crypto news: Avalanche, BNB and ATOM
Important crypto updates regarding prices and news for the cryptocurrencies Avalanche (AVAX), Binance Coin (BNB) and Cosmos (ATOM).
Crypto Analysis of Avalanche (AVAX), Binance Coin (BNB) and Cosmos (ATOM)
Below are details and an in-depth analysis of the three cryptocurrencies.
Avalanche (AVAX): Is Crypto Mining Sustainable? Comparison with BNB and ATOM
Since February 21, Avalanche (AVAX) has retreated 27% after facing price rejection at $21.68. The $15.75 support level has prevented the decline twice.
However, the rebound and potential strong recovery also faced headwinds that bullish traders should consider.
On the three-hour chart is RSI (Relative Strength Index) has remained below the 50 threshold for the past two weeks. Similarly OBV (On Balance Volume) has decreased significantly in the same period, which shows that the buying pressure has also decreased and the AVAX market structure has weakened.
However, bullish sellers secured support at $15.75 and expected a recovery before the block at the descending (white) line level of $16.84.
Therefore, short sellers can seek profit at the $15.75 support if AVAX’s price fails to break through the descending line barrier ($16.49). A break below the support can reach $14.89 or $14.36.
Conversely, short-term bullish traders can look for gains at the 23.60% Fib ($17.15) or 38.20% Fib ($18.02) level if AVAX closes above the descending line again.
Bitcoin’s (BTC) rise above $22.60k could accelerate the recovery and push bullish traders to the 50% Fibonacci level ($18.72) as well.
In accordance Token Terminal, AVAX experienced an increase in daily active users on March 3. Specifically, active users doubled from approximately 15 to 30 on Friday, showing that more addresses were trading the token, increasing trading volume and buying pressure over the weekend.
It helped with recovery after AVAX secured support at $15.75, but rejection on the descending line blocked bullish efforts. In addition, AVAX experienced an increase in revenue due to a increase in daily active users.
Any increase in daily active users over the coming week can help with recovery and the ability to overcome obstacles. However, a decline in daily active users could push the bears to lower the price of AVAX.
Binance Coin (BNB): focus on crypto price and DeFi hack
March 5th has been neither bullish nor bearish given that the prices of some coins are rising while others continue to fall. Special, Binance Coin (BNB) increased the most yesterday, rising 0.30%.
Despite the slight increase, Binance Coin (BNB) remains more bearish than bullish as the price remains close to support at $281.1. Therefore, the sales volume is low, which confirms the absence of buyers.
If bulls want to take the initiative, they need to bring the price back above the vital $300 zone. BNB trades around $290.5 currently. In any case, as is well known, the world’s largest cryptocurrency exchange, Binance, was at the center of a sensational event 570 million dollars hack last October.
Hackers exploited a flaw in the smart contract of the BNB chain and transferred approx 2 million tokens into the wallet. As a result of the hack, Binance had to immediately halt withdrawals and deposits.
One of the biggest breaches in the crypto space, the incident raised questions about the security of decentralized finance (DeFi).
The reason Binance announced on March 5 that it will work with law enforcement agencies around the world to combat fraud related to cryptocurrency.
The exchange said it has launched Joint anti-fraud campaignwhich will include sending alerts, crime prevention messages and other helpful tips every time users initiate a withdrawal on Binance.
The exchange added that they started this campaign first with Hong Kong, and the project has shown good results.
Cosmos (ATOM): a look at the March price predictions
The price of Cosmos (ATOM), on the other hand, is showing signs of a full correction that could lead to a sustained upward movement. In fact, the chart for ATOM shows that the price is trading in a long-term range of $8.90 to $15.60.
The range has been in effect since ATOM broke above $8.90 in early July 2022. Since then, the highs and lows in the range have been validated a sufficient number of times.
At the moment, the price ATOM is very close to the resistance area of $15.60 after it was rejected by it (red icon). Despite the rejection, the weekly RSI is bullish. This has broken out of a descending resistance line and is above 50. Both are considered bullish signals.
If a breakout occurs, the ATOM coin price can rise to the next resistance at an average price of $22. However, if it does not, the ATOM price may fall to the support area for $8.60.
In any case, technical analysis from the short-term six-hour chart shows that the ATOM token fell from a rising support line. It then started a relief rally before falling again.
Combining this with the wave count, it is possible that the price completed a five-wave upward movement, which was confirmed by the breakout from the support line. If so, price is currently in wave C of an ABC correction.
The most likely level for the end of the wave will be between $11.95 and $12. This confluence of supports is created by the 0.5 Fib retracement support level and gives the A:C waves a 1:1 ratio.
Thus, the correction can be complete. In this case, the price of Cosmos should rise above $15.45 and move towards $22. Since corrections usually end above the 0.618 Fib retracement support level, a bottom ends $11.12 would jeopardize the bullish count.
Also a fall below $8.43 low will permanently invalidate the long bullish period of the Cosmos price prediction and could send ATOM price towards $5.
