BTC, ADA, and BNB Price Analysis for August 16
Bears have started to seize the initiative as most of the coins from the top 10 list are in the red zone.
Bitcoin (BTC) is the main loser today, going down by 1.36%.
Bitcoin (BTC) could not hold above the $24,000 mark for a long time, which means that bulls might need more time to accumulate power. Currently, one needs to pay close attention to the local support level of $23,615. If buyers lose it, the fall can lead to the test of the $23,000 area soon.
Bitcoin is trading at $23,801 at press time.
Binance Coin (BNB) is not an exception to the rule, falling by 0.93%.
Binance Coin (BNB) is trading similarly to Bitcoin (BTC) as the native exchange coin might face a slight correction before possible growth. At the moment, the more likely scenario is the test of the $305.7 level, followed by its false breakout. Such a scenario can happen if the daily candle closes below $310 on the daily chart.
BNB is trading at $314.3 at press time.
Cardano (ADA) is the so-called "biggest gainer" with a fall of 0.63%.
Unlike other coins, Cardano (ADA) has fixed above the $0.5472 level. If the situation does not change by the end of the day, the upward move may continue to the test of the $0.60 zone shortly.
ADA is trading at $0.5586 at press time.Source