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BTC, ADA and BNB Price Analysis for August 22

Mon, 08/22/2022 - 15:12
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Denys Serhiichuk
Which coins are ready for local bounceback?
BTC, ADA and BNB Price Analysis for August 22
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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Bears remain more powerful than bulls as most of the coins continue trading in the red zone.

Top coins by CoinMarketCap

BTC/USD

The price of Bitcoin (BTC) keeps falling, going down by 0.64%.

BTC/USD chart by TradingView

Despite the fall, Bitcoin (BTC) has bounced off the $21,000 mark, which means that bulls are ready to fight for this level.

Related
Ethereum (ETH) Price Analysis for August 21

If the daily candle closes above it and the selling volume remains low, one can expect further upward movement to the mirror level at $22,400 until the end of the week.

Bitcoin is trading at $21,199 at press time.

ADA/USD

Cardano (ADA) is the main loser today, declining by 2.54% over the last 24 hours.

ADA/USD chart by Trading View

Cardano (ADA) is looking worse than most of other coins as the rate is slowly approaching the support level at $0.3974. Such a scenario might happen if buyers cannot withstand bears' pressure and lose the $0.4347 mark.

ADA is trading at $0.4460 at press time.

BNB/USD

Binance Coin (BNB) is falling the least with a drop of 0.60%.

BNB/USD chart by TradingView

The rate of Binance Coin (BNB) has again gone below the $300 mark. If buyers cannot fix above it, there are chances to see a further drop. However, the most likely scenario is sideways trading in the range of $290-$300 as none of the sides is ready for a sharp move.

BNB is trading at $295.6 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.