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ADA and BNB Price Analysis for October 8

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Sat, 8/10/2022 - 14:37
ADA and BNB Price Analysis for October 8
Cover image via www.tradingview.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

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While most of the coins are falling, the rate of XRP is rising by 5.14%.

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Top coins by CoinMarketCap

ADA/USD

The rate of Cardano (ADA) has risen by 0.21% over the last 24 hours.

ADA/USD chart by Trading View

Despite the slight rise today, Cardano (ADA) remains under sellers' pressure as bulls could not fix the price above the $0.43 zone. If the drop to $0.42 continues, it might generate a sharp downward move to the nearest support area around $0.4150.

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Such a scenario might happen within the nearest few days.

ADA is trading at $0.4248 at press time.

BNB/USD

Binance Coin (BNB) could not follow the rise of Cardano (ADA), going down by 0.48%.

BNB/USD chart by TradingView

On the daily chart, Binance Coin (BNB) has reached the middle of the wide channel, confirming the neutral mode on the market. If the drop continues to the $270 mark, one can assume that bears have become more powerful than bulls again. However, the more likely price action is ongoing trading in the range of $280-$290.

BNB is trading at $280.8 at press time.

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