Crypto Price Analysis: The crypto market saw a spike in volatility as #Bitcoin grapples to rebound strongly from $60000, is further correction underway.
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Crypto Price Analysis: On Saturday, the cryptocurrency market witnessed a modest uptick as the leading digital asset Bitcoin and Ethereum surged nearly 1% to ease the broader market sell-off. However, as the US-listed spot, #BTC #ETFs✅ continue to witness aggressive outflow, which pressurizes the underlying asset Bitcoin to prolong its correction which simultaneously triggers selling pressure in altcoins.
In a revealing update from SpotOn Chain, Bitcoin ETFs saw a net outflow of $52 million on March 22, 2024. This capped off a week of negative trends totaling an $888 million outflow across 10 ETFs. Cumulative net inflow is now at a low of $11.27 billion after 50 trading days. Notably, the iShares Bitcoin Trust recorded a single-day inflow of just $18.9 million, the lowest in 20 days.
Thus, side-lined traders looking for an entry opportunity should wait for better confirmation before reversal.
Ethereum (ETH) stands as the pioneering smart contract platform, distinguished by its robust decentralized application (dApp) ecosystem. Its native token, ETH, facilitates transactions and powers operations on the network.
During the mid-week, the Ethereum price rebounded from the 38.2% Fibonacci retracement level and carried a relief rally to $3587. However, the buyers failed to follow up on this reversal and plunged the price back to $3363.
In the last 24 hours, the market cap of Ethereum
plunged to $404 Billion, While the trading
volume wavers at the $19.5 mark. If the
correction trend persists, the ETH sellers may
rechallenge the $3125 support to prolong the
correction to $2820.
On a contrary note, a breakout above the $3600
barrier would give an additional confirmation for
recovery.
2)Gala Games (GALA)
Gala Games (GALA) is an emerging player in the
blockchain gaming space, allowing players to
have a say in game development. What sets
GALA apart is its focus on creating a
decentralized gaming ecosystem where players
can own in-game assets such as NFTs.
Amid the recent relief rally in the market, the
GALA price rebounded from a 50% retracement
level at $0.0536, indicating the buyers have not
thrown in the towel yet. The positive upswing
lifted the altcoin to $0.06, while the market
capitalization stands at $1.8 Billion.
As of press time, the GALA price surged 6.5%
supported by $289 Million in trading volume. If
the bullish reversal breaks immediate resistance
of $0.065, the buyers will chase potential
targets at $0.073 and $0.086.
3)Shiba Inu (SHIB)
Shiba Inu (SHIB) started as a meme-inspired
cryptocurrency but has grown into a project
with its own decentralized exchange,
ShibaSwap, and plans to expand into an NFT
market and gaming. SHIB's large and active
community, along with its scarcity tactics like
coin burning, drive its uniqueness in the market.
With a market cap of $16.15 Billion, Shiba Inu
stands as the 18th largest cryptocurrency as
per Coinmarketcap. An analysis of the daily
chart shows the coin price is hovering above
61.8% FIB level at $0.000024.
This consolidation led by a downsloping
trendline and horizontal support hints at the
formation of a descending triangle pattern.
Amid the broader market correction, this bearish
pattern formation hints at a potential for a
prolonged downtrend.
A bearish breakdown from the $0.0000238 may
have plunged the Shiba Inu price to $0.000019.
Takeaway
The weekend brought heightened volatility in
the cryptocurrency market, with Bitcoin
grappling to rebound sustainably from the
$60,000 mark. The presence of short-body
candles in daily charts reflects uncertainty
among market participants but the threat of
correction remains intact.
