Crypto Market Update: The crypto market faced a fresh wave of selling pressure on Tuesday, resulting in a drop in its total market capitalization to $2.4 trillion, marking a 6.28% loss for the day. Key players like Bitcoin and Ethereum saw declines of 6-7%, while Solana (SOL) and XRP experienced drops of 11% and 4%, respectively.
The downturn could be attributed to significant outflows from Bitcoin ETFs on March 18th. Concurrently, meme coins like DOGE, PEPE, WIF, FLOKI, and BONK faced notable double-digit losses, likely due to investors capitalizing on profits following a previous surge in late February to early March.
Bitcoin (BTC) Analysis
Bitcoin, the pioneering decentralized digital currency, has been undergoing a corrective phase for the past six days, with its value plummeting from $73,800 to $63,300, marking a 14.2% decline. Market capitalization dropped to $1.238 billion, with a 24-hour trading volume hovering around $65 billion. The recent selling pressure stemmed from significant withdrawals from Spot BTC ETFs on March 18th, totaling $154 million, the first such occurrence in nearly two weeks. With sustained selling, BTC’s price may seek support levels at $60,400 and $56,200, corresponding to the 38.2% and 50% Fibonacci levels, respectively.
Pepe Coin (PEPE) Update
Pepe Coin, a community-driven cryptocurrency rooted in meme culture, has a market capitalization of $2.67 billion and has secured a spot among the top 50 cryptocurrencies. However, amid the ongoing correction, PEPE’s price dropped from $0.0000108 to $0.00000581, marking a weekly loss of 46.4%. The current decline seeks support at the 50% Fibonacci retracement level of $0.000058, with potential further breakdowns to support levels at $0.00000466 and $0.000003. Resistance levels stand at $0.00000812 and $0.0000108.
BONK Update
BONK, a unique cryptocurrency within the Solana ecosystem, positions itself as a community-focused token enhancing liquidity on Solana-based DEXs. With a market cap of $1.35 billion and a trading volume of $360 billion since yesterday, BONK saw a profound correction trend in early March, dropping from $0.000048 to its current price of $0.000021. Dynamic resistance from a descending trendline may push the asset to lower support levels at $0.000018 and $0.0000147. Conversely, a breakout could lead to a renewed rally towards resistance levels at $0.0000366 and $0.000048.
