Cardano hit new all-time lows on Saturday as its price plunged more than 10% at the start of the weekend. The Binance coin also fell, falling for the 7th straight day.
Cardano (ADA)
Cardano (ADA) hit new all-time lows to start the weekend as the price dropped three times in a row.
Following Friday’s high of $0.3011, ADA/USD moved to a low of $0.2603 early in today’s session.
The move caused the token to plunge about 13% earlier in the day, hitting an all-time low in the process.
ADA/USD – daily chart
Looking at the chart, we see a drop when the 10-day (red) moving average crosses the 25-day (blue) moving average.
This indicates a shift in price momentum, with the Relative Strength Index (RSI) sinking deeper into oversold territory.
At the time of writing, the index is tracking 24.13, its weakest point since October 21st.
Binance Coin (BNB)
Binance Coin (BNB) is another noteworthy token that fell today, with its price dropping for seven straight times.
The recent drop came after financial firm Mothers stopped auditing Binance’s reserves.
As a result, BNB/USD fell to a low of $221.00. This was a day after reaching a high of $264.25.
BNB/USD – daily chart
Overall, the token is down nearly 20% over the last week and is down 10.88% at the time of writing.
Similar to Cardano, BNB’s RSI is currently trading near the 24.00 mark, deep into oversold territory.
BNB is currently trading at its lowest price since July 13th.
Sign up for your email here to have weekly price analysis updates sent to your inbox.
What other factors are behind the drop in cryptocurrency prices today? Let us know your thoughts in the comments.
Elijah Dumbbell
Eliman brings an eclectic perspective to market analysis. He was previously a brokerage director and retail trading educator. Currently, he works as a commentator on various asset classes including cryptocurrencies, stocks and FX.
Image credits: Shutterstock, Pixabay, Wiki Commons, sdx15 / Shutterstock.com
Disclaimer: This article is for informational purposes only. This is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service or company. Bitcoin.com It is not intended to provide investment, tax, legal or accounting advice. NEITHER THE COMPANY NOR THE AUTHOR WILL BE LIABLE, DIRECTLY OR INDIRECTLY, FOR ANY DAMAGE OR LOSS ARISING OR ALLEGED TO OCCUR ARISING OUT OF OR RELATING TO YOUR USE OF OR RELIANCE ON ANY CONTENT, PRODUCTS OR SERVICES DESCRIBED IN THIS ARTICLE. We are not responsible.
In case you missed more popular news
