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BTC, ADA, and BNB Price Analysis for October 5

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Tue, 5/10/2021 - 16:32
BTC, ADA, and BNB Price Analysis for October 5
Cover image via www.tradingview.com

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Bulls have pushed back against bears and seized control over the market. Almost all of the top 10 coins are in the green. Solana (SOL) is the only exception, with its price not budging since yesterday. 

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Top coins by CoinMarketCap

BTC/USD

During the day yesterday, the Bitcoin (BTC) price consolidated in a narrow sideways range at the $47,745 level. In the evening, sellers became more active and pushed the BTC price back to the daily low at $46,900.

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BTC/USD chart by TradingView

The decline in prices made potential buyers less interested, and the volume began to gradually increase. At night, the pair set a new October high around $49,891. As of this morning, the bulls could not test the psychological level of $50,000.

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If during the day the activity of buyers does not decrease, then the price may briefly exceed $51,000.

Bitcoin is trading at $50,061 at press time.

ADA/USD

Cardano (ADA) is the smallest gainer today, growing by a mere 0.53% over the last 24 hours.

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ADA/USD chart by TradingView

Analyzing the daily chart, Cardano (ADA) is not catching up with the other top coins, and it keeps trading in the wide channel. At the moment, traders are accumulating power for the price blast. However, it is not clear whether buyers or sellers can seize the opportunity.

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Only, if ADA fixes below $1.9, one may consider the bearish scenario.

ADA is trading at $2.193 at press time.

BNB/USD

Unlike ADA, Binance Coin (BNB) has risen by 4.20% since yesterday.

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BNB/USD chart by TradingView

Despite today's rise, BNB is still accumulating power, taking into account the low trading volume. If buyers can break the resistance at $509 and trade above it, there might be a chance for bulls to push the cryptocurrency to the vital $600 mark.

BNB is trading at $435.3 at press time.

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