Crypto Price Prediction: The cryptocurrency market initiated the second half of March on a bearish note with the leading digital assets Bitcoin and Ethereum showcasing around a 4% drop in the last 24 hours. Amid this decline, the market witnessed 166,507 traders liquidated, totaling $532.72 million in losses, as per Coinglass. The most notable incident involved a single liquidation order on Bitmex for a LINKUSD trade valued at $38.83 million.

The total crypto market cap stands at $2.52 Trillion projecting a 4.27% drop since yesterday. The recent market downturn has significantly impacted the altcoin sector, with leading assets experiencing noticeable drops. XRP and BNB each recorded a 4% decrease, while Cardano saw a more substantial 8% fall. Furthermore, the popular meme coins, Dogecoin and Shiba Inu, showcased a 9% to 11% drop.

However, the market experts project such pullbacks as common behavior of an established uptrend and beneficial for the assets to replenish their exhausted bullish momentum.

Also Read: Bitcoin Cements Dominance Over Gold, Records $23.6B Net Inflows

1)Bitcoin(BTC)

Bitcoin(BTC)| Tradingview

Bitcoin (BTC) is a decentralized digital currency that operates without a central authority, offering peer-to-peer transactions across a secure blockchain network. Bitcoin’s limited supply of 21 million coins and its position as the first cryptocurrency make it stand out as a “digital gold” among cryptocurrencies.

Following a new all-time high of $73,750, the Bitcoin price witnessed notable supply pressure which resulted in a 10% decline to currency trade at $66626. In the last 24 hours, the current market cap of Bitcoin stands at $1.3 trillion with a trading volume of $49.3 Billion.

If the bearish momentum persists, the coin holders can mark the $60300 and $56000, coinciding with the 38.2% and 50% Fibonacci retracement levels. If the correction phase manages to recuperate the bullish strength, the buyers may have an overhead supply at $73750, followed by a psychological level of $75,000.

Also Read: Bitcoin Whales Pull Out Over 21,400 BTC From Exchanges In A Week

2)Cardano(ADA)

Cardano(ADA)| Tradingview

Cardano is a third-generation blockchain platform known for its scientific approach and emphasis on security and sustainability. It aims to deliver a more balanced and sustainable ecosystem for cryptocurrencies.

With a market cap of $23.8 Billion, Cardano stands out as the eight largest cryptocurrencies and projects a 24-hour trading volume of $1 Billion. Amid the recent downturn in the market, ADA price reverted from the $0.8 resistance and tumbled 17% within four days to reach $0.67.

Analyzing the daily chart shows the sellers recently breached a significant support of $0.68, indicating the potential for further breakdown. The post-breakdown fall may tumble the Cardano price to $0.56 or $0.46 mark.

Alternatively, the overhead resistances waver at $0.68 and $0.8 mark.

Also Read: Cardano Price Analysis: Recent Downturns Spark Investor Interest, Will ADA Hit $1?

3)BOOK OF MEME (BOME)

BOOK OF MEME (BOME)| tradingview

BOOK OF MEME (BOME), the Solana-based meme cryptocurrency set to revolutionize the web3 landscape by blending the infectious nature of memes with cutting-edge decentralized storage solutions, alongside a unique take on degen shitcoin trading and gambling.

The token gained notable attention from crypto participants following a successful pre-sale and listing of Major exchanges like Poloniex, Bybit, and Binance. As per the coinmarketcap, the BOME coin shows a market cap of $1.134 Billion entering the list of top 100 digital assets.

As the press time, the BOME price trades at $0.021, registering a 46% intraday gain. If the buying momentum persists, the buyers may surpass the All-time high resistance of $0.3 and chase the next psychological high of $0.4.

Conversely, the immediate support wavers at $0.016 and $0.0116.

Takeaway

The crypto market in the correction trend offers top digital assets to revisit key support levels and stabilize the over-extended rally. With the Bitcoin price testing a healthy retracement level, the altcoin may gain suitable support to return to the recovery trend.

The post BTC, ADA, BOME Price Prediction As Healthy Retracement Points to Crypto Rebound appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am