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The sharp downturn in the cryptocurrency market has adversely impacted popular altcoins such as Cardano 
$0.800706 (ADA), Binance Coin (BNB), and Avalanche (AVAX). While ADA struggles to break critical resistance levels, BNB maintains a sideways movement, and AVAX nears the oversold territory.
Cardano Faces a 50% Drop Risk
Cardano’s price remains below one dollar despite previous upward movements. After testing the resistance level of 1.23 dollars in January, ADA faced a significant rejection, entering a downtrend. Although the altcoin found support at 0.70 dollars, near the Fibonacci 0.382 level, it struggles to recover.
The Ichimoku Cloud on the daily chart indicates that ADA continues to face resistance. On-chain analysis suggests that the Dollar-Based Average Investment Age (MDIA) metric is on the rise, indicating that investors are holding ADA assets but are not actively trading.
The Awesome Oscillator (AO) metric points to ADA being in negative momentum. If the ADA price drops below the 0.56 dollar support, it could fall to 0.32 dollars. However, if it rises above 0.70 dollars, it may reach 0.94 dollars, and with a market recovery, potentially up to 1.11 dollars.
BNB Struggles to Exceed $700
BNB reached an all-time high in January but retreated after failing to break the 700 dollar mark in mid-February. Although it attempted a new rally on February 13, it was unsuccessful, resulting in a price decline.
Despite this, Coinglass data shows that the Long/Short ratio is above one, indicating that long positions outnumber short positions. This situation increases traders’ expectations that the price will rise again. Additionally, a positive shift in the Weighted Sentiment metric suggests potential buying momentum in the market.
Currently, the price finds support around 600 dollars, and if it breaks 625 dollars, an increase to 655 dollars is possible. Conversely, if it falls below 590 dollars, it could drop to 560 dollars.
Avalanche Approaches Oversold Territory
AVAX dropped sharply after facing resistance at 34.40 dollars, nearing the 20 dollar level. Market sentiment currently sits in the fear zone, with the “Fear and Greed Index” measuring a level of 25.
This region could trigger new buying opportunities or increase selling pressure. However, technical analysis indicates that the AVAX price carries a risk of further decline. The Relative Strength Index (RSI) is entering the oversold territory, while the Bull Bear Power metric indicates continuing selling pressure.
Furthermore, data from IntoTheBlock shows that AVAX faces a significant selling wall at the 23.60 dollar level. If this level is not surpassed, AVAX could decline to 17.52 dollars. However, increased demand may help AVAX move back toward the 30 dollar level.
