Altcoins
Best Altcoins to buy this dip
With the Bitcoin price struggling to hold above the $65,000 level, altcoins are experiencing massive supply pressure. As major altcoins drop more than 10% in 24 hours, the market is extremely bearish at the moment.
Amid the sell-off, Coinglass liquidation data reveals that nearly $500 million in long positions were canceled within 48 hours.
With such an extreme market reversal, will altcoins be able to prevail in the correction phase? In the midst of the cryptocurrency market crash, check out our list of the best altcoins to buy in this dip.
The correction offers buying opportunities on Ethereum
With the recent approval of the ETF, the Ethereum price it skyrocketed to levels above $3,700 last month. However, the bull run remains short-lived as the broader market correction pushes ETH price below $3,500 and warns of a further correction.
When the descending wedge breakout rally fails on the daily chart, ETH price drops to the 23.60% Fibonacci level. However, underlying demand at lower levels points to a double-bottom reversal for the cryptocurrency industry’s largest altcoin.
With the double bottom reversal, ETH price can rise above the 50% Fibonacci level at $3,774 to potentially reach $4,000 this month.
Will this Altcoin in the retest phase come back?
On the daily chart, the uptrend of the Toncoin the price exceeds the triangle pattern. However, the bullish trend fails to maintain above the $8 mark, resulting in a rapid reversal of the bearish trend.
With a drop of almost 11% in just a few days, TON price is back below $7.50 and may soon test the broken resistance trend line again. However, the possibility of post-retest reversal, however small, can lead to a price jump to $8.
Solana targets $400 with a reversal rally
With a decline of 15% in the last seven days, the Price SOL fell below the psychological threshold of 150 dollars. Furthermore, the altcoin has failed to create any bullish weekly candlesticks over the past five weeks and even shows greater price rejection.
With huge overall supply visible on the weekly chart, SOL price tests the 50% Fibonacci level at $125. Furthermore, the long-tail formation projects a potential double bottom reversal to restart the bull run.
If so, Solana’s bull run can cross the $200 mark for a new all-time high above $250. According to the Fibonacci level, the 1,618 level at $403 can be a potential target for the altcoin this year.
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