Binance Agreement with the US Department of Justice Shakes Cryptocurrency Markets: Analysis of Price Movements for Four Cryptocurrencies
The agreement between Binance and the US Department of Justice had a ripple effect on the cryptocurrency markets, resulting in volatile price movements. A rapid downward movement was followed by a period of recovery, and cryptocurrencies have adjusted themselves accordingly. Let’s take a look at the price movements of four cryptocurrencies.
BNB Predictions
November 21st was a highly volatile day for BNB. The price dropped from $272 to $224 and is currently at $236. A positive aspect is that the BNB price did not fall below $223. As of yesterday, BNB is in a period of recovery.
If the bulls can push the BNB price above the 20-day exponential moving average level of $240, a journey towards $265 is possible. On the other hand, if the price falls below $223, a drop to $203 can be expected.
XRP Predictions
XRP was unable to reach its peak level of $0.98 during the summer months. On November 20th, XRP moved south from the 20-day exponential moving average level of $0.61. The price dropped to $0.57.
$0.56 is a level where the bulls defend themselves. If this level is breached, a journey towards $0.46 is possible. If the bulls can push the price above $0.56, there is a possibility of a rise towards $0.74. XRP is currently trading at $0.60.
Solana Predictions
Solana, which can be considered as the star of October and November, returned to the 20-day exponential moving average level of $51 on November 22nd. This level was strongly defended by the bulls. $59 is a critical resistance level. If this level is surpassed, a journey towards $68 can begin.
On the other hand, if the price fails to surpass $59, a drop below the support level of $48 can occur. In such a scenario, the price can drop to the 50-day simple moving average level of $37. Solana is currently trading at $57.83.
Cardano Coin Predictions
On November 21st, there was a correction movement just above $0.38 for Cardano. The price then retraced slightly. ADA reached the 20-day exponential moving average level of $0.35, which serves as a strong support level. In the recovery that follows, there is a possibility for the price to reach $0.39 and then $0.46.
If the bears come into play, they can push the price down to $0.34. If the support level is breached, ADA can drop to the 50-day simple moving average level of $0.30. ADA is currently trading at $0.38.