The crypto market started the week with a decline, impacting major digital assets. Cardano (ADA) and Binance Coin (BNB) experienced significant drops.
Cardano (ADA) Price Drop
The rate of Cardano (ADA) has declined by almost 10% over the last day. Attention should be focused on the daily bar's closure around the $0.8798 level. If its breakout happens, the decline is likely to continue to the $0.80 area soon. ADA is trading at $0.8862 at press time.
Technical Analysis of Binance Coin (BNB)
Binance Coin (BNB) has also seen a decrease, going down by 5.08%. From a technical standpoint, the rate of BNB is currently far from support. However, if the daily candle closes near its low, there is a chance to see a test of the $622.85 level by the end of the week. Binance Coin is trading at $653.10 at press time.
Conclusion
The crypto market started the week with a downturn, significantly affecting key currency prices. Investors should closely monitor support and resistance levels that could determine price movements in the near term.
Current instability in the crypto market requires cautious approach from investors, considering the possibility of continued price decline.
