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Is the current bounceoff a prerequisite for future growth?

Denys Serhiichuk U.Today

After the drop of the whole market, all of the top 10 coins have bounced off their support level. As a result, all of them have come back to the green zone.

Top coins by CoinMarketCap

BTC/USD

Bitcoin (BTC) has touched the support at $30,000, followed by a bounce off by 13%.

BTC/USD chart by TradingView

On the daily chart, Bitcoin (BTC) has fixed above $40,000. However, the rise is not supported by a high buying trading volume. From the technical point of view, growth may continue to the next resistance at $45,700.

In terms of the long-term scenario, it is too early to think about a return to $50,000 or setting new peaks as bearish influence remains high. In this case, the more likely price action is consolidation in the range between $38,000 and $42,000.

Bitcoin is trading at $41,852 at press time.

ADA/USD

Cardano (ADA) has gained more than Bitcoin (BTC) as it has grown by 15% since yesterday.

ADA/USD chart by TradingView

Cardano (ADA) has almost recovered after yesterday's drop. As is the case with Bitcoin (BTC), the buying trading volume is not high, which means that one more decline may happen. In this regard, the drop may lead to the retest of the support at the $1.43 mark. Such a scenario is relevant for the upcoming days.

Cardano is trading at $1.86 at press time.

BNB/USD

Binance Coin (BNB) has gained less than Cardano (ADA), with growth of 9%.

BNB/USD chart by TradingView

Binance Coin (BNB) still has growth potential on the daily chart. The trading volume is increasing, which means that there are chances to get to the resistance level of $509 within a few days.

BNB is trading at $400 at press time.

DOGE/USD

DOGE has gained the least today as the price has gone up by only 2%.

DOGE/USD chart by TradingView

DOGE is trading similarly to Binance Coin (BNB). On the daily time frame, the ongoing rise may continue until the coin touches the mirror level at $0.45, where bears may again seize the initiative.

DOGE is trading at $0.41 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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Is the current bounceoff a prerequisite for future growth?