The new week has started with a neutral mood on the cryptocurrency market as some coins are trading in the green zone, while others are in the red.
BTC/USD
Over the past weekend, buyers tried to restore the Bitcoin (BTC) price above the two-hour EMA55 level. On Saturday evening, the pair tested the moving average EMA55 and tried to stay above it for a long time, but the movement took place in a narrow sideways range at the level of average prices.
On Sunday evening, buyers were able to overcome the psychological barrier of $50,000, but the price could not hold in the area of the local maximum of $50,800. As of this morning, the bears have returned the price below the two-hour EMA55.
Today, bulls may try to repeat the breakout of the average price level in order to gain a foothold in the resistance area of $53,400.
Bitcoin is trading at $48,890 at press time.
BNB/USD
Binance Coin (BNB) has begun the new week with a continued decline. The rate of the native exchange coin has decreased by 2.34%.
After a false breakout of the support at $540, BNB is coming back to it, which means that bears are more powerful than bulls. If sellers can break the level and fix below it, one may expect a sharp drop to the psychological mark at $500.
However, if the prices bounce back again, there are chances to see the correction to the zone of the most liquidity around $600.
BNB is trading at $546.20 at press time.
ADA/USD
Cardano (ADA) has lost the least with a fall of 1% over the last 24 hours.
Despite the fall, Cardano (ADA) is located in a channel between the local support at $1.18 and the resistance at $1.932. Currently, the rate is located closer to the support, which means that sellers dominate over buyers. If bears can keep the pressure, there is a possibility of seeing the continued drop to the zone around $1.
ADA is trading at $1.306 at press time.
DOGE/USD
DOGE is trading similarly to Cardano (ADA) with a price drop of 1% since yesterday.
DOGE remains trading under bearish pressure as the price is returning to the support after a recent false breakout. Even though selling trading is low, the breakout of $0.1617 may lead to the ongoing fall to the next support level at $0.1310. Such a scenario is relevant until the end of the current week.
DOGE is trading at $0.1641 at press time.
SHIB/USD
SHIB is the only gainer from the list today as its price change has accounted for +0.10%.
SHIB is showing weakness after short-term growth to the zone around $0.000040. If buyers cannot seize the initiative, bears may continue pushing the price more profoundly and lead SHIB to $0.000030. In this case, buyers' reaction may be in the zone of the most liquidity around $0.000025.
SHIB is trading at $0.00003448 at press time.
Godfrey Benjamin
Tomiwabold Olajide
Gamza Khanzadaev