ADA and BNB Price Analysis for January 1

The first day of 2024 has started mainly bearish for the cryptocurrency market, according to CoinStats.

ADA/USD

The rate of Cardano (ADA) has fallen by 0.75% over the last 24 hours.

Despite today’s fall, the price of ADA keeps trading sideways, accumulating energy for a further move. At the moment, the rate is in the middle of a wide channel.

In this case, consolidation in the range of $0.56-0.64 is the more likely scenario for the current week.

ADA is trading at $0.6050 at press time.

BNB/USD

Binance Coin (BNB) has followed the drop of ADA, going down by almost 3%.

On the daily time frame, one should pay attention to the bar closure in terms of the $307 level. If it happens near it, the drop may continue to the important zone of $300 shortly.

BNB is trading at $309.5 at press time.

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