Altcoins
Best Altcoins to Buy This Dip
With the Bitcoin Price Struggling to maintain ground above the $65,000 level, altcoins are under massive supply pressure. With major altcoins falling more than 10% in 24 hours, the market is currently extremely bearish.
Amid the sell-off, Coinglass liquidation data reveals that nearly $500 million in long positions were wiped out in 48 hours.
With such an extreme market reversal, will altcoins manage to prevail during the correction phase? Amid the crypto market crash, check out our list of the best altcoins to buy during this dip.
Correction Brings Buying Opportunity on Ethereum
With the recent approval of the ETF, the Ethereum Price skyrocketed to over $3,700 last month. However, the uptrend remains short-lived as the broader market correction pushes ETH price below $3,500 and warns of further correction.
As the falling wedge rally fails in the daily chart, ETH price falls to the 23.60% Fibonacci level. However, underlying demand at lower levels portends a double reversal for the crypto sector’s largest altcoin.
With the reversal of the double bottom, ETH price may rise to surpass the 50% Fibonacci level at $3,774 to potentially reach $4,000 this month.
Will this retesting Altcoin come back?
In the daily chart, the upward trend of Toncoin the price exceeds the triangular model. However, the uptrend fails to sustain above the $8 mark, resulting in a quick bearish reversal.
With a drop of almost 11% in a few days, TON price has returned below $7.50 and may soon retest the broken resistance trendline. However, the chances of a post-retest reversal, however slim, may result in the price rising to $8.
Solana eyes $400 with reverse rally
With a drop of 15% over the last seven days, the SOL Price fell below the psychological bar of $150. Additionally, the altcoin has failed to create a bullish weekly candle over the past five weeks and is even showing a higher price rejection.
With a massive overhead supply visible on the weekly chart, SOL price is testing the 50% Fibonacci level at $125. Additionally, the long tail formation projects a potential double bottom reversal to restart the uptrend.
In such a case, Solana’s bull run can surpass the $200 mark for a new all-time high above $250. Depending on the Fibonacci level, the 1.618 level at $403 can be a potential target for the altcoin this year.
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