Key Insights
- Binance coin price has advanced by 28% in a week.
- Cardano price has surpassed the 200-day EMA and reached the 20-day EMA.
Bitcoin is a leading coin, and almost all the altcoins follow its footsteps. The BTC price has been consolidating in a narrow range for the past ten days.
However, the Binance (BNB) price has displayed a V-shape recovery and has outperformed other cryptocurrencies. It has gained over 28% in a week and has exceeded the previous selling zone of $680.
Cardano (ADA) has survived a massive dip and has grabbed the liquidity below the previous support zone of $0.57.
Cardano price has witnessed a V-shape recovery and has surpassed the 200-day EMA. Amid this bullish move, the price has surpassed the 20-day EMA.
Binance Price Chart Reflects Selling Pressure
Based on the chart structure, BNB price experienced strong selling pressure at the beginning of February.
However, buyers have bounced back and have managed to form a base near the $570 level. The price has witnessed a V-shape recovery and displayed a massive rally.
BNB has smashed the key moving averages and has surpassed the previous selling zone. Amid this bull run, the price has touched the precious resistance zone of $530.
However, the price received strong selling pressure in this territory and has dropped by 9% in a day.
The technical chart suggests that sellers have been strong in this zone and every time BNB is receiving selling pressure.
Binance price is expected to remain bearish below the resistance zone of $570. Once the price exceeds this zone with increased trading volume, a bullish rally can be anticipated.
ADA Price Chart Correlation with Binance Chart
Based on the technical chart, the ADA price chart has been following the footprint of Binance price. Through this chart scenario, the Binance price has performed a strong bullish rally.
Cardano price has been gearing up as Binance did in its earlier phase of bullish rally. Looking at this chart, the ADA price is expected to perform like the Binance price.
Furthermore, current market data shows that Cardano and BNB have resumed price synchronization.
The Cardano price chart showed a direct response to changes in the price of BNB on February 9. Two days after the BNB pattern’s higher low formation, ADA followed suit, leading to market forecasts regarding a potential surge in Cardano’s price.
Can ADA Price Replicate BNB Price Chart Behavior? Analysts Weigh in
Key market analysts have examined Cardano’s price trajectory in light of BNB Coin’s recent expansion.
Market analyst Ali Martinez believes Cardano could see a price increase comparable to the 20%–30% increase seen in BNB.
The token might surpass $1 and grow by 27.7% from its present value if ADA continues on the same upward trajectory.
Cardano’s price would rise significantly because it has been trading below $1 for the past few weeks.
Cardano would benefit greatly from a price increase to $1, which would also boost investor confidence and attract more capital to the asset.
Despite the volatility of the cryptocurrency market, Cardano’s ongoing correlation with BNB price trends suggests that ADA prices will soon rise in tandem.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
