Cryptocurrency Price Prediction Today Mar 9th: XRP and KAVA Jumps 3-5%, While ImmutableX and Synthetix Tokens Witnessed Double-digit Loss

Cryptocurrency price prediction today Mar 9th: As we entered the second week of March 2023, the sellers continue to strengthen their grip over the crypto market, tumbling several crypto coins to lower levels. Amid this negative sentiment in the market, we’ll analyze the crypto coins with the highest change in the last 24 hours to determine their future potential. 

As of 6:57 am on Thursday, the global cryptocurrency market capitalization has plunged below the $1 trillion mark and now stands at $995.01 Billion with an intraday 1.6% loss since yesterday. Moreover, the total crypto market volume showcasing a 4.7% loss for the same period is currently valued at $44.47 Billion.

Xrp(XRP)

Source- Tradingview

Today, the XRP price showcased a bullish breakout from the resistance trendline of a six-week-long expanding channel pattern. This breakout signaled an early sign for the correction phase ending or the resumption of a bullish recovery.

By the press time, the coin price trades at $0.39 with an intraday gain of 2%. If this daily candle closes above the trendline, the buyers may push the prices to the following resistance of $0.408, $0.433, or $0.477.

Conversely, the ongoing downfall will continue until this pattern is intact.

Kava(KAVA)

Source- Tradingview

A descending trendline has been carrying the KAVA coin’s ongoing correction for the past seven weeks. The coin price has reverted from this trendline several times, indicating the traders are actively selling on rallies.

Currently, the KAVA price trades at the $0.869 mark with an intraday gain of 4.4%. Furthermore, the altcoin is approaching the overhead trendline for another breakout attempt. If buyers succeed in doing so, the interested traders will get a long entry opportunity with $1.13 as a possible target. 

ImmutableX(IMX)

Source- Tradingview

The ongoing consolidation of the IMX coin above $0.93 support is a part of the cup and handle pattern. This bullish pattern is currently shaping this handle portion to check its suitability above the reclaimed higher levels.

With its 15.48% loss in the last 24hr, the IMX price is likely to revisit the $0.93 support and recuperate the bullish momentum. If the buyers manage to hold above the $0.93, the KAVA price should rise 37.6% to challenge the $1.282 neckline resistance.

Also Read: Top 10 Carbon Negative Cryptos For 2023

Synthetix(SNX)

Source- Tradingview

The Synthenix coin has been rising at a steady rally for the past seven weeks using the support trendline of the rising channel pattern. However, with the increasing selling pressure in the market, the SNX price lost 10% loss in the last 24 hours and breached the above-mentioned trendline.

If the daily candle closes below the trendline, the selling pressure will intensify and may trigger a prolonged correction. Thus, the post-breakdown fall may tumble the prices back to $2.06 support.