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How great are chances to see continued drop next week?

Denys Serhiichuk U.Today

Bulls could not hold the initiative on the last day of the week, and all coins from the top 10 list have come back to the red zone.

Top coins by CoinMarketCap

BTC/USD

The passing week has been bearish for Bitcoin (BTC) as its rate has declined by 8%.

BTC/USD chart by TradingView

Despite the fall, Bitcoin (BTC) remains trading above the vital support at $52,956, which means that bulls keep controlling the situation.

If the main crypto stays above this level, there is a good chance to come back to at least the area of the most liquidity around $61,000. In addition, the selling trading volume is low.

Bitcoin is trading at $54,335 at press time.

ETH/USD

Ethereum (ETH) has not shown such a big drop as Bitcoin (BTC); however, the price has declined by 5.79% over the last week.

ETH/USD chart by TradingView

Ethereum (ETH) is trading sideways despite the decline. The chief altcoin made a false breakout of the support level at $3,958, having confirmed bulls' power.

However, the coin seems to have not accumulated enough strength to recover the lost positions. In this case, trading in the range of $4,000-$4,200 is the most likely scenario for the next week.

Ethereum is trading at $4,085 at press time.

BNB/USD

Binance Coin (BNB) is the only coin from the list whose rate has increased over the past seven days.

BNB/USD chart by TradingView

Binance Coin (BNB) is looking stronger than Bitcoin (BTC) and other coins after a fall. Despite that, the native exchange coin keeps trading in a wide channel between the support at $540 and the resistance at $669. If bulls manage to keep the rise, BNB may get to $700 soon.

BNB is trading at $595.30 at press time.

ADA/USD

Cardano (ADA) is the biggest loser this week with a drop of almost 20%.

ADA/USD chart by TradingView

Despite the fall, there is a good chance that the drop may continue as buyers are not showing any will to buy at current levels. If sellers break the $1.496 mark and fix below it, the decline may get ADA to $1.50 shortly.

ADA is trading at $1.507 at press time.

Read full original article on U.Today

Author

Denys Serhiichuk

U.Today

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis.

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