|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cryptocurrency News Articles
Crypto Markets Reeling from Pullback, But Smart Contract Platforms Shine
Mar 22, 2024 at 09:20 pm
Are the Crypto Markets in for Another Pullback?
The digital asset markets have hit a snag, with Bitcoin dropping 1.76% on Friday. This has sent shockwaves through the cryptosphere, particularly affecting Solana, which has plummeted 3.6%. However, amid this sell-off, Fantom (FTM) and Avalanche (AVAX) have emerged as beacons of hope. At the time of writing, FTM and AVAX are soaring 7.30% and 5.43%, respectively, hinting at further gains as the day unfolds.
Bitcoin's Rollercoaster Ride
Friday's dip in the crypto markets caught many investors off guard. Bitcoin had been on a strong recovery path, but the latest pullback has raised concerns. However, if Bitcoin and Ethereum can maintain crucial support levels, the bearish sentiment may dissipate.
Smart Contract Platforms on the Rise
An analysis of the top 100 crypto assets by market cap reveals that layer one smart contract platforms are the day's top performers. Fantom (FTM), Internet Computer (ICP), Aptos (APT), and Ronin (RON) have all experienced impressive surges of 5-13% in the past 24 hours. Avalanche, another leading L1, is also outpacing Bitcoin amid growing adoption statistics.
Fantom's Bullish Momentum
Fantom, a leading layer one platform, boasts a rapidly growing Total Locked Value. Its native asset, FTM, has been on a remarkable price surge for weeks. In just the past week, the FTM/USD pair has jumped 37.65%.
Technical analysis suggests that Fantom currently enjoys strong demand around $1.08. The price is also respecting an uptrend line. As long as the asset trades above these levels, the path of least resistance remains upward.
Solana's Sell-Off: A Temporary Setback?
On the 4H timeframe, Solana appeared poised to reclaim the $200 level. However, the Bitcoin pullback triggered a wave of liquidations, sending SOL/USD plummeting to $171.33 on Binance.
Despite the sharp decline from $211, Solana's price prediction is not entirely bearish. The chart shows a sideways price action within a range of $171.5-$186.5. The bottom of this range is currently acting as a demand zone. Bulls must defend the $171.5 support to prevent a further bearish slide.
Conclusion
The crypto markets have faced a setback, but the rise of smart contract platforms like Fantom and Avalanche provides a glimmer of hope. Fantom's strong technical indicators and Solana's potential for a rebound suggest that the market may be poised for a recovery. However, it remains crucial for Bitcoin and Ethereum to maintain their support levels to sustain the bullish momentum.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
-
- Japan's Mass Recruitment of New Graduates System Is Reaching a Turning Point
- Oct 30, 2024 at 02:15 pm
- In Japan, there is a unique system called "mass recruitment of new graduates." Companies recruit prospective graduates during the same period each year and interview and test them while they are still in school. Then, they hire a certain number of students and have them work immediately after graduation.
-
- XRP Price Prediction as Ripple Forms a Rare Death Cross
- Oct 30, 2024 at 02:15 pm
- The XRP price remained on edge on Wednesday even as Bitcoin retested its all-time high in the overnight session. Ripple, the seventh-biggest cryptocurrency by market cap, was trading at $0.5255, a few points higher than this week's low of $0.4900.