Crypto Price Prediction: The cryptocurrency market has been notably bearish this week following the lead of Bitcoin price correction below $70000. The market-wide correction accelerated further as spot BTC ETFs witnessed a notable outflow in the last two days.
As recently highlighted by Wu Blockchain, Bitcoin spot ETFs saw a substantial net outflow on March 19, totaling US$326 million. Notably, the Grayscale ETF GBTC experienced a single-day net outflow of US$443 million. In contrast, the Bitcoin spot ETF recording the largest net inflow on the previous day was BlackRock ETF IBIT, which saw a modest inflow of US$75.23 million.
On March 19, the total net outflow of Bitcoin spot ETF was US$326 million, with net outflows lasting two days. Grayscale ETF GBTC had a single-day net outflow of US$443 million. The Bitcoin spot ETF with the largest single-day net inflow yesterday was BlackRock ETF IBIT, with a… pic.twitter.com/jkk3swoF7E
— Wu Blockchain (@WuBlockchain) March 20, 2024
However, the BTC price correction paused at $60000 triggering a new relief rally in the crypto market.
Also Read: Bitcoin, Ethereum Bleed As 5 Crypto To Buy Standout With 100X Potential
1)Ethereum(ETH)
Ethereum(ETH) is a decentralized platform that enables smart contracts and decentralized applications (DApps) to be built and run without any downtime, fraud, control, or interference.
With a market cap of $387 Billion, Ethereum stands as the second largest cryptocurrency and is currently valued at $3226. Amid the recent market correction, the ETH price witnessed a sharp reversal from the $4082 high and plunged 22.8% to retest the 50% retracement level.
This healthy retracement uplifted, the altcoin by 2.27% sparking a fresh relief rally for crypto holders. The new-found pressure could bolster buyers to rechallenge the overhead resistances at $3340, followed by $3640.
Conversely, if the correction trend prolongs, the Ethereum price may seek support at the $2900 and $2700 mark.
Also Read: Spot Ethereum ETF: Grayscale to Include Staking in Ethereum ETF Proposal
2)Solana(SOL)
Solana (SOL) is renowned for its high-speed blockchain, offering fast transaction times and low fees, making it an attractive platform for decentralized apps and crypto games. In the first half of March, the Solana price witnessed a notable inflow which propelled its market value from $140 to $210 registering nearly 50% growth.
However, the wide-market correction plunged the SOL price 17.7% to currently trade at the $173 mark. As of the latest update, Solana coin is positioned as the 5th largest cryptocurrency with a market cap of $77.1 billion, while the 24-hour trading volume is at $9.3 billion.
An analysis of the daily chart shows, that the SOL price may have witnessed high demand pressure at $162- a level coinciding with the 23.6% Fibonacci retracement level and 20-day EMA.
If the renewed buying interest uplifts the altcoin higher, the coin buyers must watch for a key resistance level at $178, followed by $204.
Also Read: Solana Price To Rally 70% As SOL Defies Sell Signal, Analyst Predicts
3)BONK
BONK is positioned as a community-centric token within the Solana ecosystem, aiming to rejuvenate liquidity in Solana-based decentralized exchanges (DEXs). The asset quickly gained attention for its community-focused approach and meme-driven value.
By the press time, the Bonk price is trading at $0.0000265, with its market cap at $1.47 and a 24-hour trading volume of $302 Million.
The ongoing correction in the BONK price can be followed using a falling wedge pattern in the daily chart. Under the influence of this pattern, the memecoin fell from a March 3rd high of $0.000048 to a low of $0.0000195 accounting for a nearly 60% loss.
For buyers to regain control of this asset, the price must break the pattern’s overhead trendline which could lead to a recovery rally to $0.0000367, followed by $0.000048.
Takeaway
The cryptocurrency market is currently in an active correction trend with most major coins witnessing a notable downswing in the daily chart. However, with the BTC price resilience above $60000, the top altcoins followed with a bullish rebound and spark for a fresh relief rally.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/crypto-price-prediction-top-altcoins-btc-holds-60k/
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