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Highlights
- A high momentum rally in Bitcoin is poised to surpass the $70000 barrier.
- An ascending support trendline is carrying the current recovery trend in DOGE price.
- The 'cup and handle' pattern has reinforced the upward trajectory of GRT's price rally.
Crypto Price Prediction: The cryptocurrency market is regaining its bullish momentum after a surge in volatility in weekdays, as Bitcoin enters a price discovery mode. On Friday, the BTC price surged to a new all-time high of $70000 encouraging the altcoin for a prolonged recovery trend. Notably the memecoin actors and tokens related to AI(Artificial Intelligence) recorded the highest growth and were a key driving force for a broader market rally
Santiment, a recognized player in crypto analytics, recently highlighted the exceptional performance of major cryptocurrencies against traditional assets. In a week where Bitcoin and Ethereum surged by 10.0% and 14.7% respectively, they notably outperformed the S&P 500’s modest gain of 0.5%.
Historically, bull markets in the crypto domain have shown little to no correlation with the equity market. This emerging trend could suggest a significant shift in investor sentiment, as the market ecosystem evolves to view cryptocurrencies as a more independent asset class potentially.
📊 #Bitcoin (+10.0%) and #Ethereum (+14.7%) notably outpaced #SP500 (+0.5%) returns this week. Historically, #cryptocurrency markets see sustained #bullmarkets with little to no correlation with #equities, so traders are hopeful this trend continues. https://t.co/dgRoilWYuJ pic.twitter.com/yUVYP5KFQI
— Santiment (@santimentfeed) March 9, 2024
1)Bitcoin(BTC)
Bitcoin is the first and most well-known decentralized digital currency that enables peer-to-peer transactions without the need for intermediaries, powered by blockchain technology. This digital asset has recently entered the traditional market with the launch of spot BTC ETF, approved by the US SEC in January.
A massive inflow of investment in these ETFs has been a key reason for the aggressive Bitcoin price recovery since late January. From the swing low of $38542, the buyers have uplifted this coin by 81% in six weeks to reach the current trade price of $68435.
The current market cap of Bitcoin stands at $1.3 Billion, registering a 1.4% intraday gain. A potential breakout from $70000 will set $77500 and $92000 as the nearest resistance as per the traditional pivot level.
However, the daily chart shows potential demand zones at $63285 and $57450.
Also Read: BlackRock’s Bitcoin Holding Surpasses MicroStrategy Amid $2 Bln Net Inflows This Week
2)Dogecoin(DOGE)
Dogecoin (DOGE) is a peer-to-peer, open-source cryptocurrency that began as a joke based on the “Doge” meme but quickly evolved into a legitimate digital currency due to its passionate community and creative memes. Dogecoin stands out due to its low transaction fees, high-speed transactions, and its use in tipping and charitable donations.
Amid the last two weeks of Memecoin mania in the crypto market, Dogecoin witnessed a massive inflow with the price rallying from $0.084 to its current trading price at $0.16, registering 98% growth.
By the press time, the DOGE market cap stands at $24.1 Billion, while the trading volume wavers at $3.2 Billion. Under the influence of a rising support trendline, the Dogecoin price may rise to $0.206, followed by $0.27. Conversely, the immediate support levels are at $0.148 and $0.13.
Also Read: Dogecoin Nears $0.2 and Smog Pumps As Meme Coin Frenzy Continues
3)The Graph(GRT)
The Graph (GRT) is a decentralized and open-source indexing protocol for querying data across blockchains, enabling the creation of fully decentralized applications. It stands out by providing efficient and reliable access to blockchain data, helping developers build more sophisticated and user-friendly dApps.
GRT, the native token of the graph network, is riding an aggressive rally evidenced by the five consecutive green candles in the weekly chart. From the $0.149 support, the coin price rallied 160% to hit $0.39 also uplifting the altcoin market cap to $3.69 Billion.
With sustained rallies, the Graph price may face resistance at the $0.47 and $0.54 mark. However, with the nature of occasional pullbacks may seek support at $0.32 and $0.258.
Takeaway
Bitcoin and Ethereum have significantly outpaced traditional assets, prolonging its recovery trend in March. Amid the recovery trend, AI tokens and meme cryptocurrencies are the lead performing sectors uplifting the broader market sentiment.
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