Altcoins
Best Altcoins to Watch Amid Market Correction
Cryptocurrency Price Prediction: The cryptocurrency market recorded a bearish note this weekend as the leading cryptocurrency. Bitcoin has plunged below Supply pressure over the past three days has triggered a market-wide correction, as evidenced by Ethereum’s 7-8% decline and XRP’s 5% drop. of Cardano and a 9-11% drop in major meme coins Dogecoin and Shiba. Inu.
However, it appears that industry experts view this drop as a common retracement for buyers to regain strength. Additionally, the correction can validate the sustainability of an asset at higher levels and provide suitable entry opportunities before the next jump.
Additionally, Bitcoin price continues to see notable inflow via ETFs as Wu Blockchain highlighted notable ETF moves on March 15, reporting a total net inflow of $198 million into Bitcoin spot ETFs. Grayscale’s GBTC faced a net outflow of $139 million, while Fidelity’s ETF led with a net inflow of $155 million, contributing to its total historic net inflow of $6.87 billion. dollars.
Read also: Crypto prices today, March 16: Bitcoin at 69,000, ETH and ADA rebound as PEPE continues to fall
1)Ethereum(ETH)
Ethereum(ETH)| Commercial view
Ethereum (ETH) stands as a pioneering force in the blockchain sector, providing a platform for decentralized applications (dApps) through its smart contract functionality. It stands out as the backbone of many crypto projects and the decentralized finance (DeFi) ecosystem.
With a current market capitalization of $445.7 billion, Ethereum is positioned as the second largest cryptocurrency. Amid the recent crypto market downturn, the ETH the price plunged from $4,091 to $3,709, recording a loss of 9.3%.
The daily time frame chart shows the Ethereum Price seeks support at the 23.6% Fibonacci retracement level, a tool projecting the potential demand zone for buyers to regain control.
If supply pressure persists, coin holders could see a drop to $3,360 or $3,135, the horizontal levels that coincide with the 38.2% and 50% FIB levels.
2) Solana (SOL)
Solana(SOL)| Commercial view
Solana (SOL) is known for its high-performance capabilities with a blockchain that emphasizes low transaction costs, scalability, and fast processing. Its unique hybrid protocol enables significantly reduced validation times for transactions and smart contract execution.
Defying the current market correction, the Solana Price has outperformed its peers with a steady recovery illustrated by the six green candles in the daily chart. The bullish recovery recorded a growth of 45%, which took the SOL value to $196 and the current market capitalization to $86.6 billion.
The recent positive dynamic in the GROUND the price is supported by significant trading volume, which currently stands at around $11.3 billion. This strong trading activity could push the price to meet resistance near the $205 and $243 price levels.
Conversely, the main support levels stand at $169 and $140.
Read also: Solana Price Rally Aims for $250 as Users Surpass 1 Million
3) chain link (LINK)
Chain Link (LINK) | Commercial view
Chainlink (LINK) stands out in the crypto space as an ecosystem of decentralized oracle networks that serve as a bridge between blockchain smart contracts and external data sources, improving their real-world applicability.
LINK, the native cryptocurrency of the Chainlink network has seen a significant increase in volatility recently highlighted by a chainsaw move in the daily chart. LINK price is currently trading at $19.33, with a trading volume of $1.16 billion and a market cap of $11.36 billion.
If the broader market correction prolongs the bearish momentum Chain Link Price, coin holders could look for support at the $17.5 and $16.6 levels. Alternatively, buyers could face notable supply pressure at the $17.5 and $16.6 levels.
Take away
The current Bitcoin price correction trend is seen as a post-rally correction aimed at regaining exhausted bullish momentum. Major altcoins are being influenced by supply pressure, retesting local support and offering reduced value to potential traders.
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