As a seasoned researcher with years of experience in the cryptocurrency market, I find myself analyzing the current state of the top coins with a mix of familiarity and intrigue. The red zone is back at the start of the week, according to CoinMarketCap, which isn’t entirely unexpected given the volatile nature of this market.
At the onset of this week, I observed a majority of digital currencies moving back into the “red zone,” as per CoinMarketCap’s latest data.
ADA/USD
The rate of Cardano (ADA) has declined by 3.58% over the last 24 hours.
On the day-to-day chart, the price of ADA currently sits quite a distance from the resistance point of $0.3535. As long as it remains below this level, bears appear to hold more influence than bulls, potentially leading to additional adjustments towards the $0.32 area.
ADA is trading at $0.3381 at press time.
BNB/USD
Binance Coin (BNB) is less of a loser than ADA, falling by 2.71%.
Looking at its technical aspects, BNB‘s trading pattern resembles ADA‘s. At present, the price is some distance away from crucial points. The trading volume stays relatively low, indicating that neither side has built up enough momentum for a sudden, significant shift.
As a crypto investor, I’m anticipating that we might see a continuation of sideways movement within the range of $500 to $520 for the remainder of this week. This seems like the most plausible outcome at the moment.
BNB is trading at $513.70 at press time.
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2024-08-12 18:28