BTC, DOGE, AR Price Analysis As Crypto Market Hit By Post-Rally Consolidation
Release: 2024/03/03 20:14 Reading: 354
Crypto Price Analysis: The crypto market began March with increased volatility, as the Bitcoin price rally paused at $64,000. The overhead supply has also affected altcoins and shifted their price trajectory sideways. However, this post-rally consolidation will benefit the market buyers to regain strength and prolong the current recovery trend.
As per a recent highlight by the crypto analytics firm Santiment, altcoins have experienced remarkable gains over the past week, with the momentum continuing through the weekend, signaling a robust altseason. Among the standout performers are meme coins such as PEPE, which surged by an impressive 225%, and SHIB, recording a 126% increase, captivating the attention of meme coin enthusiasts.
Additionally, AI-focused projects like AR and FET have also made significant strides, with gains of 100% and 76% respectively. This trend underscores the growing investor interest in both meme coins and AI-driven blockchain projects, indicating a diverse investment landscape within the crypto domain.
? #Altcoins have seen historic gains over the past week, and #altseason hasn't slowed down this weekend. Notables like $PEPE (+225%) and $SHIB (+126%) have intrigued #memecoin traders. Keep an eye on #AI projects like $AR (+100%) and $FET (+76%) as well. https://t.co/L6yx09Robp pic.twitter.com/T9jInG0iHQ
— Santiment (@santimentfeed) March 2, 2024
Also Read: 3 Under $1 Bargain Altcoins To Turn $10 Into $100 In March
Is Bitcoin Price Leading to $70000 in March?
The leading cryptocurrency Bitcoin has been aggressively bullish since late January when the price rebounded from $38640. The positive upswing surged the coin’s value by 60% within six weeks to reach the current trading price of $61796.
A key contributor to the rally could be the substantial capital inflow into spot BTC ETFs and the formation of cup and handle patterns as per the technical chart.
A recent tweet by the analytics firm IntoTheBlock has highlighted a notable trend in the Bitcoin market, drawing attention to the significant accumulation of BTC by large-scale investors. According to IntoTheBlock, there has been a consistent increase in Bitcoin holdings in wallets that contain over 1,000 BTC since January.
The total Bitcoin held in addresses with over 1,000 $BTC has been increasing since January and the growth shows a strong correlation with price movement. pic.twitter.com/MBrNGNVoLv
— IntoTheBlock (@intotheblock) March 2, 2024
This accumulation pattern not only suggests heightened activity among Bitcoin ‘whales’ but also indicates sustainable growth as the metric walks in tandem with the asset’s price movements.
Currently trading at $61787, the Bitcoin price witnessed overhead supply at $64000. This selling pressure could trigger a minor pullback to $59800 support, providing buyers suitable support to $70000 mark.
Dogecoin Breakout Points to Potential Uptrend Toward $0.18
This week saw a significant surge in meme cryptocurrency markets, with top tokens such as Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe Coin (PEPE) leading a robust rally. Dogecoin, the largest meme coins by market cap, experienced a dramatic rise, soaring from $0.084 to $0.134, marking a substantial 61% growth.
In a notable development during this uptrend, the Dogecoin price action broke through a long-standing resistance line, forming part of a symmetrical triangle pattern that has been in play for nearly two years. This breakout suggests a pivotal shift in market sentiment and could herald more significant changes ahead.
Despite a slight retracement with an intraday dip of 4.55%, DOGE managed to stabilize at around $0.125. If the market can maintain this level, it could set the stage for further recovery, potentially propelling the price toward the $0.18 mark.
Also Read: Who Let the Dogs Out? What Dog-Themed Meme Coins are Rallying?
Bullish ‘Rounding Bottom’ Pattern Hints Arweave Price Rally to $42
In the recent bullish wave that swept through the cryptocurrency market in February, AI-focused tokens emerged as some of the biggest winners. AR, the native cryptocurrency of a decentralized storage network Arweave witnessed a notable uptrend within a month, as the price surged from $7.7 to $30, registering 291%.
The daily chart reveals that this impressive climb was supported by the formation of a ’rounding bottom’ pattern, a classic technical indicator that often signals the end of a downtrend and the beginning of an upward trajectory.
The Arweave price has solidified its position above the significant $25 mark, achieving an intraday rise of 12.5%. This pattern suggests a sustained bullish momentum that could potentially drive AR’s value towards the targets of $42 and, subsequently, $53, as buyer interest continues to intensify.
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