Wednesday, October 5, 2022

ADA and BNB Price Analysis: Profiling Conflicting Bullish and Bearish Actions

The fight for market control is an ever-challenging one for both the bears and the bulls, one that has stirred a mixed reaction amongst the top digital currencies for today. While the industry’s market capitalization has fought for balance above the $2 trillion points, it is significantly down by 1.05% in the past 24 hours.

The market dynamics for each digital currency are different, and here is the analysis for both Cardano (ADA), and Binance Coin (BNB) as both fight market forces in two distinct ways.

Cardano Maintaining Uptrend on Promising Scalability Outlook

Cardano is by far the best performer amongst the most elite of digital currencies today. Currently changing hands at $1.54, the coin is up 8.94% in the past 24 hours, and with a sustained buying momentum over the weekend, it has pared off its losses for the past seven days with a 39.17% growth for the week.

ADA has seen a massive buying momentum, ignited on the promises of the blockchain protocol scheduled to see a number of upgrades that will push forth its scalability this year. While the Cardano blockchain is currently one of the best performings around, the protocol’s community is particularly sensitive to the likelihood of improved performances on grounds that it can host more innovative DApps and tag along with the current mind-blowing innovations in the DeFi, NFT, and Metaverse ecosystems respectively.

On the technical side, the ADA/USD pair on the 4h chart as seen on TradingView is currently in the overbought region.

ADA/USD pair as seen on TradingView

The Relative Strength Index (RSI) is pegged at 73.46 with the Moving Average Convergence Divergence (MACD) showing a continuous upward moment. By Implication, we may see a slight trend reversal in the coming days, a move that will further test the strength of the current buyup and broad enthusiasm.

BNB Fighting to Keep Support Level

BNB is the utility token of Binance Exchange, the largest trading platform in the world by trading volume. The fundamentals surrounding the coin are broad as it not only powers the Binance platform, it is also the reference token for the Binance Smart Chain (BSC) network. Currently trading at $476.49, the digital currency is looking to regain the support level at $480.

BNB/USD Price Chart as seen on TradingView

A look at the BNB/USD pair on TradingView will unveil the ranging movement of the pair since January 12 and has been characterized by higher highs and lower lows. BNB has seen a lot of selloffs recently, and indicators including the Bollinger Bands are supportive of a probable trend reversal. 

Binance is generally used as a yardstick amongst major centralized exchanges with tokens, and its millions of diverse users form a huge investor base that can stir the price of the token upward in the near term.

Godfrey Benjaminhttps://cryptomarketsbeat.com
I'm just a nerd who wants the world to know about the unique capabilities of blockchain and digital currencies

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