Crypto Price Analysis 23 March: ETH, GALA, SHIB

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.

Also Read: Here’s Why Bitcoin, ETH, Crypto Prices Are Falling Today

1)Ethereum(ETH)

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.

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