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BTC, ADA and BNB Price Analysis for July 8

Fri, 07/08/2022 - 15:53
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Denys Serhiichuk
Was today's decline a correction before a further rise?
BTC, ADA and BNB Price Analysis for July 8
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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After the slight correction at the beginning of the day, the cryptocurrency market is on its way to new local peaks.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

BTC/USD

Bitcoin (BTC) is the biggest gainer today, going up by 2.47% over the last 24 hours.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

On the daily chart, Bitcoin (BTC) could not return to the $23,000 mark yesterday. However, the rate did not go below $21,000, which means that bulls are ready for a continued upward move.

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If buyers can hold the initiative until the end of the day, there are chances to see further growth to the nearest resistance at $23,288 within the next few weeks.

Bitcoin is trading at $21,851 at press time.

BNB/USD

Binance Coin (BNB) has not shown as much growth as Bitcoin (BTC), rising by 1.09%.

BNB/USD chart by TradingView
BNB/USD chart by TradingView

Binance Coin (BNB) has made a false breakout of the local resistance level at $245.2. But the price does not seem ready to fall as the native exchange coin remains trading above the vital $240 zone. If bears cannot change the situation, there is a possbility to see the test of the $250 mark shortly.

BNB is trading at $241.8 at press time.

ADA/USD

Cardano (ADA) is showing the same price change as BNB, growing by 1.12%.

ADA/USD chart by Trading View
ADA/USD chart by Trading View

Despite the growth, Cardano (ADA) is neither bullish nor bearish as the price is far away from the support and resistance. The sideways trading is also confirmed by the low volume, which means that none of the sides is ready for a sharp move. The growth may occur only if bulls return the rate to the $0.50 area.

ADA is trading at $0.4712 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.