The cryptocurrency market has predominantly been in the red zone lately. In this article, we examine the recent price changes of Cardano (ADA) and Binance Coin (BNB).
Current State of the Cryptocurrency Market
Major cryptocurrencies continue to experience pressure as the market remains mainly in the red zone, according to CoinStats.
Overview of Cardano (ADA)
The price of Cardano (ADA) has dropped by 2.05% over the last 24 hours. On the daily chart, it is nearing a break of the local support level of $1.0431. If that occurs, the price might move down to the $1 area within the next few days. ADA is trading at $1.0549 at press time.
Situation with Binance Coin (BNB)
Binance Coin (BNB) has also fallen by 1.06%. From a technical perspective, BNB looks less bearish than ADA, but the price is closer to the support than to the resistance. If the rate approaches the $700 zone, a breakout level might be seen, followed by a test of the $690 area. BNB is trading at $711.76 at press time.
In the current state, cryptocurrencies seem weak, and investors should closely monitor support levels to make informed decisions.
