Crypto Price Prediction: Top Altcoins Rebound As BTC Holds Above $60k

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.

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.