Can the second part of July become bullish for the cryptocurrency market?
The cryptocurrency market is slightly recovering after the correction, with some of the coins returning to the red zone.
Top coins by CoinMarketCap
BTC/USD
Bitcoin (BTC) could not come back above the $20,000 mark, going down by 1.59%.
BTC/USD chart by TradingView
Despite the drop below $20,000, Bitcoin (BTC) has bounced off the local support level at $18,931. As long as the price is above it, bulls can hope for continued growth.
However, it might take some time as the leading crypto has not accumulated enough energy for the sharp move.
Bitcoin is trading at $19,473 at press time.
ADA/USD
Cardano (ADA) is the biggest loser today, falling by almost 4%.
ADA/USD chart by Trading View
Analyzing the daily chart, Cardano (ADA) is under the bears' pressure as the price has fallen below the support level at $0.4359. At the moment, one should pay attention to the area around $0.40, the breakout of which might lead to the continued drop of the altcoin.
ADA is trading at $0.4199 at press time.
BNB/USD
Binance Coin (BNB) has followed the decline of BTC, going down by 1.78%.
BNB/USD chart by TradingView
From the technical point of view, BNB is more bearish than bullish as sellers have dropped the price below the support level at $230. Until the price is there, there is a possibility to see the test of the $200 zone within the next few days.
BNB is trading at $224.1 at press time.
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Author
Denys Serhiichuk
U.Today
With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis.
