The cryptocurrency market digest (BTC, ADA, BNB). Overview for 20.04.2022

April 20, 2022

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The BTC is sort of reviving: the major cryptocurrency has been slowly recovering for a couple of trading sessions and trying to fix above significant resistance levels. On Wednesday afternoon, the BTC is trading at $41,438. Technically, the asset must fix above $42,300 to confirm a reversal to the upside – two days ago it seemed impossible but now it’s quite real.

Chances for further growth improved because the BTC is taking any opportunity to break the resistance area at $41,200-$41,500. The current situation is unravelling just like we expected: the stock market reached stability and the crypto sector followed.

If these positive tendencies continue, the next upside target after $42,300 will be at $44,200. According to CoinMarketCap, all Top 10 coins managed to stay “in the black”.

Bitcoin chart online

ADA: great result

The ADA is following major coins and demonstrates almost a 5% growth per day. Technically, the ADA continues moving within the sideways range between $0.8630 and $0.9950. if the asset breaks the upside border, the next upside target will be at $1.1000.

Cardano chart online

BNB: the target is at $445

The BNB also gained some weight (+3.85%) since yesterday but not as much as other cryptocurrencies. If bulls are able to keep the asset between $430 and $440, the next upside target will be at $445.

Binance Coin chart online

Binance: something new

In the nearest future, Binance is planning to burn $740 million worth of BNB, that’s about 1.8 million coins. The burn would be conducted at an average price of $403 per BNB. Binance uses this tool to reduce the total number of coins. This procedure will have a positive effect on the coins that remain in circulation.

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Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.