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Highlights
- The Ethereum fear and greed index at 68% highlights the market sentiment supporting the renewed market recovery.
- The MNT price breakout from the channel pattern signals the potential for a prolonged bullish rally.
- The Dogwifhat price rally will continue until the ascending trendline of the 4-hour chart is intact.
Crypto Price Prediction: The cryptocurrency market has been notably bullish this week, following the lead of Bitcoin price rally above the $70000 psychological level. The buying momentum was further boosted by a positive shift towards Spot BTC ETFs, which saw a net inflow of $417 million yesterday.
Moreover, Bitcoin whales have made a splash in the market, purchasing over 100,000 BTC valued at $7 billion in the past week, a bullish indicator of high-net-worth confidence in this asset, as highlighted by trader @alicharts.
#Bitcoin whales have purchased more than 100,000 $BTC over the past week, worth $7 billion! pic.twitter.com/2LBDgZ17Xa
— Ali (@ali_charts) March 27, 2024
While the bullish outlook looks stable, altcoins like Ethereum (ETH), Mantle (MNT), and dogwifhat (WIF) can offer fresh entry opportunities to sidelined traders.
Also Read: Crypto Prices Today March 27: Bitcoin At 70K, Ethereum Below $3600, XRP & PEPE Dip
1)Ethereum (ETH)
Ethereum (ETH) is a decentralized, open-source blockchain system that features smart contract functionality. It stands out due to its pioneering role in enabling programmable contracts and decentralized applications (dApps).
Amid the recent market upswing, the ETH price rebounded from $3040 to $3582 registering 17.8% growth. The current market cap of Ethereum stands at $430 Billion, while the $16.2 Billion.
The Ethereum price is witnessing overhead supply from $3675 resistance, evidenced by the high price rejection candles in the daily chart. If the broader trend remains bullish, the current;y supply pressure may trigger a minor before the coin buyers break the $3675 barrier.
The post-breakout rally could bolster the ETH price to rechallenge the $4090 high.
Also Read: Bitcoin, Ethereum Eye New Highs Pre-Halving, This Solana-Based Meme Coin Could Double
2) Mantle (MNT)
Mantle (MNT) is a Layer 2 technology stack designed to scale the Ethereum network. It’s part of the Mantle Ecosystem and is compatible with the Ethereum Virtual Machine, aiming to provide better scalability through its modular architecture.
MNT, the network’s native cryptocurrency, has been rising for five consecutive days, accounting for 65% growth to reach $1.29. With a market cap of $4.15 Billion, the Mantle coin positions itself in the top 40 list of largest cryptocurrency assets.
Today, the MNT price surged 38% and breached the resistance trendline of a long-coming channel pattern. This decisive breakout should provide buyers with the next stepping stone to prolong the recovery trend.
As per traditional pivot, the coin holders may face overhead supply at $1.53, followed by $1.82.
Also Read: Bitcoin, Ethereum, Celestia Among Top Holdings of Novogratz’s Galaxy Digital
3)Dogwifhat (WIF)
Dogwifhat (WIF), a popular meme token on the Solana blockchain, draws inspiration from the iconic Doge meme. Over the past three weeks, the WIF price showed a steady recovery under the influence of an ascending trendline.
On March 23rd, the coin price experienced a significant rebound from the lower trendline, resulting in a 51% surge to its current trading value of $3.1. Dogwifhat coin’s market capitalization is now at $3.18 billion, with an average trading volume of $718 million.
The overhead supply at $3.46 sparks a new correction trend in WIF price, which may retest the immediate support of $3 and $2.65.
Conversely, A bullish breakout from the $3.46 barrier will bolster buyers to chase potential targets of $4 and $4.87.
Takeaway
The bullish momentum in Bitcoin has slowed in midweek reflected by the neutral candle formation in the daily chart. However, the increasing demand from spot BTC ETFs and whale accumulation reflects the broader trend is still bullish. The potential of higher recovery may offer a long entry opportunity to potential buyers.
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