Crypto Price Prediction: Altcoins Show Mixed Performance as Bitcoin and Ethereum Remain Stable
The cryptocurrency market started the new week on a more stable note, with Bitcoin and Ethereum showing neutral candles in their daily charts. However, other altcoins showcased more directional moves, with Solana (SOL) and Avalanche (AVAX) jumping 8-12%, while XRP and Binance Coin (BNB) showed a 1-2% decline.
The near-term trend in the market is currently bearish, projecting a fresh correction trend that is leading altcoins to lower levels. However, with the overall trend intact, potential buyers can seek stable support to rebound higher.
Ethereum (ETH)
Ethereum (ETH) stands as the pioneer for blockchain-based smart contracts and decentralized applications (dApps). Its unique selling point is its robust and versatile platform, which allows developers to build a wide range of decentralized applications.
ETH, the cryptocurrency of the Ethereum ecosystem, entered a new correction in early March when the price reverted from a $4087 high. This bearish turnaround tumbled the coin price to its current trading price of $3607, registering a weekly loss of 11.84%.
Amid this downtick, the sellers breached the 23.6% Fibonacci retracement level, indicating that the asset is poised for further fall. By press time, the market cap of Ether stands at $432.9 billion while the trading volume is $17.63.
If the bearish momentum persists, the Ethereum price may seek support at $3350 and $3125, which closely aligns with the 38.21% and 50% FIB levels. Alternatively, buyers may supply overhead at $4087 and $4220.
Solana (SOL)
Solana (SOL) is a high-performance blockchain known for its exceptional throughput and low transaction costs, making it an attractive platform for building decentralized applications, especially in the DeFi and NFT sectors.
Defying the current market correction, the SOL price projects a high momentum rally that surged its value from $141 to $207 within a week, registering a 46% growth. Amid this rally, buyers breached another key resistance of $205, offering them another stepping stone to prolong the recovery trend.
With a market cap of $92.5 billion, Solana stands as the fourth-largest cryptocurrency. With sustained buying, the post-breakout rally may face resistance at $242, followed by $260. However, if the overhead extended rally needs a pullback, the Solana price may find suitable support at $178 and $154.
Dogwifhat (WIF)
Dogwifhat (WIF) is a unique addition to the Solana blockchain, capturing attention with its lighthearted meme appeal. Itโs a dog-themed memecoin that plays into the popular culture of canine cryptocurrencies. Bolstered by the recent Meme rally in the crypto market, Dogwifhatโs market cap rose to $3.2 billion, entering the top 50 coins list.
With an intraday gain of 7.35%, the WIF price is marching north to challenge the all-time high resistance of $3.53. A successful breakout will signal the resumption of the recovery trendline and support buyers in chasing the next psychological barrier of $4.
If the recovery trend enters an occasional correction, the ascending support trendline has acted as dynamic support for buyers to reaccumulate this asset.
Takeaway
The current correction trend in the Bitcoin price is seeking support at previously breached resistance and key Fibonacci retracement levels. The altcoin market, following the same movement, shows a constructive pullback to replenish the exhausted bullish momentum.
Hot Take: Altcoins Show Potential for Recovery Amid Bearish Market
The cryptocurrency market continues to navigate through a bearish phase, with Bitcoin and Ethereum showing stability while altcoins experience mixed performance. Despite the overall correction trend, there are opportunities for recovery and growth in specific altcoins.
Ethereum (ETH), the pioneer of smart contracts and decentralized applications, has experienced a correction but still holds potential for rebounding higher. With potential support levels at $3350 and $3125, buyers can consider entering the market at these stable points. On the other hand, overhead resistance levels at $4087 and $4220 indicate potential selling pressure.
Solana (SOL), known for its high-performance blockchain, defies the market correction with a strong rally. Buyers have successfully breached key resistance levels and may face further resistance at $242 and $260. However, if a pullback occurs, support levels at $178 and $154 offer opportunities for reaccumulation.
Dogwifhat (WIF), a memecoin on the Solana blockchain, has gained attention due to its lighthearted appeal. With a rising market cap of $3.2 billion and an intraday gain of 7.35%, WIF is challenging its all-time high resistance. A breakout beyond $3.53 could signal a resumption of the recovery trendline.
Overall, while the market correction persists, itโs important for investors to identify potential support and resistance levels for altcoins. By carefully analyzing these levels and considering market trends, buyers can make informed decisions and potentially benefit from the recovery of altcoins.
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