BNB, Cardano, and Polygon are among the altcoins that saw slight gains as crypto prices rose on Wednesday. BNB, which is trading at $314 at the time of writing, saw bulls turn up to defend the $310 area. However, the 20-day EMA ($317) and the 50-day EMA (319) are offering a major resistance zone. Bears may try to pull the price below the strong support at $300. If they succeed, the BNB/USD pair could extend its decline to $270. On the other hand, if the price bounces off support and BNB sees fresh demand, buyers could target the hurdles in the $330 – $350 range.
Cardano was above $0.37 at the time of writing, up 3% in the past 24 hours, and has broken above a key horizontal line. However, buyers would need to break past $0.40 in order to target the recent uptrend peak of $0.46. If bears succeed in retaking control, the ADA/USD pair could decline to $0.30.
Polygon is currently trading at $0.87, up about 5% in the past 24 hours. The bulls are likely to try to push the price above the resistance line at $0.91. If they succeed, the MATIC/USD pair could target the psychological $1.00 area, with potential to retest the supply wall near $1.20. On the flip side, if the price turns down and breaks below the new range support, further weakness could offer bears the encouragement to target $0.70.
On Wednesday, US stocks closed higher as reports emerged of positive progress from lawmakers, with the Dow ending over 400 points up and the S&P 500 and Nasdaq both notching +1.2%. Bitcoin (BTC) was changing hands just above $27,000, Ethereum (ETH) was at $1,824, and XRP (XRP), one of the best performers today among the top 10 cryptocurrencies, traded near 45 cents.
In conclusion, it is still unclear whether the cryptocurrency market will remain largely flat after a slow week for the broader market amid investor cautiousness on US debt-ceiling sentiment. Nonetheless, individual cryptocurrencies like BNB, Cardano, and Polygon have shown slight gains, potentially offering opportunities for traders and investors.
