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Highlights
- The Ethereum price above the 50% retracement level indicates the buyers remain a dominant force in this asset.
- A high-momentum rally in the Solana coin breaks another resistance, suggesting the continuation of the recovery trend.
- The WIF price may prolong its recovery trend until the support trendline of the daily chart is intact.
Crypto Price Prediction: The cryptocurrency market started the new week in more stable water as Bitcoin and Ethereum showed neutral candles in their daily cha-rt. However, the other altcoins showcased a more directional move as Solana(SOL) and (Avalanche)AVAX jumped 8-12$, while XRP and Binance Coin(BNB) showed a 1-2% decline.
The near-term trend in the market is currently bearish, projecting a fresh correction trend that is leading the altcoins to lower levels. However, with the overall trend intact, the potential buyers can seek for stable sports to rebound higher.
Also Read: Bitcoin Cements Dominance Over Gold, Records $23.6B Net Inflows
1)Ethereum(ETH)
Ethereum (ETH) stands as the pioneer for blockchain-based smart contracts and decentralized applications (dApps). Its unique selling point is its robust and versatile platform, which allows developers to build a wide range of decentralized applications.
ETH, the cryptocurrency of the Ethereum ecosystem entered a new correction in early March when the price reverted from a $4087 high. This bearish turnaround tumbled the coin price to its current trading price of $3607, registering a weekly loss of 11.84%.
Amid this downtick, the sellers breached the 23.6% Fibonacci retracement level, indicating the asset is poised for further fall. By the press time, the market cap of Ether coin stands at $432.9 Billion while the trading volume is $17.63.
If the bearish momentum persists, the Ethereum price may seek support at $3350 and $3125, which closely aligns with the 38.21% and 50% FIB levels.
Alternatively, the buyers may supply overhead at $4087, and $4220.
Also Read: Solana Overtakes Ethereum: SOL Price Surges Beyond $200, What’s on the Horizon?
2)Solana(SOL)
Solana (SOL) is a high-performance blockchain known for its exceptional throughput and low transaction costs, making it an attractive platform for building decentralized applications, especially in the DeFi and NFT sectors.
Defying the current market correction, the SOL price projects a high momentum rally which surged its value from $141 to $207 within a week, registering 46% growth. Amid this rally, the buyers breached another key resistance of $205, offering buyers another stepping stone to prolong the recovery trend.
With a market cap of $92.5 Billion, the Solana coin stands as the fourth largest cryptocurrency. With sustained buying, the post-breakout rally may face resistance at $242, followed by $260.
However, if the overhead extended rally needed pullback, the Solana price may obtain suitable support at $178, and $154.
Also Read: Solana (SOL) DEX Volume Hits $3.5B High Amid Memecoin Explosion
3)Dogwifhat (WIF)
Dogwifhat (WIF) is a unique addition to the Solana blockchain, capturing attention with its lighthearted meme appeal. It’s a dog-themed memecoin that plays into the popular culture of canine cryptocurrencies. Bolstered by the recent Meme rally in the crypto market, Dogwifhat’s market cap rose to $3.2 Billion entering the top 50 coins list.
With an intraday gain of 7.35%, the WIF price is marching north to challenge the All-time high resistance of $3.53. A successful breakout will signal the resumption of the recovery trendline and support buyers to chase the next psychological barrier of $4.
If the recovery trend enters an occasional correction, the ascending support trendline has acted as dynamic support for buyers to reaccumulate this asset.
Takeaway
The current correction trend in Bitcoin price is seeking support at previously breached resistance and key Fibonacci retracement levels. The altcoin market following the same movement shows constructive pullback to replenish the exhausted bullish momentum.
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