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BTC, ADA, BNB, LUNA and SOL Price Analysis for March 5

Price Analysis
Sat, 03/05/2022 - 14:40
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Denys Serhiichuk
Do any chances remain to see the market bounce back?
BTC, ADA, BNB, LUNA and SOL Price Analysis for March 5
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 weekend has begun with an ongoing fall for most of the coins from the top 10 list.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

BTC/USD

The rate of Bitcoin (BTC) has declined by 6% over the last day.

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

Bitcoin (BTC) has entered the bearish zone after the breakout of the support level at $40,000. The selling trading volume remains high, which means that the fall may continue.

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

In this case, the price decrease may get the price of the main crypto to the next support at $34,000.

Bitcoin is trading at $39,043 at press time.

ADA/USD

Cardano (ADA) has lost less than Bitcoin (BTC) as the price drop has accounted for 2.95%.

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

On the daily chart, Cardano (ADA) remains trading above the support level at $0.81, which means that bulls keep controlling the situation on the market.

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BTC, DOGE and SHIB Price Analysis for March 2

However, if the pressure continues and a breakout occurs, the fall may get to the $0.70 mark next week.

ADA is trading at $0.86 at press time.

BNB/USD

Binance Coin (BNB) has followed the decline of BTC, going down by 4.23%.

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

From the technical point of view, the rate is located in the middle of the wide channel between the support at $336 and the resistance at $443. Until the price is below the important $400 mark, bears remain more powerful than bulls. In this case, there is a high possibility to see the test of the $336 mark soon.

BNB is trading at $379 at press time.

LUNA/USD

LUNA is the biggest loser from our list today as the coin has fallen by 7.53%.

LUNA/USD chart by TradingView
LUNA/USD chart by TradingView

Currently, the price is below the level of $86, which means that sellers prevail over buyers. If nothing changes and bulls cannot seize the initiative, there is a chance to see a continued decrease below the vital $80 mark. Such a scenario is relevant until the end of the upcoming week.

LUNA is trading at $83.73 at press time.

SOL/USD

Solana (SOL) is no exception to the rule, going down by 4.77%.

SOL/USD chart by TradingView
SOL/USD chart by TradingView

Solana (SOL) remains weak as it could not come back to the zone around $100. At the moment, it is approaching the support level at $75. If the daily candle fixes below it, one can expect a sharp drop to the area of $50-$60 shortly.

SOL is trading at $88.49 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.