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ADA and BNB Price Analysis for November 16

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Wed, 16/11/2022 - 15:27
ADA and BNB Price Analysis for November 16
Cover image via www.tradingview.com

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Bulls could not hold the initiative for long, and most of the coins are back in the red zone.

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BNB/USD

The rate of Binance Coin (BNB) has declined by 2.57% over the last 24 hours.

BNB/USD chart byTradingView

On the daily time frame, the price of BNB has come back to the recently formed support level at $271.6. If bulls cannot change the situation by the end of the day, the breakout may lead to the test of the $256.7 mark by the end of the month.

BNB is trading at $271.9 at press time.

ADA/USD

Cardano (ADA) is more of a loser than BNB, falling by 4.18%.

ADA/USD chart by TradingView

Despite the drop, Cardano (ADA) is looking less bearish than BNB as the daily candle is about to close away from the nearest support at $0.3251. In this case, the more likely scenario is a bounce back to the resistance zone at around $0.34.

ADA is trading at $0.3288 at press time.

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