Have the top coins reached the local bottom by now?
|The new week has begun with the ongoing drop of the cryptocurrency market as almost all coins are in the red zone.
Top coins by CoinMarketCap
BTC/USD
Last Saturday, the Bitcoin (BTC) price consolidated around the $45,000 mark and, on Sunday, buyers tried to overcome the resistance of $46,000. The price pierced this level, but the growth was not supported by large volumes, and the pair was unable to overcome the two-hour EMA55.
BTC/USD chart by TradingView
As of this morning, the BTC price has returned to a level below $45,000. During the day, buyers will try to break through the resistance of the average price level and test the $47,745 level.
On the other hand, the weakness of buyers can provoke another wave of sales, and then the price can test the $42,447 level.
Bitcoin is trading at $44,907 at press time.
ADA/USD
Cardano (ADA) is the main loser from the list today as its rate has dropped by 7%.
ADA/USD chart by TradingView
Despite the price decrease, sellers have not seized the initiative yet as Cardano (ADA) keeps trading above the vital level of $2. Only if bears break it and fix below, the fall may continue to the area around $1.30 where most of the liquidity is focused.
ADA is trading at $2.430 at press time.
BNB/USD
Binance Coin (BNB) has also gone down over the past 24 hours. The decrease was by 4.30%.
BNB/USD chart by TradingView
Binance Coin (BNB) has almost tested the support at $385 one more time; however, the native exchange coin still remains trading above this crucial support.
If sellers make a breakout, there is a good possibility of seeing a sharp drop to $340.
BNB is trading at $398 at press time.
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