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BTC, ADA and BNB Price Analysis for October 31

Price Predictions
Sun, 10/31/2021 - 14:19
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Denys Serhiichuk
Is November going to be bullish for the cryptocurrency market?
BTC, ADA and BNB Price Analysis for October 31
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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Bulls may have started fixing their profit as all of the top 10 coins have entered the red zone on the last day of the week.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

BTC/USD

The rate of Bitcoin (BTC) has gone down by 2% since yesterday while its price has remained the same over the past seven days.

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

After a false breakout of the support at $56,560, Bitcoin (BTC) could not keep the rise and fixed above the $62,000 mark. Even though the selling trading volume is low, the decline may continue as buyers do not seem very interested in buying at the moment.

Related
BTC, ETH and XRP Price Analysis for October 29

In this case, if bears break the support, the fall may lead BTC to $53,000 next week.

Bitcoin is trading at $60,390 at press time.

ADA/USD

Cardano (ADA) is the main loser from the list, declining by 2%.

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

Cardano (ADA) is looking even worse than Bitcoin (BTC) as it is coming back to the support after a false breakout. Respectively, the breakout of $1.822 might be a huge bearish signal and get ADA back to $1.50 soon.

ADA is trading at $1.937 at press time.

BNB/USD

Despite today's decline, Binance Coin (BNB) has risen by 8% over the last week.

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

Binance Coin (BNB) is about to break the support at $509.70 as bulls are out of power to keep the rise going. In this regard, there is a high probability of seeing the continued decline of the native exchange coin to the area of the most liquidity around $487 soon.

BNB is trading at $513.40 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.