What's the Price Target? An Evaluation on Binance Coin (BNB) and Cardano (ADA) - COINTURK NEWS
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What’s the Price Target? An Evaluation on Binance Coin (BNB) and Cardano (ADA)

9:47 am (62 days ago)
July 30, 2023

Amidst uncertainty, a significant portion of altcoins continue to experience negative trends in the market. So, what is the target in dollars? The daily trading volume has dropped back to levels of 17 billion dollars. While the weekly basis shows the volume lows of the past 2 years, investors continue to approach crypto cautiously.

Binance Coin (BNB) Coin Chart

Cryptocurrencies, which priced in the outcome of the Fed meeting, showed very little volatility after the decision was announced. Now, expectations for the September 20th meeting will start to take shape based on future data. Wells Fargo claims that we have reached the end of interest rate hikes. However, the clear opinion on falling inflation due to the base effect will depend on the upcoming data in the next few months. Additionally, the Jackson Hole meeting in August, just like last year, can increase volatility.

BNB Coin price is currently trading at $241 as of the time of writing this article, and we have not seen much price change compared to yesterday. The price movement of BNB remains uncertain within the triangle as both bulls and bears fight for dominance. If buyers push the price above the moving averages, the BNB/USDT pair can rise to the resistance line of the triangle.

If the critical level, expected to be strongly defended by bears, is broken, the price can target the resistances at $265 and $290. On the other hand, if the price turns down from the current level, it will indicate that bears continue to exert selling pressure. The pair can then drop to the support line. This level can attract buyers, but $220 remains a dangerous target if they cannot achieve a significant bounce.

Cardano (ADA) Coin Chart

Cardano recovered from the breakout level of $0.30 on July 26th, indicating that bulls are strongly defending their support. The flat 20-day EMA ($0.30) and the RSI near the midpoint do not provide a clear advantage to either bulls or bears. If bulls keep the price above the 20-day EMA, the ADA/USDT pair can rise to the general resistance at $0.34. This level can act as a strong barrier, but if it is surpassed, the ADA/USDT pair can reach $0.38.

If bears want to prevent an upward movement, they will need to quickly bring the price below the rising trendline. If they succeed, a drop to the range of $0.27 and $0.26 may occur.

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