BNB, Cardano and Polygon are trying to break through a key resistance zone as cryptocurrency prices surged on Tuesday.
- All major US indices ended the day higher as Bitcoin revisited $27,400 and stocks surged.
- Other coins that are seeing gains include XRP, Dogecoin, and Litecoin.
The cryptocurrency market was largely flat today after a weak week for the broader market due to investor caution over US debt ceiling sentiment. U.S. stocks closed higher on Wednesday on positive progress reports from lawmakers, with the Dow Jones gaining more than 400 points and the S&P 500 and Nasdaq gaining 1.2%.
In cryptocurrencies, Bitcoin (BTC) changes hands just above $27,000, Ethereum (ETH) is at $1,824 and XRP (XRP), one of the top 10 cryptocurrencies today, is trading around 45 cents.
Binance Coin (BNB), Cardano (ADA), and Polygon (MATIC) were among the altcoins to post modest gains, while XRP, Litecoin, and Dogecoin also gained.
Short term price predictions for BNB, ADA and MATIC can be found here.
BNB (BNB) price.
BNB is trading at $314 at the time of writing, down nearly 1% after bulls emerged to defend the $310 zone.
However, the 20-day EMA ($317) and 50-day EMA ($319) offer key resistance areas. As the averages continue to weaken, the bears will likely attempt to drive the price below the strong $300 support. If successful, the BNB/USD pair could extend losses to $270.
On the other hand, if price breaks support and BNB sees renewed demand, a push towards the highlighted EMAs could present buyers with the opportunity to hit a barrier in the $330-$350 range.
Daily BNB (BNB) price chart. Source: commercial view
Cardano Price (ADA).
Cardano is above $0.37 at the time of writing. Although ADA/USD has risen 3% in the past 24 hours and crossed the key horizontal line, the uptrend is still unclear. To increase the price, buyers need to break $0.40 to catch the recent uptrend at $0.46.
If the bears regain control, the ADA/USD pair could drop to $0.30.
Cardano (ADA) daily price chart. Source: Trading View
Landfill Price (MATIC).
Polygon is currently trading at $0.87, up almost 5% in the last 24 hours.
The bulls will likely try to push the price above the $0.91 resistance line. If successful, the MATIC/USD pair will target the psychological zone of $1.00 with a chance to retest the $1.20 supply level.
On the other hand, if the price declines and breaks below the new support zone, further weakness could provide momentum towards the $0.70 target.
Daily polygon price chart (MATIC). Source: Trading View