Altcoins
3 Altcoins to Buy If Bitcoin Correction Extends to $50K
Altcoins to buy: The Bitcoin The price trajectory has been slow since last weekend, trying to settle above $50,000. The daily chart projecting a long wick neutral candlestick suggests that there are no clear signals from buyers to sellers to guide this asset.
According to Coinglass data, 96,521 cryptocurrency traders were liquidated, resulting in total liquidations amounting to $425.37 million. Bitcoin (BTC) faced $190 million in liquidations, while Ethereum (ETH) saw $94 million in liquidations.
Additionally, WuBlockchain reported that the German government transferred 16,038.7 BTC, worth approximately $915.3 million, to exchanges and market makers. This substantial move is part of a larger sell-off that began on June 19, during which the government transferred a total of 26,071 BTC, worth $1,527.9 million.
The German government has transferred 16,038.7 BTC ($915.3 million) to exchanges and market makers today. They have transferred a total of 26,071 BTC ($1527.9 million) since they began selling coins on June 19, and there are currently 23,788 BTC ($1.32 billion) in the address.…
— Wu Blockchain (@WuBlockchain) July 8, 2024
Currently, the address associated with these transactions contains 23,788 BTC, worth approximately $1.32 billion.
Additionally, the U.S. government and the now-defunct Mt. Gox exchanges are poised to further liquidate their BTC holdings. This coordinated sell-off could lead to increased pressure on Bitcoin’s supply and its price at $50,000.
Amid the potential crash, out-of-bounds traders may want to consider Altcoins to buy such as Solana (SOL), Pepe Coin (PEPE) and Chainlink (LINK)
Solana is a high-performance blockchain platform designed for decentralized applications (dApps) and cryptocurrencies. It aims to provide fast, secure and scalable blockchain solutions.
After Ethereum, Solana coin is the next best asset for potential Exchange-Traded Fund (ETF) launch. With the recent S-1 filing by major asset management firms for Solana-based ETFs, SOL The price shows active demand pressure at $122.
The horizontal level is near the support trend line of the triangle pattern formation. Price Solana It is currently trading at $137.5 billion, while its market capitalization stands at $63.6 billion.
A potential break of the triangle resistance trendline could trigger a bullish rally to $210, followed by $326.
Read also: Solana Surpasses Ethereum Amid $441M Crypto Inflow
Pepe Coin (PEPE) is a cryptocurrency based on Ethereum meme coin inspired by the popular internet meme character, Pepe the Frog.
The ongoing correction in PEPPER price is resonating tightly within two trend lines of the flag pattern formation. The pattern is known to drive a short counter-trend move for buyers to regain strength.
Today, PEPE price bounced 12.2% from the lower trend line to trade at $0.0000095, while the market cap rose to $3.88 billion. If the pattern holds, PEPE price should break the upper trend line to signal the continuation of the uptrend.
The rally following the breakout could push PEPE buyers to break above the last high of $0.00001745 and enter price discovery mode.
Read also: PEPE, WIF and these meme coins pick up where others have failed
Mesh sweater (LINK) is a decentralized oracle network that allows smart contracts on various blockchains to securely interact with real-world data and external APIs. CONNECTIONthe native cryptocurrency of the Chainlink protocol, is trading at $12.9, while the market capitalization stands at $7.86 billion.
Currently, 12.2% represents the main support for Price LINK to avoid a major breakdown. A reversal from this floor could push 25.5% higher to challenge the overhead trend line at $16.2.
The potential break of the downtrend line is crucial for buyers to regain control of this asset and regain ground above $20.
Key takeaway
Amid the ongoing liquidation of Bitcoin from the fallen Mt. With The Gox exchange and the US and German governments, BTC price has been facing aggressive supply pressure. With the downtrend intact, the asset is poised to lose the current support of $55000 and head towards the psychological level of $50000. However, the extended correction could offer one of the best opportunities for dip buyers looking for altcoins to buy.
Frequently Asked Questions (FAQ)
The Fear and Greed Index measures the overall sentiment of the cryptocurrency market. It ranges from 0 to 100.
In cryptocurrency trading, a liquidation refers to the forced closure of a trader’s leveraged position due to a partial or complete loss of the trader’s initial margin.
Price discovery mode occurs when an asset reaches a new all-time high or low and there is no historical data to suggest where the price will go next.
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Sahil is a full-time trader with over three years of experience in the financial markets. Equipped with a strong understanding of technical analysis, he keeps a close eye on the daily price movements of major assets and indices. Drawn by his fascination with financial instruments, Sahil has enthusiastically embraced the emerging realm of cryptocurrencies, where he continues to explore opportunities driven by his passion for trading
The content presented may include the author’s personal opinion and is subject to market conditions. Do your own market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.