BNB, Cardano, and Polygon were looking to break key resistance areas as the cryptocurrency prices rallied on Wednesday night.
- All major US indices ended the day higher in stocks, while bitcoin bounced back above $27,400.
- Other coins to see gains include XRP, Dogecoin, and Litecoin.
The cryptocurrency market is mostly flat today after a slow week for the broader market amid investor caution over US debt ceiling sentiment. Higher and the S&P 500 and Nasdaq closed at +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 top 10 cryptocurrencies currently, was trading near 45 cents.
Binance Coin (BNB), Cardano (ADA), and Polygon (MATIC) were among the altcoins that saw a slight rally, while XRP, Litecoin, and Dogecoin were also up.
Here is a short term price prediction for BNB, ADA and MATIC.
BNB Price (BNB)
At the time of writing BNB is trading at $314, almost 1% in the green after the bulls came out to defend the $310 area.
However, the 20-day EMA ($317) and the 50-day EMA (319) are providing a key resistance area. With the moving averages suggesting further weakness, the bears might attempt to push the price below the strong support at $300. If successful, the BNB/USD pair could extend the decline towards $270.
On the other hand, if price bounces off support and BNB sees fresh demand, a rise in select EMAs could give buyers some breathing room to target barriers in the $330-$350 range.
Cardano Price (ADA)
Cardano was above $0.37 at the time of writing. Although ADA/USD is up 3% in the last 24-hours and broke above a key horizontal line, the bulls are not yet clean. To propel the price higher, buyers need to break above $0.40 to target the recent uptrend peak at $0.40.
If the bears manage to take control, the ADA/USD pair could decline to $0.30.
Price of Polygon (MATIC)
Polygon is currently trading at $0.87, up almost 5% over the past 24 hours.
The bulls might try to push the price above the $0.91 resistance line. If successful, the MATIC/USD pair is targeting the psychological $1.00 zone, with the potential to retest the supply wall near $1.20.
On the other hand, if the price declines and breaks below the new range support, further weakness could provide an incentive for the bears to target $0.70.