BNB, Cardano and Polygon were looking to break key resistance areas as crypto prices rose late Wednesday.
- Stocks jumped as all the major US indices ended the day higher while Bitcoin bounced above $27,400 again.
- Other coins to see gains include XRP, Dogecoin and Litecoin.
The cryptocurrency market remains largely flat today after a slow week for the broader market amid investor cautiousness on US debt-ceiling sentiment. On Wednesday, US stocks closed higher as reports emerged of positive progress from lawmakers, with the Dow ending over 400 points up and the S&P 500 and Nasdaq both notching +1.2%.
In crypto, Bitcoin (BTC) was changing hands just above $27,000, Ethereum (ETH) was at $1,824, and XRP (XRP), one of the best performers today among the top 10 cryptocurrencies, traded near 45 cents.
Here is a short term price prediction for BNB, ADA and MATIC.
BNB (BNB) price
BNB is trading at $314, about 1% in the green at the time of writing after bulls turned up to defend the $310 area.
However, the 20-day EMA ($317) and 50-day EMA (319) are offering a major resistance zone. With the averages suggesting further weakness, bears are likely to try to pull the price below the strong support at $300. If they succeed, the BNB/USD pair could extend the decline to $270.
On the other hand, if the price bounces off support and BNB sees fresh demand, a rise to the highlighted EMAs could afford buyers breathing space to target the hurdles in the $330 – $350 range.
Cardano (ADA) price
Cardano was above $0.37 at the time of writing. While ADA/USD is up 3% in the past 24 hours and has broken above a key horizontal line, the bulls are not in the clear yet. To pull the price higher, buyers need to break past $0.40 in order to target the recent uptrend peak of $0.46.
If bears succeed in retaking control, the ADA/USD pair could decline to $0.30.
Polygon (MATIC) price
Polygon is currently trading at $0.87, up by about 5% in the past 24 hours.
The bulls are likely to try to push the price above the resistance line at $0.91. If they succeed, the MATIC/USD pair target the psychological $1.00 area, with potential to retest the supply wall near $1.20.
On the flipside, if the price turns down and break below the new range support, further weakness could offer bears the encouragement to target $0.70.