Most cryptocurrencies have started to recover after a recent sharp drop. This article examines the price dynamics of Cardano and Binance Coin amidst the market recovery.
Current Market Situation
According to CoinMarketCap, most cryptocurrencies have begun to recover after a sharp drop. This is due to the strengthening positions of major assets amid overall market stabilization.
Analysis of Cardano (ADA)
Over the last day, the rate of Cardano (ADA) has risen by 4.88%. However, bulls have failed to maintain the growth after yesterday's bullish candle closure. If the situation doesn't change by the end of the day, sideways trading in the $0.70-$0.80 zone is the most likely scenario. At press time, ADA is trading at $0.7545.
Analysis of Binance Coin (BNB)
The price of Binance Coin (BNB) also followed the rise, increasing by 1.14%. From a technical standpoint, the rate of BNB is similar to ADA. If the candle closes below the vital zone of $600, the correction may lead to a retest of the $500-$520 range soon. BNB is trading at $585.96 at press time.
The price increase of Cardano and Binance Coin indicates a possible market stabilization after the recent drop. However, future dynamics will depend on the assets' ability to hold the achieved levels.
