Biggest Movers: ADA Hits Fresh Record Low, BNB Down for Seventh Straight Day admin January 30, 2022

Biggest Movers: ADA Hits Fresh Record Low, BNB Down for Seventh Straight Day

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Cardano fell to a fresh all-time low on Saturday, as prices plunged by over 10% to start the weekend. The move saw the token drop for a third straight session, as a red wave swept through cryptocurrency markets. Binance coin also moved lower, dropping for a seventh consecutive day.

Cardano (ADA)

Cardano (ADA) moved to a fresh all-time low to start the weekend, as prices dropped for a third straight session.

Following a high of $0.3011 on Friday, ADA/USD moved to a low of $0.2603 earlier in today’s session.

The move saw the token plunge by nearly 13% earlier in the day, hitting a new all-time low in the process.

ADA/USD – Daily Chart

Looking at the chart, the drop comes as the 10-day (red) moving average crossed its 25-day (blue) counterpart.

This signals a shift in price momentum, and comes as the relative strength index (RSI) fell deeper into oversold territory.

As of writing, the index is tracking at 24.13, which is its weakest point since October 21.

Binance Coin (BNB)

Binance coin (BNB) was another notable token to fall today, with prices dropping for a seventh straight session.

Recent declines have come as financial firm Mazars halted its audit of Binance’s reserves.

As a result of this, BNB/USD fell to a low of $221.00, which comes a day after hitting a high of $264.25.

BNB/USD – Daily Chart

Overall, the token is now down by nearly 20% in the last week, and is down 10.88% as of writing.

Similar to cardano, the RSI on BNB is currently trading near the 24.00 mark, which is deep in oversold territory.

BNB is currently trading at its lowest point since July 13.

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What other factors are behind today’s decline in crypto prices? Let us know your thoughts in the comments.

Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.

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Source : Bitcoin

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