Binance Coin (BNB) & Cardano (ADA): Have They Finally Hit Bottom? Price Analysis

Crypto is in a phase where Bitcoin and some of the altcoins may be putting in their swing lows ready for the next major rally to the upside. Have Binance Coin (BNB) and Cardano (ADA) finally hit their bottoms?

Rejection for $BNB at current resistance?

Source: TradingView

The $BNB price is currently struggling to turn resistance into support. If it succeeds, the chances are that it will break through the descending trendline at the same time, which would be an auspicious move.

On the other hand, with shorter time frame Stochastic RSIs oversold, another dip to the downside might be the preferred option. The $BNB price already came down as far as $790, although stronger support is below at $747.

Is $BNB to $640 a possibility?

Source: TradingView

The weekly chart for the $BNB price shows that the strongest horizontal support of them all is at $670. Would it get there? Perhaps not, given that the Stochastic RSI indicators are ready to turn back up. However, the 0.618 Fibonacci is only just below this major support. Coincidence?

$0.30 for $ADA?

Source: TradingView

It has not gone well for the $ADA price in this bull market. The inability to get above a multi-year trendline has meant that the price has continued to decline. 

Currently, the price is trying to hold onto the $0.41 horizontal support level. If the bulls succeed here, they will have a shot at the descending trendline and the strong $0.50 horizontal resistance.

However, in oversold territory in the short-term time frames, it might be more likely that the price descends further. If it goes down to the $0.30 horizontal level, this would be scraping the bottom of the barrel, but at least a decent bounce might be expected from there.

$ADA finds support on major trendline

Source: TradingView

The weekly time frame shows how close the $ADA price is getting to the bottom now. That said, there is a trendline that started back in June 2023, and it looks as though the price has found support here. 

The Stochastic RSI indicators for the weekly are right at the bottom, therefore, it would be more likely that this is in fact the swing low for $ADA (disregarding the 10 October wick down). With a stop loss underneath the trendline, a 20% gain up to the horizontal resistance could be a decent play.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.