Altcoins
Top 5 Undervalued Altcoins Under $1 with 100x Potential in July
Bitcoin price consolidation above $60,000 has halted supply pressure in the crypto market while raising voices of a potential bottom and buying the dip.
The altcoin market saw a notable correction in June amid the capitulation of Bitcoin miners and increased outflows from US-based ETFs. The BTC price drop from $72,000 to $60,000 this month triggered an aggressive retracement of most major altcoins. However, the market as a whole remains bullish and such pullbacks are often seen as a suitable opportunity to buy the dips. Here are the best altcoins to buy as several analysts predict a post-correction rally in July.
- At press time, cryptocurrency aggregator Coingecko reports that the global cryptocurrency market cap stands at $2.236 trillion, while the total trading volume over the past day is $66.3 billion.
- Bitcoin price stability above the $60,000 support level has eased selling pressure in the altcoin market.
- Bitcoin Fear and Greed Index at 30% Accentuates Bearish Outlook Among Market Participants
Ripple (XRP)
XRP, developed by Ripple Labs, aims to facilitate fast and cost-effective cross-border payments. However, the asset has seen a lack of initiative from buyers for years amid the ongoing legal battery against the U.S. Securities and Exchange Commission.
Market uncertainty from the June correction plunged to $0.475 in search of support on a long-standing ascending trendline. This dynamic support intact since March 2020 has prevented XRP holders from experiencing a major correction and provided appropriate support.
According to CoinmarketcapXRP coin has a market cap of $26.4 billion, while the 24-hour trading volume hovers at $791 million.
If the aforementioned support holds, buyers could make the next recovery leap and pursue a potential target of $2.
BONK (BONK)
Bonk is a meme cryptocurrency built on the Solana blockchain, known for its strong community approach and rapid growth.
Amid the June market correction, BONK price saw an aggressive fall from $0.000044 to $0.000018, registering a loss of 59%. However, the falling price saw strong support at the ascending trendline of the daily chart, which resulted in an immediate reversal to $0.0000228.
BONK coin holds a market cap of $1.55 billion, while trading volume has dropped 45% since yesterday to $155.35 million.
The recent trend reversal due to the general market recovery could lead to a rise to the $0.0001 mark.
Chart (GRT)
Graph (GRT) is a decentralized protocol for indexing and querying blockchain data, enabling efficient data retrieval for decentralized applications (dApps).
The GRT cryptocurrency entered the current correction trend in early March, with the price returning from $0.49. The bearish reversal caused the asset to fall to psychological support of $2, recording a loss of almost 60%.
As the BTC price stabilizes above $60,000, the altcoin market has seen an easing of selling pressure this week. Graph coin (GRT) maintained its position above the $2 support level and saw a 1.2% rebound, trading at $2.1. At the same time, the market capitalization soared to $2 billion.
A potential rebound from the $2 bottom should strengthen the buyer resistance trendline, extending the current correction trend. A potential breakout could signal the end of the correction trend and open the way for the buyer to target the $1 mark.
Oasis Network (ROSE)
Oasis Network (ROSE) is a scalable, privacy-focused blockchain platform designed to support decentralized applications (DApps).
Amid the current relief rally in the crypto market, ROSE price is showing a notable reversal from the combined support of the ascending trendline and horizontal level at $0.082. The rise propelled the Oasis Network coin by 15.5% to $0.09, while the market capitalization stood at $638.5 million.
Based on past records, the support trendline acts as an accumulation point for dip buyers, reinforcing a massive rally. So, with sustained buying, PINK price could lead to a rise to $0.13, followed by $0.18.
Polygon (MATIC)
Polygon (MATIC) is a Layer 2 scaling solution for Ethereum, designed to improve its scalability and ease of use. Additionally, Polygon helps preserve the security and decentralization of the Ethereum blockchain.
In the first half of 2024, MATIC was one of the few top altcoins to underperform. While several altcoins showed a slight pullback from their ATH, the polygon coin nearly evaporated the growth of the latest recovery surge.
MATIC price is currently trading at $0.55, maintaining its market cap of $5.5 billion. However, with sustained selling, the asset could reverse the long-standing support of $0.5-0.493.
This crucial support could give buyers the opportunity to counterattack and challenge the overhead resistance at $0.76, followed by $1.3 and $1.56.