Crypto Weekly Technical Analysis | 18 March 2024

In the past week, the crypto market has experienced a massive correction with leading cryptocurrencies like Bitcoin, Ethereum, etc, showing tremendous losses by losing below major support levels.

The events of the previous week prompted optimistic sentiment in the crypto world, and we are eager to see what this month has in store. Before you get started, check out our Crypto Weekly Technical Analysis.

According to CoinMarketCap, the current market cap is ₹218.43 Trillion on 18 March. However, in the past few months, even the top-performing coins were seen as moving bullish and were trying to continue their new market trend.

As of the past week, Bitcoin is priced at ₹5,665,406.58, reflecting a 3.17% jump within the last 24 hours with a marginal drop of 1.72% over 7 days. Talking about Ethereum, ETH is currently valued at ₹300,130.00, showing a 1.69% jump in the past 24 hours, with a ground-breaking fall of 7.50% over 7 days.

Crypto Weekly Technical Analysis: Top Trending Coins

In the past week, three cryptocurrencies have remained the talk of the town because of some recent developments related to these cryptocurrencies: Solana (SOL), Avalanche (AVAX), and Toncoin (TON). 

In the past week, the price of Solana (SOL) showed a 42.97% jump. In addition, the token experienced a rise of 10.73% in the past 24 hours. The token is currently trading at the price of ₹16,921.54.

Talking about Avalanche (AVAX), the token illustrated a 45.75% spike as compared to other major cryptocurrencies. Moreover, AVAX has shown a 16.53% jump in the past 24 hours, trading at a price range of 5,089.72.

In addition, the Toncoin (TON) token jumped by 38.52% in the last 7 days. Moreover, in the past 24 hours, the token also surged by more than 10.75%. In addition, the price of the TON token is trading at ₹324.42. 

Top Crypto Gainers & Losers

The past week remains one of the most confusing weeks for the crypto market in 2024. So, let’s have a look at some of the top crypto gainers and losers from the past week:

Crypto Weekly Technical Analysis

How the Crypto Market Became Optimistic?

The cryptocurrency market has recently experienced some correction over the last week, reflecting the past halving price trend. Apart from that, the significant outflow from the 9 Spot Bitcoin ETFs also affected the sentiments of crypto investors, leading the major cryptocurrencies to experience a short downfall.

Furthermore, after the Ethereum network’s Dencun Upgrade goes live on the network, several users are facing some troubles that indirectly affect the price of the second most popular cryptocurrency, Ethereum. 

Crypto Weekly Technical Analysis: Trending News From the Last Week

▪️ According to an announcement from the PancakeSwap team, the codebase and white paper for version four were released on March 15. The new version will provide unique liquidity pools and flash accounting, lowering gas costs for consumers while preventing temporary loss for liquidity providers (LPs). 

▪️ Layer 2 blockchain network Arbitrum is looking to strengthen its Web3 games development division. On March 12, the official forum announced the start of the Gaming Catalyst Program (GCP), an initiative that will request 200 million ARB tokens for developer onboarding and gaming development. 

▪️ BNB Chain, the ecosystem powered by the BNB coin, now offers a rollup service solution for creating layer-2 blockchains on its network. The service will provide projects with access to the technical infrastructure required to create layer-2 networks on the blockchain, hence growing the BNB Chain ecosystem.

SunCrypto Views

The recent optimistic trend in the cryptocurrency market demonstrates its dynamic evolution, which has included large gains and confusing investor confidence. This development reflects increasing institutional interest and technological advancements.

Despite these growing developments, the market’s intrinsic volatility persists. To navigate potential risks, investors should exercise caution, perform extensive research, and apply a variety of tactics. While the recent optimistic trend is encouraging, it’s critical to approach the cryptocurrency market with care and a long-term mindset.

For more crypto-related content like Crypto Weekly Technical Analysis, informational blogs, and crypto news, check out Suncrypto Academy.

Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. All content provided is for informational purposes only, and shall not be relied upon as financial/investment advice. Opinions shared, if any, are only shared for information and education purposes. Although the best efforts have been made to ensure all information is accurate and up to date, occasionally unintended errors or misprints may occur. We recommend you do your own research or consult an expert before making any investment decision. You may write to us at [email protected].

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