We are at the end of the third month of the year, and in a few hours, the first quarter will be over. 2024 started well. In March, Bitcoin reached a new all-time high, and altcoins achieved significant gains. However, as the month comes to a close, we see that a significant portion of these gains has been erased. So, what are the predictions for AVAX and ADA Coin?
Avalanche (AVAX)
The AVAX price has fallen to $52.5 in the last 24 hours and is now hovering around the $50 mark. The Long/Short ratio in futures trading was 0.95, indicating that the average sentiment is bearish. AVAX’s CVD data confirms the dominance of investors expecting a downturn, while the 20 EMA (blue) and 50 EMA (yellow) were at the same point.
The total value locked in the network continues to linger at $1.15 billion. The lack of interest in the Avalanche network (compared to its competitors) explains the weak price performance. We saw TVL increase exponentially with Solana’s price, but here the recovery is very modest. Considering the peak of $11.4 billion at the end of 2021, it could be said that the network is still in a bear market atmosphere.
Efforts in the RWA space may positively affect medium and long-term performance, but the current outlook for AVAX is not very positive. Excessive selling is likely if the $50 region is lost. However, due to the halving in April, a significant loss in BTC price is not expected, so the worst-case scenario may not occur.
ADA Coin Prediction
Despite taking significant steps at the end of 2021 to gain smart contract capabilities, Cardano has not produced as many compelling protocols as expected. Its market value is still strong and among the largest altcoins, which causes price increases to remain moderate. We also cannot talk about a massive rally since the end of 2023.
The price, which peaked just above 30% of the parallel channel resistance in December, is now just above the $0.64 resistance. It has tested $0.62 as support several times, but as seen from the long lower wicks, bulls have stepped in at the right time.
A continuation of the period of shallow volatility compared to bull markets is likely. This means it could remain stuck between $0.62 and $0.68. In an optimistic scenario, the $0.72 and $0.76 ranges could be tested, followed by $0.8.
