Price Analysis of ADA, BNB, and Cake

Since appearing on the traders' watch list “Price Analysis”, ADA, BNB, and Cake have become popular Google search terms. Where are their prices headed in the next week?

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Jay Crypto

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Last updated Aug 2, 2022 at 12:54 AM

Posted Aug 2, 2022 at 12:00 AM

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Price analysis of ADA Cardano:

Cardano, a project byone of the Ethereum co-founders, was launched in 2017 and since then it has been on the watch list of many potential investors as well as of many institutions. The coin stands in the top 10 cryptocurrencies.

Cardano ADA has over $18 billion of market cap and is trading above $0.50. The following features make Cardano ADA different from other projects:

  • Cardano is a 3rd generation chain that addresses issues like the scalability of Ethereum and Bitcoin infrastructure. 
  • Cardano charges minimal gas fees for faster transactions.
  • Cardano’s interoperability allows projects that can communicate among the blockchains better.
  • Sustainability is another of Cardano's advantages.
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Cardano has a TVL of $138 in DeFi with an all-time high of $326 million. The TVL has decreased but still holds good support in a bearish market.

ADA is as strong technically as it is fundamentally.

On the 4-hour chart, ADA is slowly rising from the bottom of $0.39 on May 12, 2022 to the current price of $0.50. The price is surfing nicely the EMA 21 and rising to retest the local resistance level of $0.55. ADA is trading at the point of control right now and it will be hard to break above the support. However, if the market stays bullish, as it seems, we might hit the $0.70 target by the end of this week.

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Price analysis of BNB Cardano:

Binance Coin is a part of the Binance ecosystem that includes the number one cryptocurrency exchange, NFT marketplace, leading blockchain, and much more. Binance coin, or BNB, is the core coin that is used to fuel the entire Binance environment. Since Binance Smart Chain aka BSC works on a proof of stake mechanism, BNB is also used in staking. The top 20 holders of BNB in BSC can claim to become blockchain validators. These validators are responsible for approving the valid transactions on the chain and they get rewarded for their service.

Besides that, BNB has a lot of use cases; there are hundreds of DeFi, DEXs, and NFT projects built on top of BSC which use BNB to pay the fees. In the NFT marketplace, NFTs are valued and traded in BNB.

The technical side of BNB is even more incredible. 

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BNB Tradingview

BNB has shown a commendable resistance to the current bearish wave and in the few days when Bitcoin was slightly bearish, BNB reclaimed the $300 mark. The coin is slowly and nicely rising on a bullish slope line making higher highs and lower highs. The $300 resistance is an entry to the BNB Point of Control area. If it can break into that region, it can gain good support. There are two possible scenarios here: first, the coin will rise and enter the highlighted zone, spend some time there and collect new buyers to move further up. The second is that it comes down to make another higher low, continuing the previous trend, and then rises to the upper zone. This week is decisive. 

Price analysis of Cake:

Cake is a token on Binance Smart Chain known for reclaiming its highs in no time. Investors have earned millions by providing liquidity and yield farming on its DEX.

Cake is performing better than the previous two coins; in the last few days it has surged over 30%. The coin has been ranging in the short area for a while. This surge and range of movements have turned the Cake chart into a flag pattern. This means if Cake breaks above the local high, it is likely to gain as much as 30%

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EMA 21 is the local support and today’s high $4.13 is the local resistance to it. Cake might take a little correction before flying to the moon. 

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