The bulls may have seized the initiative today as almost all coins are trading in the green zone.
BTC/USD
Bitcoin (BTC) has shown significant growth in the past 24 hours with a gain of around 5%.
However, the main crypto is trading in range, gathering energy to move further. Today’s rise is supported by higher volumes, which means that buyers are ready to hold the price above the crucial $40,000 level. If they can do that, a rise to the resistance level at $45,400 is likely to be seen. But it may take a few weeks for this scenario to come true.
At press time, bitcoin is trading at $40,528.
ETH/USD
Ethereum (ETH) has also outperformed Bitcoin (BTC), with an increase of 5.58% since yesterday.
Despite the sharp rise, Ethereum (ETH) hasn’t accumulated enough energy to rise or fall. From another perspective, buying volume is increasing, which means that the bulls have little advantage over the bears. If buyers can keep ETH rate above the most liquid area at $2,650, there is a possibility of a move towards the $3,000 mark.
Ethereum is trading at $2,684 at press time.
ADA/USD
Cardano (ADA) is no exception to the rule, rising 2.46%.
Analyzing the daily time frame, the price is located closer to the support level than the resistance, which means that the bears remain more powerful than the bulls in the medium term. From another perspective, there has been an increase in buying volume, confirming the power of the bulls.
If the rate can sustain above $0.80, a slow increase can be expected in the area towards the end of the week near $0.90.
ADA is trading at $0.821 at press time.
bnb/usd
Binance Coin (BNB) has outperformed Cardano (ADA) as the native exchange coin grew by 3.11%.
Binance Coin (BNB) has bounced off the most liquidity zone at $370 which provides support. The bulls are showing their strength even though the price is located in a wide range. If the daily candle closes in the $380 area with no long wicks, buyers have a chance to bounce back to $400 soon.
At press time, BNB is trading at $378.7.
AVAX/USD
Avalanche (AVAX) is up 4.14% in the last 24 hours.
Avalanche (AVAX) could not show similar performance to BNB as it broke away from its resistance level. Buyers are trying to keep the rate above the $70 mark; However, the trading volume is going down. If the bears maintain their pressure, one could very soon see the altcoin price near the $64 support level.
AVAX is trading at $70.83 at press time.