Price analysis: BNB, XRP, ADA, AVAX, LUNA, DOGE, SHIB – March 03, 2022

Bitcoin and major altcoins consolidate on March 3rd, signalling a potential breakout.

After breaking the $40k resistance on February 28th, Bitcoin (BTC) has been consolidating around $43,262 for the last 48-hours. This is a good signal for the number one crypto, given that geopolitical and macroeconomic conditions have caused weakness across markets. If Bitcoin sustains momentum above $43,200, it has a good chance of maintaining the upside momentum that started towards the end of February. 

BNB/USD

After a massive rally towards the end of February, the Binance coin (BNB) has consolidated since March 1st. On March 2nd, BNB was oscillating around the 20-day MA. However, volumes have been dropping, and the 20-day and 50-day MA have now converged. This is an indicator that a breakout is imminent. 

BNB/USD daily chart. Source: TradingView

If bulls are able to decisively breakout out of this narrow range and push through the March 1st high of $424.9, then it would be an indicator that bulls are firmly in control. A rally could follow, similar to the one experienced towards the end of February. 

However, if bears take control in the day and push BNB below $402.7, there could be a risk of a selloff. The bear trend would be confirmed if BNB breaks the 100-MA at $391.3. If BNB bears can clear $391.3, more selling could be experienced. 

Related: Binance Coin (BNB) Price Predictions

XRP/USD

Like the rest of the market, Ripple’s XRP (XRP) was strongly bullish on February 28th. However, since March 1st, XRP has been consolidating between the 50-day MA at $0.7726 and the 100-day MA at 0.7578. Current XRP price action is an indicator that a breakout is imminent. 

XRP/USD daily chart. Source: TradingView

If XRP breaches the 50-day MA, it would suggest that buying volumes are on the rise. In such a scenario, a rally like XRP experienced on February 28th could play out again. 

However, if selling pressure pushes XRP through the 100-day MA at $0.7578, it would be a signal that bears have taken control. In such a scenario, a significant selloff can be expected. 

There is also the possibility of the current accumulation period continuing. This is likely to be the scenario if volumes remain low. 

Related: Ripple (XRP) Price Predictions

ADA/USD

After a minor rally on February 28th, Cardano (ADA) has been trending downwards, albeit with low volumes. 

Selling volumes started drying up on March 2nd, putting ADA in a narrow channel. This is an indicator that a breakout is imminent for ADA. 

ADA/USD daily chart. Source: TradingView

ADA has bounced off the lower-bound trend line at $0.907 and seems to be gaining upside momentum as the day progresses. However, for an uptrend to be confirmed, ADA would have pushed through the 50-day MA at $0.959. If this scenario plays out, then $1 or more per ADA is a possibility. 

However, if ADA breaks the lower-bound trend line at $0.907, it could mean that bears are firmly in control and that a selloff is imminent. In such a scenario, $0.86 could be within reach. 

Related: Cardano (ADA) Price Predictions

AVAX/USD

Avalanche started March in a consolidation after a rally on February 28th. However, as the day wore on, bears took control. Since then, Avalanche (AVAX) has been trading in a bearish channel. All through March 2nd, AVAX was bearish, albeit with low volumes.

However, early in the day on March 3rd, AVAX hit strong support at $82.08. It has bounced off this support and broken out of the upper-bound trend line at $82.51. It’s an indicator that AVAX could be in the process of a bullish breakout. 

AVAX/USD daily chart. Source: TradingView

If bulls sustain momentum and push AVAX through the 50-day MA at $85.28, there could be a high chance AVAX testing $90 or more within the day. 

However, two scenarios could play out if bulls fail and AVAX falls back to the 100-day MA at $82.07. The first would be where volumes drop, and AVAX trades consolidate around the $82.07 to $83 price range. 

On the other hand, if selling volumes increase, then prices below $78 could come into play.

Related: Avalanche (AVAX) Price Predictions

LUNA/USD

Terra (LUNA) ended February on a high note. By the end of the day on February 28th, LUNA was up by over 60%. 

However, since March 1st, it has been consolidated between the upper bound at $96.30 and the lower bound at $89.79. LUNA is yet to show a clear breakout in any direction. 

LUNA/USD daily chart. Source: TradingView

Currently, LUNA is on the rise, but volumes are still low. If buying volumes rise, and LUNA rallies through the $96.30 resistance, it would indicate a bullish breakout. In such a scenario, LUNA could see prices above $100. 

Conversely, if LUNA drops below the 50-day MA at $91.72, the March 2nd low of $89.23 could be into focus. If by any chance bears manage to push LUNA through the 100-day MA at $85.01, the next target in the very short term would be $79.90. 

Related: Terra (LUNA) Price Predictions

DOGE/USD

Dogecoin (DOGE) is currently trading in a narrow channel. Dogecoin is facing strong resistance at the 50-day MA at $0.1332. On the lower side, Dogecoin has some strong support on the 100-day MA at $0.1298. Based on this price action, Dogecoin is poised for a breakout in any direction.

DOGE/USD daily chart. Source: TradingView

At the moment, Dogecoin bears are taking control. If they push Dogecoin through the 50-day MA at $0.1332, a selloff could ensue with $0.1250 as the next major target. 

On the other hand, if buying volumes increase and Dogecoin blows through the 50.0% Fibonacci resistance at $0.1322, then $0.142 would be within reach in the day. 

Related: Dogecoin (DOGE) Price Predictions

SHIB/USD

Shiba Inu (SHIB) made a high of $0.00002859 on the afternoon of March 1st. Volumes then dropped, and in the latter part of March 1st and 2nd, Shiba Inu was trending lower in a narrow channel. 

However, selling volumes seem to be drying up just above the 100-day MA support at $0.00002540. Based on this price action, Shiba Inu could break out soon. 

SHIB/USD daily chart. Source: TradingView

If buying volumes shoot up, the most critical price level to watch would be the 50.0% Fibonacci at $0.00002638. Breaking the 50.0% Fib resistance would focus on the $0.00002763 price level. 

On the other hand, if bears take control and push Shiba Inu through the 100-day MA at $0.00002540, then $0.00002400 would come into focus.  

There is also the possibility of Shiba Inu consolidating between the 50-day MA at $0.00002638 and the 100-day MA at 0.00002540. 

Related: Shiba Inu (SHIB) Price Predictions