Caught in a Market Correction? 3 Altcoins to Restore Your Portfolio Value

The cryptocurrency market took a significant bearish turn on July 1st, with Bitcoin plunging from $63,794 to a low of $53,500. This decline was largely due to substantial BTC liquidations by the defunct Mt Gox exchange and the US and German governments. Selling pressure also hit altcoins, leading to an extended correction phase.

CryptoQuant CEO Ki Young Ju recently pointed out that fears about government-seized Bitcoin sales are overblown. Since 2023, $224 billion has flowed into the Bitcoin market, with only $9 billion (about 4%) coming from government-seized BTC.

Ju advises traders not to let fear, uncertainty and doubt (FUD) influence their decisions, as the actual impact of these sell-offs is minimal compared to overall market inflows.

Therefore, as the overall market trend remains bullish, the current correction could represent a valuable dip-buying opportunity for investors looking to recoup losses from the previous dip.

Read also: Bitcoin Price Analysis: How Bull Flag Defends $1 Trillion Market Cap for BTC

Toncoin (TON) is the native cryptocurrency of The Open Network (TON) that offers a scalable, secure and intuitive blockchain platform for decentralized applications (dApps) and payments.

Toncoin (TON) | Tradingview

In the context of the recent market correction, Toncholine has emerged among the few cryptocurrencies that are resisting the intense selling pressure. An analysis of the daily chart shows the TON price trading in a tight spread range between the $8.21 and $6.7 horizontal levels.

On June 5, the altcoin bounced $6.7 with a long stop rejection candle indicating that buyers continue to defend this support. The bullish reversal lifted the asset by 13.8% to trade at $7.63, while the market cap jumped to $19.1 billion.

A bullish breakout from the resistance at $8.2 will signal the end of the consolidation trend and send buyers chasing the potential target of $9.4, followed by $10.4.

Solana is a high-performance blockchain platform designed for decentralized applications (dApps) and cryptocurrencies. It focuses on providing scalability without compromising decentralization or security.

SOLSolana Network’s native cryptocurrency, has shown remarkable resilience above $122 despite the broad market correction. The aforementioned support coinciding with the lower trendline of the triangle pattern has pushed the asset by 18.6% to reach $142.8. As a result, the market capitalization has jumped to $65.8 billion.

If the model is true, the Price SOL is poised to see a temporary sideways action to regain its prevailing bullish momentum.

A potential break of the upper trendline will signal the continuation of the uptrend and point to an initial target of $326.

Read also: Spot Bitcoin ETFs See $143 Million Inflows on Friday: Are Institutions Buying on Dips?

Pepe Coin (PEPE) is a meme-based cryptocurrency inspired by the popular Internet meme character Pepe the Frog. Over the past seven weeks, the price of PEPE has been in a steady downtrend under the influence of a flag pattern.

The short counter-trend move brought by this pattern with two descending trend lines could support buyers to recover the exhausted bullish momentum. With a 9.5% jump today, PEPE price has developed a morning star reversal candlestick on the lower trend line of the channel, indicating that the bullish setup is intact.

At press time, PEPE price is trading at $0.00000973, while the market cap is hovering around $4.083 billion. Any reversal should help buyers break the overhead trend line and turn it into a suitable support.

The rally following the breakout could push the asset to $0.00000135, followed by $0.00001725.

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Frequently Asked Questions (FAQ)

The Fear and Greed Index measures the market sentiment of Bitcoin and other cryptocurrencies. It ranges from 0 to 100, with lower values ​​indicating fear (bearish sentiment) and higher values ​​indicating greed (bullish sentiment)

A morning star is a bullish reversal pattern in Japanese candlestick charts that consists of three candlesticks: a long bearish candlestick, a small candlestick (indicating indecision), and a long bullish candlestick.

A: The flag pattern is a continuation pattern that forms after a sharp price movement, followed by a brief consolidation phase that resembles a flag on a pole.

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