The new week has begun with bears’ pressure on the cryptocurrency market.
BTC/USD
Bitcoin (BTC) is the only growing coin from the list today, rising by 0.12%.
Despite a slight rise, it is too early to make any conclusions as the price is stuck in a narrow range, accumulating power for a further move. In addition, the volume remains low, which means that there are low chances of seeing any sharp ups or downs. All in all, continued sideways trading in the area of $22,000-$23,000 is the more likely scenario for the following week.
Bitcoin is trading at $22,390 at press time.
ETH/USD
Ethereum (ETH) could not follow the rise of Bitcoin (BTC), going down by 0.18%.
Ethereum (ETH) is trading similarly to Bitcoin (BTC) as the price is also not ready for growth or decline. In this case, the more likely scenario is further consolidation in the range of $1,550-$1,650. The falling volume confirms this.
Ethereum is trading at $1,565 at press time.
XRP/USD
XRP is the biggest loser today, falling by 2.45%.
On the daily chart, the price of XRP has once again reached the support level at $0.3619. At the moment, one should pay attention to the candle’s closure. If it happens near that mark, one can expect a breakout, followed by a sharp decline to the $0.35 zone.
XRP is trading at $0.3649 at press time.
BNB/USD
The rate of Binance Coin (BNB) is no exception to the rule, declining by 2% over the last 24 hours.
Binance Coin (BNB) keeps looking bearish on the daily time frame, as the price is about to fix below the important support level at $284.9. If that happens, the native exchange coin may return to the midterm decline and the drop can continue to the $270-$280 area.
BNB is trading at $284.8 at press time.
ADA/USD
The price of Cardano (ADA) has dropped by 1.27% over the last day.
The rate of Cardano (ADA) is slowly approaching $0.3237. If today’s closure happens near the $0.33 mark, traders may expect the price of ADA near the support very soon. Thus, the volume remains low, confirming the absence of buyers on the market.
ADA is trading at $0.3330 at press time.
Source: https://u.today/btc-eth-xrp-bnb-and-ada-price-analysis-for-march-6