At the beginning of the week, most cryptocurrencies have entered the red zone, with several notable coins showing declines. According to CoinMarketCap, both Cardano (ADA) and Binance Coin (BNB) are experiencing downward trends, reflecting broader market sentiment.
Cardano (ADA) Faces Resistance
Cardano (ADA) has seen a 3.58% decline over the last 24 hours, currently trading at $0.3381. On the daily chart, ADA is struggling to approach the resistance level at $0.3535. As long as the price remains below this mark, bears hold the upper hand. If the bearish momentum continues, ADA may see further correction, potentially dropping to the $0.32 zone.
Binance Coin (BNB) Experiences Modest Drop
Binance Coin (BNB) has also slipped, though it has fared slightly better than ADA, with a 2.71% decrease. Technically, BNB is displaying a similar pattern to ADA, with its price currently distant from key support and resistance levels. The low trading volume suggests that neither bulls nor bears are ready to initiate a significant move. Consequently, BNB is likely to continue trading sideways in a narrow range between $500 and $520 until the end of the week.
At the time of writing, BNB is priced at $513.70.
