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ADA and BNB Price Analysis for December 7

Wed, 12/07/2022 - 15:19
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Denys Serhiichuk
Which coins are ready for short-term reversal?
ADA and BNB Price Analysis for December 7
Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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The cryptocurrency market keeps falling as all of the top 10 coins remain in the red zone.

Top 10 coins by CoinMarketCap

ADA/USD

Cardano (ADA) could not withstand the overall market fall, going down by 1.79%.

ADA/USD chart by TradingView

Cardano (ADA) has continued to drop after touching the $0.32 mark. At the moment, the price is trading in the middle of a wide channel, between the support at $0.2953 and the resistance at $0.3265.

Related
Bitcoin (BTC) Price Analysis for December 6

However, if buyers cannot seize the initiative shortly, the breakout of the $0.30 zone can lead to to the test of $0.29.

ADA is trading at $0.3113 at press time.

BNB/USD

Binance Coin (BNB) is no exception to the rule, declining by 1.53%.

BNB/USD chart byTradingView

Binance Coin (BNB) is about to close below the $285.4 level against the low volume. If that happens, there is a good chance of seeing the decline to the $270 area by the end of the month.

BNB is trading at $284.4 at press time.

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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.