Cryptocurrency Price Prediction: Cryptocurrency markets started the second half of March on a bearish note, with major digital assets Bitcoin and Ethereum falling by around 4% in the past 24 hours. According to Coinglass, 166,507 traders were liquidated in the market during the selloff, resulting in a total loss of $532.72 million. The most notable incident involved his single liquidation order for his $38.83 million worth of LINKUSD trades on Bitmex.
The market capitalization of cryptocurrencies is expected to reach $2.52 trillion, down 4.27% from yesterday. The recent market downturn has had a major impact on the altcoin sector, with major assets experiencing notable declines. XRP and BNB each recorded a 4% decline, while Cardano recorded an even more significant 8% decline. Additionally, popular meme coins Dogecoin and Shiba Inu showed declines of 9% to 11%.
However, market experts predict that such pullbacks are a common move in established uptrends and are beneficial for assets to replenish depleted bullish momentum.
Also read: Bitcoin Cement outperforms gold, records $23.6 billion in net inflows
1) Bitcoin (BTC)
Bitcoin (BTC) is a decentralized digital currency that operates without a central authority and provides peer-to-peer transactions across a secure blockchain network. Bitcoin has a limited supply of 21 million units, and its status as the first cryptocurrency makes it stand out among cryptocurrencies as “digital gold.”
After hitting a new all-time high of $73,750, the price of Bitcoin fell 10% to $66,626 in exchange trading, under significant supply pressure. In the past 24 hours, Bitcoin's current market capitalization is $1.3 trillion and trading volume is $49.3 billion.
If the bearish momentum continues, coin holders could see the $60,300 and $56,000 marks, which are consistent with the 38.2% and 50% Fibonacci retracement levels. If the bullish strength can be regained during the correction phase, buyers have an overhead supply of $73,750, which could be followed by the psychological level of $75,000.
Also read: Bitcoin whale withdraws over 21,400 BTC from exchanges in one week
2) Cardano (ADA)
Cardano is a third-generation blockchain platform known for its scientific approach and focus on security and sustainability. We aim to provide a more balanced and sustainable cryptocurrency ecosystem.
With a market capitalization of $23.8 billion, Cardano stands out as one of the top eight cryptocurrencies, with a predicted 24-hour trading volume of $1 billion. Amid the recent market downturn, ADA price reversed from resistance at $0.8 and fell 17% to $0.67 within four days.
Analyzing the daily chart, we see that the sellers recently broke through the significant support at $0.68, indicating the possibility of further breakdown. The post-crash decline could push Cardano’s price down to $0.56 or even $0.46 levels.
Alternatively, overhead resistance is swinging between the $0.68 and $0.8 marks.
Also Read: Cardano Price Analysis: Will ADA Reach $1 as Recent Economic Downturn Sparks Investor Interest?
3) Meme book (bome)
BOOK OF MEME (BOME) is a Solana-based meme cryptocurrency that aims to revolutionize the Web3 environment by combining the infectious power of memes with a cutting-edge decentralized storage solution. We also add Degen's unique take on shitcoin trading and gambling.
The token attracted attention from crypto participants following successful pre-sales and listings on major exchanges such as Poloniex, Bybit, and Binance. According to Coin Market Capitalization, BOME Coin has a market capitalization of $1.134 billion, making it in the list of top 100 digital assets.
At the time of writing, BOME price is trading at $0.021, marking an intraday increase of 46%. If the buying momentum continues, buyers could push the price above the all-time high resistance at $0.3 and chase the next psychological high at $0.4.
On the contrary, immediate support is swinging between $0.016 and $0.0116.
remove
Cryptocurrency markets in a correction trend revisit key support levels, offering top digital assets to stabilize an overextended bull market. With Bitcoin price testing a healthy retracement level, the altcoin could find the right support to get back on track.
Related article
