Cryptocurrency Price Prediction: The weekend cryptocurrency market hit a bearish note as leading cryptocurrency Bitcoin fell below it, and supply pressure in the past three days has led to a market-wide correction evidenced by a 7-8% decline in Ethereum and Ripple. , which is a 5% drop in Cardano, and a 9-11% drop in the best meme coins Dogecoin and Shiba Inu.
However, industry experts seem to view this decline as a common bounce for buyers to regain their strength. Moreover, a correction may validate the asset's sustainability at higher levels and provide suitable entry opportunities before the next jump.
Furthermore, the price of Bitcoin continues to see notable inflow through ETFs, with Wu Blockchain highlighting notable ETF moves on March 15, reporting a total net inflow of $198 million into Bitcoin ETFs. Grayscale's GBTC experienced a net outflow of $139 million, while Fidelity's ETF led a net outflow of $155 million, contributing to a total historical net outflow of $6.87 billion.
Read also: Cryptocurrency prices today, March 16: Bitcoin price at 69K, ETH and ADA rebound as PEPE continues to decline
1) Ethereum (ETH)
Ethereum (ETH) stands as a leading force in the blockchain sector, providing a platform for decentralized applications (dApps) through its smart contract functionality. It distinguishes itself as the backbone of many cryptocurrency projects and the decentralized finance (DeFi) ecosystem.
With a current market cap of $445.7 billion, Ethereum is ranked as the second largest cryptocurrency. Amid the recent downturn in the cryptocurrency market, the price of ETH fell from $4,091 to $3,709, registering a 9.3% loss.
The daily time frame chart shows that Ethereum price is looking for support at the 23.6% Fibonacci retracement level, a tool that shows a potential demand zone for buyers to regain control.
If supply pressure continues, coin holders could see a drop to $3,360 or $3,135, horizontal levels that coincide with the 38.2% and 50% Fibonacci levels.
2) sunlight (sun)
Solana (SOL) is known for its high-performance capabilities with blockchain technology that emphasizes low transaction costs, scalability, and fast processing. Its unique hybrid protocol allows transaction validation and smart contract execution times to be significantly reduced.
Defying the current market correction, Solana price has outperformed its peers with a steady recovery evidenced by the six green candles on the daily chart. The bull run registered 45% growth, taking SOL to $196, and its current market capitalization of $86.6 billion.
The recent positive momentum in SOL price is fueled by significant trading volume, which currently stands at around $11.3 billion. This higher trading activity could push the price towards meeting resistance near the $205 and $243 price levels.
Conversely, the key support levels are $169 and $140.
Also Read: Solana Prices Eyes $250 as Number of Users Reaches 1 Million
3) Chainlink (link)
Chainlink (LINK) is emerging in the cryptocurrency space as an ecosystem of decentralized oracle networks that acts as a bridge between blockchain smart contracts and external data sources, enhancing its real-world applicability.
LINK, the native cryptocurrency of the Chainlink network, has seen a spike in volatility recently highlighted by a saw action on the daily chart. LINK's price is currently trading at $19.33, with a trading volume of $1.16 billion and a market cap of $11.36 billion.
If a broader market correction extends the downward momentum in Chainlink's price, holders may seek support at $17.5 and $16.6. Alternatively, buyers may face noticeable supply pressure at $17.5 and $16.6.
He stays away
The current correction trend in Bitcoin price is seen as a post-rally correction aimed at restoring the exhausted upward momentum. Major altcoins are affected by supply pressure that retests local support and offers reduced value to potential traders.
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