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BTC, ADA, BNB, AVAX and LUNA Price Analysis for March 3

Price Analysis
Thu, 03/03/2022 - 15:54
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Denys Serhiichuk
Can altcoin market remain stronger than Bitcoin (BTC)?
BTC, ADA, BNB, AVAX and LUNA Price Analysis for March 3
Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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The cryptocurrency market is falling after growth as the majority of the coins are in the red zone.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

BTC/USD

Bitcoin (BTC) is facing a slight correction, going down by 2.46% over the last 24 hours.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

Despite the bulls' attempts to break the resistance at $45,478, the price is decreasing, falling below the $44,000 mark. If buyers cannot seize the initiative by the end of the day, there is a chance to see the rate of the main crypto around $42,000 shortly.

Bitcoin is trading at $43,245 at press time.

ADA/USD

Cardano (ADA) is an even bigger loser than Bitcoin (BTC) as its rate has declined by more than 4%.

ADA/USD chart by Trading View
ADA/USD chart by Trading View

From the technical point of view, Cardano (ADA) is also looking worse than BTC as the rate keeps going down after the false breakout of the resistance at $1.

Related
BTC, ETH and XRP Price Analysis for March 1

At the moment, the price is located in the middle of the channel between the support at $0.81 and the mentioned resistance. However, if buyers fail to hold the rate above $0.90, the fall may continue to the zone around $0.85.

ADA is trading at $0.914 at press time.

BNB/USD

The rate of Binance Coin (BNB) is almost unchanged since yesterday, and the decline has accounted for only 0.45%.

BNB/USD chart by TradingView
BNB/USD chart by TradingView

Binance Coin (BNB) is neither bullish nor bearish as none of the sides have accumulated enough power for a sharp move. However, if the bears' pressure continues, the drop may lead the rate of the native exchange coin below the vital $400 mark.

BNB is trading at $405.8 at press time.

AVAX/USD

Avalanche (AVAX) is the biggest loser from the list today as its rate has fallen by 6.15% over the last 24 hours.

AVAX/USD chart by TradingView
AVAX/USD chart by TradingView

Avalanche (AVAX) keeps showing weakness after a failed attempt to fix above the $90 mark. Currently, there are no bullish signals, which means that the fall may continue to the recently formed support level at $64.45 until the end of the week.

AVAX is trading at $78.43 at press time.

LUNA/USD

LUNA is also not an exception from the rule, declining by almost 3%.

LUNA/USD chart by TradingVie
LUNA/USD chart by TradingVie

Despite the sharp recent growth, LUNA could not break the $100 resistance so far. If today's daily candle fixes below $90, the drop may lead the price to the support at $86 soon.

LUNA is trading at $91.68 at press time.

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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.