Bitcoin consolidates above $115,000, capital continues flowing into large-cap altcoins like BNB.
- Utility-driven demand: As Binance’s native token, BNB remains at the heart of ecosystem transactions, driving steady utility-based buying.
- Burn mechanisms: The deflationary model through periodic token burns may support long-term price appreciation.
August Forecast: Eyes on $850?
If bullish momentum continues, analysts see a potential move toward the $850–$880 range in August. However, failure to hold above $780 could lead to a brief consolidation phase before any further breakout.
While macroeconomic uncertainties and regulatory pressures remain potential risks, BNB’s current strength suggests it could outperform many peers in the near term.
Alexander Stefanov
Reporter at Coindoo
Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.
Source: https://coindoo.com/bnb-price-prediction-for-august/