Cryptocurrency Price Prediction: On Tuesday, the cryptocurrency market witnessed another wave of selling pressure which plunged its market capitalization to $2.4 trillion, recording an intraday loss of 6.28%. Major cryptocurrencies Bitcoin and Ethereum recorded 6-7% since yesterday, while Solana(SOL) and XRP plummeted 11% and 4% respectively.
The current slowdown could be accelerated by a significant outflow from BTC ETFs, as seen on March 18. At the same time, the meme coin sector is under considerable liquidation pressure, with prominent assets such as DOGE, PEPE, WIF, FLOKI, and BONK experiencing substantial double-digit losses.
This sharp decline is likely the result of investors locking in profits, given that these assets were previously in an overbought state following the late February to early March rally.
Also read: Is the meme coin hype coming to an end?
1)Bitcoin (BTC)
Bitcoin (BTC) It is the first decentralized digital currency that allows peer-to-peer transactions without the need for intermediaries such as banks, using blockchain technology to maintain its integrity and security.
He bitcoin price has witnessed an active correction trend over the past six days, which saw its value drop from $73800 to $63300, registering 14.2%. Furthermore, the market capitalization plummeted to $1.238 billion, while the 24-hour trading volume is around $65 billion.
The recent increase in selling pressure can be traced back to significant withdrawals from the Spot BTC ETF on March 18. According to Wu Blockchain, there was a notable outflow of Bitcoin spot ETFs, totaling $154 million, marking the first case of its kind in almost two weeks.
According to SoSoValue, the total net Bitcoin spot ETF outflow on March 18 was $154 million, the first single-day net outflow in 11 trading days. Grayscale ETF GBTC had a single-day net outflow of $642 million, setting a record single-day net outflow for Grayscale ETF... pic.twitter.com/BMesXy7izt
- Wu Blockchain (@WuBlockchain) March 19, 2024
With sustainable selling, BTC price may fall to $60,400 and $56,200, the horizontal level that coincides with the 38.2% and 50% FIB levels respectively.
Also read: $1.5 Trillion Japanese Pension Fund Targets Bitcoin, Gold for Diversification
2) Pepe Coin (PEPE)
pepe coin is a community-driven cryptocurrency that emerged from the meme culture surrounding the Pepe the Frog internet meme. Its goal is to provide a decentralized platform for creators and users to monetize meme content and participate in a fun and inclusive digital economy.
With a market capitalization of $2.67 billion, Pepe Coin has made its way into the top 50 cryptocurrency list. However, amid the current corrective trend, the PEPE price fell from $0.0000108 to $0.00000581, recording a weekly loss of 46.4%.
The bearish price is currently seeking support at a 50% Fibonacci retracement level at $0.000058, a pivot level for buyers to regain control. An analysis of the daily chart shows that a further breakout could witness support at the $0.00000466 and $0.000003 marks, while the renewed recovery could retest the resistance at $0.00000812 and $0.0000108.
Also read: Bonk and Pepe Investors Double Down on Defi Tech Token Priced at $0.0115
3) FAILURE
BONK is a distinctive cryptocurrency project that has attracted attention within the Solana ecosystem. It is positioned as a community-focused token aimed at rejuvenating liquidity on Solana-based decentralized exchanges (DEX). The market capitalization of the coin is $1.35 billion and it has witnessed a trading volume of $360 billion since yesterday.
He BONK Price It entered a deep correction trend in early March when the currency broke back above $0.000048. In half a month, the asset lost a market value of 56.5% to currently trade at $0.000021.
Under the influence of a descending trend line as dynamic resistance, coin sellers can sink this asset to lower support levels of $0.000018 and $0.0000147.
On the contrary, a break beyond the overhead resistance will drive the renewed recovery to $0.0000366, followed by $0.000048.
Carry
The cryptocurrency market extended its current correction trend when Bitcoin fell below $65,000 on March 19. While the broader market responded similarly, meme coin sectors saw additional outflow, encouraging their holders to re-examine their positions.
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The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.
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