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Highlights
- The Bitcoin price fall to 23.6% Fibonacci retracement level hints at a constructive pullback to regain buyers' strength.
- The Cardano price breakdown from a key support level of $0.68 hints at a potential 12% fall ahead.
- The BOME price enters a post-rally consolidation to recuperate its bullish momentum for the next leap.
Crypto Price Prediction: The cryptocurrency market initiated the second half of March on a bearish note with the leading digital assets Bitcoin and Ethereum showcasing around a 4% drop in the last 24 hours. Amid this decline, the market witnessed 166,507 traders liquidated, totaling $532.72 million in losses, as per Coinglass. The most notable incident involved a single liquidation order on Bitmex for a LINKUSD trade valued at $38.83 million.
The total crypto market cap stands at $2.52 Trillion projecting a 4.27% drop since yesterday. The recent market downturn has significantly impacted the altcoin sector, with leading assets experiencing noticeable drops. XRP and BNB each recorded a 4% decrease, while Cardano saw a more substantial 8% fall. Furthermore, the popular meme coins, Dogecoin and Shiba Inu, showcased a 9% to 11% drop.
However, the market experts project such pullbacks as common behavior of an established uptrend and beneficial for the assets to replenish their exhausted bullish momentum.
Also Read: Bitcoin Cements Dominance Over Gold, Records $23.6B Net Inflows
1)Bitcoin(BTC)
Bitcoin (BTC) is a decentralized digital currency that operates without a central authority, offering peer-to-peer transactions across a secure blockchain network. Bitcoin’s limited supply of 21 million coins and its position as the first cryptocurrency make it stand out as a “digital gold” among cryptocurrencies.
Following a new all-time high of $73,750, the Bitcoin price witnessed notable supply pressure which resulted in a 10% decline to currency trade at $66626. In the last 24 hours, the current market cap of Bitcoin stands at $1.3 trillion with a trading volume of $49.3 Billion.
If the bearish momentum persists, the coin holders can mark the $60300 and $56000, coinciding with the 38.2% and 50% Fibonacci retracement levels. If the correction phase manages to recuperate the bullish strength, the buyers may have an overhead supply at $73750, followed by a psychological level of $75,000.
Also Read: Bitcoin Whales Pull Out Over 21,400 BTC From Exchanges In A Week
2)Cardano(ADA)
Cardano is a third-generation blockchain platform known for its scientific approach and emphasis on security and sustainability. It aims to deliver a more balanced and sustainable ecosystem for cryptocurrencies.
With a market cap of $23.8 Billion, Cardano stands out as the eight largest cryptocurrencies and projects a 24-hour trading volume of $1 Billion. Amid the recent downturn in the market, ADA price reverted from the $0.8 resistance and tumbled 17% within four days to reach $0.67.
Analyzing the daily chart shows the sellers recently breached a significant support of $0.68, indicating the potential for further breakdown. The post-breakdown fall may tumble the Cardano price to $0.56 or $0.46 mark.
Alternatively, the overhead resistances waver at $0.68 and $0.8 mark.
Also Read: Cardano Price Analysis: Recent Downturns Spark Investor Interest, Will ADA Hit $1?
3)BOOK OF MEME (BOME)
BOOK OF MEME (BOME), the Solana-based meme cryptocurrency set to revolutionize the web3 landscape by blending the infectious nature of memes with cutting-edge decentralized storage solutions, alongside a unique take on degen shitcoin trading and gambling.
The token gained notable attention from crypto participants following a successful pre-sale and listing of Major exchanges like Poloniex, Bybit, and Binance. As per the coinmarketcap, the BOME coin shows a market cap of $1.134 Billion entering the list of top 100 digital assets.
As the press time, the BOME price trades at $0.021, registering a 46% intraday gain. If the buying momentum persists, the buyers may surpass the All-time high resistance of $0.3 and chase the next psychological high of $0.4.
Conversely, the immediate support wavers at $0.016 and $0.0116.
Takeaway
The crypto market in the correction trend offers top digital assets to revisit key support levels and stabilize the over-extended rally. With the Bitcoin price testing a healthy retracement level, the altcoin may gain suitable support to return to the recovery trend.
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