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BTC, ADA, BNB, EOS Price Analysis – Is Local Correction Coming to an End?

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Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Even on the weekends, the cryptocurrency market is growing as most of the Top 10 coins are in the green. Bitcoin Cash (BCH) and Chainlink (LINK) are the only exceptions to the rule. 

Top 10 coins by CoinMarketCap
Top 10 Coins by CoinMarketCap

Below is the main information for Bitcoin (BTC), Cardano (ADA), Binance Coin (BNB), and EOS:

Name

Ticker

Market Cap

Price 

Volume (24H)

Change (24H)

Bitcoin

BTC

$168,788,206,922

$9,155.09

$12,319,268,765

0.14%

Cardano

ADA

$3,223,221,398

$0.124319

$178,171,058

2.79%

Binance Coin

BNB

$2,766,956,639

$17.79

$181,967,848

4.63%

EOS

EOS

$2,339,344,508 $2.50 $861,566,631 0.22%

BTC/USD

Bitcoin (BTC) is trading sideways for a second week in a row. The rate for the leading crypto has remained relatively unchanged since last week, and the price change has constituted a drop -1.24%.

BTC/USD chart by TradingView
BTC/USD Chart by TradingView

Looking at the hourly time frame, Bitcoin (BTC) is trading within a narrow range between $9,050 and $9,200. The trading volume is at its lowest level, and there is a low probability of seeing a sharp move soon. The more likely scenario that one might consider is a drop to the local $9,075 support level by the end of the day.

At press time, Bitcoin was trading at $9,121 at press time.

ADA/USD

Cardano (ADA) is showing almost the same price action as Bitcoin (BTC). The rate for the altcoin has increased by only +0.14% from the previous 7 days.

ADA/USD chart by TradingView
ADA/USD Chart by TradingView

Looking at the daily chart, Cardano (ADA) is located within a range after hitting the local peak at $0.14. From a technical standpoint, growth is unlikely to occur as there are no active buyers at the moment.

👉 MUST READ Cardano (ADA) Price Analysis—Trading Around $0.12 Before Continued Growth?related article image

The lines of the Moving Average Convergence/Divergence (MACD) have also entered bearish territory. To sum it up, the $0.10 support may be achieved soon if the trading volume remains in the same position.

At press time, Cardano was trading at $0.1230.

BNB/USD

Binance Coin (BNB) has gone up by 4.57% since yesterday; however, the altcoin has dropped -2.70% over the course of the week.

BNB/USD chart by TradingView
BNB/USD Chart by TradingView

Binance Coin (BNB) has been located in the accumulation phase since the beginning of May 2020. What's interesting is that the trading volume has not declined, which means that the bulls might plan to push the altcoin towards its local resistance soon. If the growth continues, then the $20.3 level could be attained by mid-August 2020.

At press time, Binance Coin was trading at $17.86.

EOS/USD

EOS is looking more bearish than all of the coins from our list. Its price has declined by -4.69% over the last 7 days.

EOS/USD chart by TradingView
EOS/USD Chart by TradingView

EOS is also trading within a narrow range since last time; however, the trading volume continues to go down. This means that buyers are likely to fix their profits. Furthermore, a bearish divergence has been formed on the Relative Strength Index (RSI), which has not yet reached the oversold territory. The first level where the bulls might resist is the $2.1926 mark.

At press time, EOS was trading at $2.48.

Cover image via www.tradingview.com

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article writer image
Denys Serhiichuk

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others, can be contacted at denys.serhiichuk@cryptocomes.com