Cryptocurrency Price Prediction: Spot BTC ETF selling pressure led to a notable correction during the week, recording an outflow of $888 million from the $10 ETF. Leading assets such as Bitcoin and Ethereum posted weekly losses of 5% and 8%, respectively. However, the weekend saw an easing in supply pressure resulting in uncertain sideways movements in the majority of major assets.
If next week the observed downtrend in spot ETFs maintains, Bitcoin price may extend its correction below $60,000, which could intensify selling pressure across the market.
Read also: Bitcoin ETF weekly outflows reach $900 million amid cryptocurrency market collapse, what’s next?
1) Bitcoin (BTC)
Bitcoin is a decentralized digital currency that enables peer-to-peer transactions without the need for a central authority, using blockchain technology for security and transparency.
The ongoing correction in Bitcoin can be traced using the resistance trend line with the price falling from $73,808 to $65,067 in a couple of weeks. This 11.8% pullback is currently looking for support at the 38.2% Fibonacci retracement level – a technical tool that indicates an already healthy correction phase in the asset.
Bitcoin's market capitalization is approximately $1.27 trillion, with a 24-hour trading volume of $23.25 billion. Renewed buying interest in BTC ETFs could fuel the coin's price to rebound and spark recovery sentiment in the market.
An upside breakout from the upside will provide buyers with the right support to lead the rally to $69,000, followed by $73,800.
Read also: Over $1 billion in Bitcoin withdrawn from Coinbase in massive shift
2) Dogecoin (DOGE)
Created as a joke in 2013, Dogecoin has evolved into a prominent cryptocurrency with a loyal community. It features the Shiba Inu from the “Doge” meme as the mascot.
Dogecoin price is currently trading at $0.17, and is seeing an intraday gain of 6.5% over the past 24 hours. Its market value is approximately $24.7 billion, supported by a trading volume of $2.94 billion in the same period.
Daily chart analysis shows that the DOGE price correction is resonating within two converging trend lines to form a pennant pattern formation. This bullish continuation pattern indicates a higher probability of renewed recovery sentiment between trades, promoting an upward breakout from the triangle.
A successful breakout will trigger the build-up of bullish momentum and set the coin price to cross $0.2 and reach $0.26.
Conversely, a breakdown below the lower trend line may extend the downtrend to $0.105.
Read Also: Could Dogecoin (DOGE) Price Hit $1 in March as Whale Transactions Increase?
3) TON Coin (TON)
TON (Open Network) is a high-performance multi-blockchain platform originally created by the creators of Telegram Messenger. Brought to life by its community, TON aims to provide fast and secure transactions and decentralized services, including decentralized storage, anonymous network capabilities, and a payment system.
Defying the current market correction, Toncoin showed a notable swing this week as its price rose from $3.3 to $4.8, registering a growth of 45.8%. This recovery brought the coin's market cap to $16.8 billion and placed it as the 11th largest cryptocurrency, surpassing Shiba Inu.
The altcoin is currently seeing additional supply at $5.14, suggesting that Toncoin price may retest the $4.6 level as potential support. Sustaining this breakout could boost TON price to chase potential targets of $5.6, followed by $6.6.
He stays away
The near-term trend in the cryptocurrency market is currently bearish led by a correction trend in leading digital asset Bitcoin. The bearish momentum paused, as Bitcoin saw buying interest at the key psychological level of $60,000. However, potential buyers should wait for better confirmation of the recovery as rising drawdowns from spot ETFs continue to support the ongoing decline.
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