The final week of March may turn out to be one of the best weeks for crypto this year. Coins have been climbing, and momentum does not yet appear to be slowing. Still, even the strongest uptrends inevitably face pullbacks. Here’s why we believe a correction could be on the horizon:
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Bitcoin and other large-cap assets have stalled after the recent rally.
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Short-term buyers, who benefited from the price surge, are likely to take profits at some point.
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The steady gains seen over the past two weeks appear to be losing strength.
That said, some coins are more vulnerable to a larger correction than others. Below is a shortlist of assets we think merit watching closely:
PancakeSwap (CAKE)
PancakeSwap (CAKE) has surprised many analysts with its recent upswing. The token looked relatively stable and gradually attracted buying pressure, then unexpectedly pushed higher across the market. CAKE has gained at least 30% over the past week.
Source: TradingView
Looking at today’s price action, CAKE is showing signs of slowing. Although it recorded a modest uptick, the token has not been able to overcome the overhead resistance. We expect a minor correction to occur in the coming days as traders consolidate gains.
Skale Network (SKALE)
Skale Network (SKALE) was another notable surprise. The token had been quiet and then suddenly rallied from nowhere. SKL surged roughly 112% last week, with about 35% of that gain coming in the past 24 hours alone. The token may continue to climb as traders lock in profits, but a near-term pullback seems likely once momentum eases.
IOST (IOST)
IOST (IOST) pushed its uptrend into fresh territory, climbing about 80% over the past seven days. While the token’s rally appears strong for now, bullish momentum can fade quickly. That slowdown could arrive sooner than many expect, prompting a corrective move.