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Highlights
- The Bitcoin price trading above the 50% retracement level indicates the buyers remain the dominant force in the market.
- A bullish pennant pattern hints the Dogecoin price is witnessing a temporary consolidation before the next recovery leap.
- An ascending trendline leads to the current recovery trend in Toncoin price.
Crypto Price Prediction: The selling pressure from Spot BTC ETF triggered a notable correction during the weekdays, recording a $888 Million outflow from the 10 $ETFs. The leading assets like Bitcoin and Ethereum recorded a weekly loss of 5% and 8% respectively. However, the weekend witnessed an ease in supply pressure leading to uncertain sideways action in the majority of major assets.
Should the upcoming week maintain the downward trend observed in spot ETFs, the BTC price might extend its correction below $60000, potentially intensifying selling pressure throughout the market.
Also Read: Bitcoin ETF Weekly Outflows Reach $900M Amid Crypto Market Crash, What’s Next?
1)Bitcoin (BTC)
Bitcoin is a decentralized digital currency that enables peer-to-peer transactions without the need for a central authority, using blockchain technology for security and transparency.
The ongoing correction in Bitcoin can be traced using a resistance trendline with the price dropping from $73808 to $65067 within two weeks. This 11.8% pullback is currently seeking support at the 38.2% Fibonacci retracement level- a technical tool that indicates a healthy retracement phase in an asset.
The market capitalization of Bitcoin hovers around $1.27 Trillion, with a 24-hour trading volume of $23.25 billion. The renewed buying interest in BTC ETFs could bolster the coin price to rebound and spark recovery sentiment in the market.
A bullish breakout from the overhead trend will provide buyers with suitable support to lead a rally to $69000, followed by $73800.
Also Read: Over $1B in Bitcoin Withdrawn from Coinbase in Massive Shift
2)Dogecoin (DOGE)
Created as a joke in 2013, Dogecoin has evolved into a prominent cryptocurrency with a loyal community. It features the Shiba Inu from the “Doge” meme as its mascot.
The Dogecoin price currently trades at $0.17, experiencing an intraday gain of 6.5% over the last 24 hours. Its market capitalization is around $24.7 billion, supported by a trading volume of $2.94 billion in the same period.
An analysis of the daily chart shows the DOGE price correction is resonating within two converging trendlines to form a pennant pattern formation. This bullish continuation pattern hints at a higher potential for renewed recovery sentiment among trading, bolstering an upside breakout from the triangle.
A successful breakout will release the build-up of bullish momentum and set the coin price to surpass $0.2 and hit $0.26.
Conversely, a breakdown below the lower trendline may extend the downward trend to $0.105.
Also Read: Can Dogecoin (DOGE) Price Hit $1 In March On Whale Transaction Surge?
3)Toncoin (TON)
TON (The Open Network) is a high-performance, multi-blockchain platform originally initiated by the creators of Telegram Messenger. Revived by its community, TON aims to provide fast, secure transactions and decentralized services, including decentralized storage, anonymous network capabilities, and a payment system.
Defying the current market correction, the Toncoin showed a notable swing this week with its price rallying from $3.3 to $4.8, registering 45.8% growth. This recovery uplifted the coin’s market cap to $16.8 Billion and positioned it as the 11th-largest cryptocurrency by surpassing Shiba Inu.
The altcoin currently witnessing overhead supply at $5.14 hints the Toncoin price may retest the $4.6 level as potential support. Sustaining this breakout could bolster the TON price to chase potential targets of $5.6, followed by $6.6.
Takeaway
The near-term trend in the crypto market is currently bearish led by a correction trend in the leading digital asset Bitcoin. The downward momentum has momentarily halted, with Bitcoin experiencing buying interest at the key psychological level of $60,000. However, the potential buyers must wait for a better confirmation of recovery as rising withdrawals from Spot ETFs continue to support the ongoing decline.
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