Price Analysis

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

Crypto Price Prediction: The ongoing bearish momentum in the crypto market slowed down on March 20th as BTC price rebounded from $60000. Buy this dip?
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Crypto Price Prediction: Top Altcoins Rebound As BTC Holds Above $60k

Highlights

  • The global crypto market cap stands at $2.39 trillion, marking a 0.21% rise within the last day, with significant cryptocurrencies like BTC, ETH, SOL, and XRP showing a notable uptick.
  • A confluence of technical levels at $162 creates a high demand zone for Solana price.
  • A falling wedge pattern leads to the current correction trend in the BONK price.

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.

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

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1)Ethereum(ETH)

Ethereum(ETH)| Tradingview

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

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2)Solana(SOL)

Solana(SOL)| Tradingview

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| Tradingview

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.

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Sahil Mahadik

Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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