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BTC, ADA and BNB Price Analysis for October 16

Price Predictions
Sat, 10/16/2021 - 14:49
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Denys Serhiichuk
Have the altcoins accumulated enough power to keep up with the rise of Bitcoin (BTC)?
BTC, ADA and BNB Price Analysis for October 16
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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The weekend has begun with the continued growth of the market as all of the top 10 coins remain in the green zone.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

BTC/USD

The rate of Bitcoin (BTC) keeps growing, coming closer to the peak around $64,000. It has risen by 2.70% over the past 24 hours.

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

After the touch of the $64,000 mark, Bitcoin (BTC) is facing a short-term correction. Such a move might be considered a drop before the attack of the all-time high.

Related
BTC, ADA, DOGE and SHIB Price Analysis for October 14

In this case, the more likely price action is the retest of the liquidity zone around $58,000, followed by a fast bounceback to $60,000.

Bitcoin is trading at $60,839 at press time.

ADA/USD

Cardano (ADA) is the biggest gainer today with a price rise of 2.54%.

ADA/USD chart by TradingView
ADA/USD chart by TradingView

Despite the share growth, Cardano (ADA) is still located in the accumulation zone as it could not show a fast rise after a retest of the $1.90 level. The low trading activity is also confirmed by a trading volume that is not rising. Thus, consolidation in the zone of $2.20-$2.30 may occur next week.

ADA is trading at $2.20 at press time.

BNB/USD

Binance Coin (BNB) is not an exception to the rule as the rise of the native exchange coin has constituted 10.82% over the past week.

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

On the daily chart, Binance Coin (BNB) is coming closer to the resistance at $509.7. The trading volume is increasing, which means that bulls are getting ready for a breakout. If they manage to fix above the resistance, the rise may continue to $550 and above.

BNB is trading at $466.60 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.