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A Bitcoin (BTC) trader has projected a looming bear phase for the asset before a subsequent rebound. Market analysts expect sideways trading for the crypto market leader in March despite stints of whale activities. A plunge below the current support level will lead to a massive inflow to altcoins despite recording their share of losses. At the time of writing, the wider market seeks to make a general rebound gaining 5.6% in the past 24 hours. Will Bitcoin Plunge to $73K? In a recent analysis, Egrag Crypto noted that Bitcoin’s price may drop to $73K before April 1 due to recent bear patterns. According to him, studies on the charts show a Bearish Engulfing Candle pattern that could heighten sell pressures. Recently, Bitcoin’s price suffered a major dip, dropping below $80,000 for the first time in three months. As a result, the market recorded a massive outflow of institutional and retail holders as traders repositioned assets to mitigate losses. Although the price reclaimed $85K, Egrag Crypto wrote that bear sentiments could lower it below the $80K zone and possibly down to $73K by April. “BTC: $73K by April 1st Before the Final Leg Up! I sometimes take risks with time predictions , but I believe it’s worth sharing, even if it could backfire! Currently, #BTC is forming a potential Bearish Engulfing Candle on the 3-day time frame. This could trigger further downside to $80.5K and possibly reach $73K near the blue channel in April.” Bitcoin’s price has faced several headwinds in recent weeks, with institutional outflows a major setback. Last week, BTC funds recorded $2.5 billion in outflows, marking a third consecutive week of losses. This month, top crypto has seen outflows surpass $630 million, lowering market sentiments. Altcoins To Gain More Traction? Recent woes in BTC’s price have affected the Bitcoin dominance ratio, with altcoins notching slight gains. This has fueled optimism for an altcoin season in Q1 2024. This week, XRP whales ramped up accumulations as bulls eye a major rebound. XRP reclaimed $2.50 at press time, moving up 3% today. Ethereum price also moved in a similar direction after a major slip. Cardano and Solana recorded 4.2% and 2% gains in the same timeframe while meme coins posted double-digit inflows.

Make Blue Chips Great Again

World Network, formerly Worldcoin and a blockchain project co-founded by OpenAI chief executive officer Sam Altman, has launched a new chat application aimed at connecting real humans. World Chat, the World Network ( WLD ) team announced on March 6, is a “mini app” that users can access to connect with and interact with real humans. The app, currently in beta, will feature end-to-end encryption to help maintain user privacy. The launch of World Chat represents World Network’s latest effort to bring its proof-of-personhood feature to the global community. According to details in their blog post, the mini app integrates with the project’s World ID protocol and World App wallet, allowing users to determine whether the individual they are chatting with is verified as a real human. The goal, according to World Chat developers, is to help users tackle the problem of bots. Like iPhone maker Apple’s iMessage, World Chat will use chat bubbles to distinguish between verified and unverified identities. In this case, the mini app will display blue chat bubbles for verified accounts and grey bubbles for unverified ones. “By connecting to World ID, World Chat allows you to know when you’re chatting with a verified human. Conversations with verified World ID holders feature a blue chat bubble as well as a unique World ID gem in the upper right corner. Conversations with non-verified accounts feature a grey chat bubble and no such gem,” the World Network team wrote. Beyond chatting capabilities, World Chat will allow users to send and receive cryptocurrencies. In addition to digital finance, developers can also leverage the protocol’s software development kit to integrate proof-of-human applications and services. World, formely Worldcoin , launched in July 2023, allowing people to verify their human identity via its iris-scanning orbs. Despite notable hurdles and regulatory challenges, the project’s World App wallet has registered more than 24 million users. The project has surpassed 11 million verified unique humans. Meanwhile, more than 486 million of the native token WLD has been distributed to people across 160 countries.

Market participants are watching Ethena ($ENA) closely as technical indicators hint at a possible short-term rebound amid a sustained downtrend. Recent charts show key reversal signals and support levels that may prompt buyer interest. A tweet from Ali @ali_charts noted that the TD Sequential indicator flashed a buy signal on the weekly chart. The tweet mentioned strong black candles that signified a bearish trend. The latest candle showed a long lower wick. This detail suggests buyers attempted to reverse the downtrend. The red ‘9’ candle may indicate a pause or potential rebound. #Ethena $ENA could be primed for a rebound as the TD Sequential indicator flashes a buy signal on the weekly chart, signaling potential upward momentum! pic.twitter.com/oOQu4fDeEb Chart patterns reveal that red candles have dominated the weekly view. Buyers show interest when long lower wicks appear. This pattern draws attention to potential short-term recovery. The indicator also signals caution as consistent bearish momentum remains evident. At the time of writing, Ethena was priced at $0.4011 . A blue horizontal line marks key support at $0.3529 on the chart. This level appears to serve as a temporary base for price stabilization. Traders monitor these points to assess market strength. If support holds, the asset could rebound toward resistance at $0.50-$0.58. Breaking support may push the price lower to $0.25 or below. Technical charts show that support levels hold strategic importance. Momentum Indicators and Trading Outlook The Stochastic RSI displays readings of 1.39 and 0.93. Both values show that the asset is extremely oversold. The Directional Movement Index confirms a strong trend. ADX stands at 24.1279 while DI+ and DI- indicate a slight bearish bias. Traders may see a rebound if DI+ crosses DI- and volume increases. The chart shows clear bearish momentum, but a short-term bottom is possible. The momentum indicators provide further context on market behavior. Traders observe oversold conditions for possible relief rallies. The combination of indicators offers insight into price dynamics. Analysis of these factors supports technical decision-making. Technical charts remain a reliable tool for tracking market conditions and guiding trading strategies. DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Cardano founder Charles Hoskinson has once again stirred debate in the crypto community, endorsing Cardano (ADA) and Ripple’s XRP as safe, blue-chip cryptocurrencies while dismissing Solana (SOL) as mid. His remarks came during an interview with David Gokhshtein on the Gokhshtein Podcast, where he discussed the selection of key cryptocurrencies for the United States national reserve, following an announcement by Donald Trump . Trump, now serving as the 47th President of the United States, revealed that Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Solana (SOL), and Cardano (ADA) would be included in the country’s national crypto reserve. “I think Cardano and XRP will score very well because we’ve been around for a long time in the top 10,” he stated, emphasizing their stability and reliability. He also praised Cardano’s ability to withstand challenges, referencing past issues with the Cardano Foundation, market crashes, and regulatory uncertainties. “We’ve been through everything you can imagine,” he noted. Hoskinson firmly believes that ADA and XRP have earned their status as blue-chip cryptocurrencies, making them strong candidates for the U.S. crypto reserve. “It’s a very safe blue-chip cryptocurrency, and XRP is as well,” he added. This endorsement comes on the heels of Cardano and the XRP Ledger (XRPL) partnering to enhance seamless interoperability. The two networks recently launched a new blockchain bridge, facilitated by Wanchain, allowing users to transfer ADA and XRP across their respective networks. While praising ADA and XRP, Hoskinson didn’t offer the same recognition to SOL, calling it “mid”, a slang term implying that Solana is neither exceptional nor terrible, just average. Charles noted that Solana is caught in a gray area, neither a new blockchain nor an established veteran. However, he did acknowledge its resilience, pointing out that it managed to survive the FTX collapse. When FTX imploded in November 2022, it triggered a massive sell-off in SOL, crashing its price to around $8 and exposing Solana’s deep financial ties to the bankrupt exchange. Beyond ADA and XRP, Hoskinson raised an important question: Which other altcoins might be included in the national reserve? He speculated whether Avalanche (AVAX) or Hashgraph (HBAR) could be considered next. To ensure a structured selection process, the founder suggested that a working group be formed to establish clear criteria for choosing reserve assets and managing the portfolio. Meanwhile, CryptoRank has predicted that other possible altcoins for inclusion may be Litecoin (LTC), Polkadot (DOT), Chainlink (LINK), Dogecoin (DOGE), and Aptos (APT). Currently, XRP has surged 5.48% in the last 24 hours, trading at $2.49. ADA has jumped 18.35% to $0.9540. The strong performance of both assets further reinforces their growing adoption and perceived stability in the crypto space.