Cryptocurrency Price Analysis: Binance Coin(BNB), Tezos(XTZ), NEM(XEM), Tron(TRX), Cardano( ADA), Ripple(XRP)

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Vasu Singhal
Vasu Singhal is a management student and a stock market trader. He believes that investment avenues and opportunities are very diversified. Therefore, he has an interest in blockchain technology too. He likes to evaluate best investments available in the financial market with showcasing the required skills.
  • The crypto market is facing bearish movement as the majority of crypto assets facing price corrections
  • However some of the cryptocurrencies like Binance coin, Tezoz and NEM showed positive movement. 

Cryptocurrency Top Gainers

Binance coin (BNB) Price Analysis 

Source: Twitter

The crypto exchange unicorn Binance

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launched Binance coin futures today with 50x leverage. This provided BNB a fundamental boost which helped it made an upsurge of 7.25%. The current price is around $24.70 with the market capitalization of $3,841,018,700 and the 24H volume traded is over $666,736,025. 

Binance coin also had another fundamental event in which the exchange added support for the Russian ruble, which allows the users to make the purchases using their Visa banking card. Binance also hired Iskander Malikov, former COO at tradingview, who will be now the new director of fiat to boost its fiat to the crypto gateway. 

The crypto market is also excited about a new product called Binance Cloud which is expected to be launched in upcoming days. 

It has made tremendous bullish rallies this year starting off from $13 mark. One of the main aspects of the Binance coin to continue this momentum is a large amount of volume traded over the period.

It is known for its popularity among traders which can be proved when the exchange saw more than $1 billion in single day trading volume just after few days of its launch in 2017. The next major resistance for the Binance coin will be $32. However, if there’s a price pullback, it will find a support level of $18.50 

Tezos (XTZ) Price Analysis 

Tezos has been also one of the top gainers with an upsurge of 4.64% in today’s market. The altcoin has been one of the top performer’s list in 2020 with a growth of 77%. Currently, the price is around $2.52 with the market capitalization of $1,752,130,379 and the 24H volume traded of $198,766,255.

However, the XTZ bulls have strong potential to build the momentum. The resistance level XTZ will be facing is around $3.30. Due to the sharp rising movements, it can face pullback with a support level of $1.85. 

NEM (XEM) Price Analysis

NEM

 

NEM is also one of the altcoins which is successful to be on the gainer’s list. The price of XEM upsurged 1.18% and currently is trading around $0.062710 with the market capitalization of $564,385,533 and the 24H volume traded of $54,441,562.

It is expected that the bullish movement will continue for this altcoin and facing the resistance level at $0.065021. However, if the condition of price pullback arises for this altcoin it may find the support level of $0.055453. 

Cryptocurrency Top Losers 

Tron (TRX) Price Analysis 

TRX

As the rivalry between Ethereum and Tron is now becoming one of the hot discussions in the cryptomarket, TRX dipped by -4.57% today. Currently, it is at a price of $0.021216 with the market capitalization of $1,414,746,165 and the 24H volume traded of $1,522,968,764.

Tron has shown impressive bullish momentum this year with the fundamental boost that is being provided by CEO Justin Sun. It is expected that Tron will be capitalizing on the momentum built and face the resistance of $ 0.2377. However, if the activity of pricing pullback continues it can touch the support level of $0.0195. 

Cardano (ADA) Price Analysis 

Cardano has also shown positive price performance this year. It touched a new level of the year which was $0.061. Despite this fact, this altcoin is facing bearish momentum for the past few days. Today, it dipped around -3.67% and the current price is around $0.059397.

The market capitalization is around $1,539,992,157 with the 24H volume traded of $138,035,832. The charts are signaling a bullish cross within the next few days. The support level for Cardano will be around $0.59700 and the resistance level of $0.062215. 

Ripple (XRP) Price Analysis

XRP has also shown positive pricing performance in this year. However, since the past few days, XRP bulls are facing significant resistance near $0.2900 against the US dollar. It is struggling to break the main resistance of $0.3000. Today, it dipped around -3.57% bringing the price to $0.272727.

XRP bulls have the potential to build momentum from here as it is facing price corrections for a while now. The primary objective was XRP will be to clear the $0.2900 area for reaching the major resistance of $0.3000 barrier. If it continues the bearish momentum it may touch the support level of $0.2640.

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