BTC, XRP, BNB and ADA Price Analysis for March 5

Price Predictions
Fri, 03/05/2021 - 16:15
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Denys Serhiichuk
Have most of the coins accumulated enough efforts for continued growth?
BTC, XRP, BNB and ADA 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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By the end of the week, the market has entered the correction phase as almost all top 10 coins are in the red zone. XRP is the only exception to the rule, rising by 2.39%.

Top 10 coins by CoinMarketCap
Top 10 coins by CoinMarketCap

The key data for Bitcoin (BTC), XRP, Binance Coin (BNB) and Cardano (ADA):

Name

Ticker

Market Cap

Price 

Volume (24h)

Change (24h)

Bitcoin

BTC

$888,475,097,256 $48,008.56 $49,347,737,229 -3.19%

XRP

XRP

$20,879,832,257 $0.4653 $5,974,613,231 2.27%

Binance Coin

BNB

$34,599,857,730 $225.02 $5,161,048,155 -5.59%

Cardano

ADA

$35,879,230,860 $1.13 $8,021,445,141

-3.05%

BTC/USD

Yesterday morning, the pullback of the Bitcoin (BTC) price did not stop at the psychological level of $50,000 but continued to the area of ​​the two-hour EMA55. The moving average kept the pair from further decline for some time, but in the evening, the bears intensified the onslaught and pushed the level of average prices.

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

As of this morning, sellers pushed the price close to the support of $46,000. Around $46,300, the decline has slowed down significantly and, today, buyers will try to restore the pair to the area of ​​average prices.

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If buying volumes remain at a low level, then bears may push through the fairly strong support of $46,000.

Bitcoin is trading at $47,592 at press time.

XRP/USD

Yesterday, buyers took advantage of the support at $0.450 and tried to test the resistance of $0.50. However, the daily high was only set around the $0.495 mark.

XRP/USD chart by TradingView
XRP/USD chart by TradingView

Over the past night, the XRP price returned to the upper border of the sideways range, and today buyers will try again to restore the pair to the psychological level of $0.50.

XRP is trading at $0.4619 at press time.

BNB/USD

Binance Coin (BNB) is the main loser today as the rate of the native exchange token has declined by 5.59%.

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

After a false breakout of the $200 mark, Binance Coin (BNB) has already accumulated enough power for a breakout of the crucial resistance. In this case, if bulls fix above the $240 level, there are chances of seeing a fast rise to $280 within the next week.

BNB is trading at $227 at press time.

ADA/USD

Cardano (ADA) also could not break the short-term bearish trend. As a result, the rate of the altcoin has dropped by 3%.

ADA/USD chart by TradingView
ADA/USD chart by TradingView

On the daily chart, Cardano (ADA) is trading within the rising channel. The long-term bullish trend might continue as the selling trading volume keeps going down. All in all, there are high chances of seeing ADA at $1.33 shortly.

Cardano is trading at $1.18 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 & ICO Advisory, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.

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