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BTC, ADA and BNB Price Analysis for August 16

Tue, 08/16/2022 - 16:12
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Denys Serhiichuk
Can bulls get back in game after possible market drop?
BTC, ADA and BNB Price Analysis for August 16
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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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Bears have started to seize the initiative as most of the coins from the top 10 list are in the red zone.

Top coins by CoinMarketCap


Bitcoin (BTC) is the main loser today, going down by 1.36%.

BTC/USD chart by TradingView

Bitcoin (BTC) could not hold above the $24,000 mark for a long time, which means that bulls might need more time to accumulate power. Currently, one needs to pay close attention to the local support level of $23,615. If buyers lose it, the fall can lead to the test of the $23,000 area soon.

Bitcoin is trading at $23,801 at press time.


Binance Coin (BNB) is not an exception to the rule, falling by 0.93%.

​BNB/USD chart by TradingView

Binance Coin (BNB) is trading similarly to Bitcoin (BTC) as the native exchange coin might face a slight correction before possible growth. At the moment, the more likely scenario is the test of the $305.7 level, followed by its false breakout. Such a scenario can happen if the daily candle closes below $310 on the daily chart.

BNB is trading at $314.3 at press time.


Cardano (ADA) is the so-called "biggest gainer" with a fall of 0.63%.

ADA/USD chart by Trading View

Unlike other coins, Cardano (ADA) has fixed above the $0.5472 level. If the situation does not change by the end of the day, the upward move may continue to the test of the $0.60 zone shortly.

ADA is trading at $0.5586 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