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05/10/23
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Technical Outlook on the Performance of Binance Coin (BNB) and Cardano (ADA)
Binance Coin (BNB)
The chart for BNB against USDT shows that the bulls were able to push it past the barrier level at $220 two days ago, but they were unable to keep the breakout, based on the candlestick’s long wick.
The bulls’ failure to sustain ADA at levels above the 20-day exponential moving average level at $214 suggests traders’ hastiness to exit their positions. Hence, there may be a fall towards the uptrend line.
On the other hand, a rebound off this level will empower the bulls to attempt a push past $220. If it closes past this barrier level, it could be a sign that the bulls have initiated a move to the upside to $235, followed by towards $250. Conversely, a break beneath the uptrend line may bring about a fall towards the solid support level ($203).
Cardano (ADA)
The chart for ADA against USDT shows that there was a downturn from $0.27 two days ago and the bears pulled it to the 20-day exponential moving average level at $0.25 today. Traders need to focus on this critical level in the near term.
A rebound off the 20-day exponential moving average level will show that sentiment has changed from selling at higher levels to purchasing at lower levels. There will be an attempt by the bulls to push ADA past $0.27, initiate an upside move to $0.29, followed by towards $0.32.
The bears need to pull ADA to levels beneath the 20-day exponential moving average level to stop the upside move. If they succeed, ADA may be compelled to move again to critical support level ($0.24) where the bulls are likely to mount an aggressive defense.
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