Forget Bitcoin, 2 Oversold Altcoins to Buy and Build Wealth

The cryptocurrency market saw a notable correction in June, following the downward trend of Bitcoin to $60,000. The bearish trend reversal has sent most major altcoins crashing to crucial support, projecting a favorable opportunity to buy a dip.

According to recent data from crypto analytics firm Santiment, there has been a significant decline in bullish calls on major platforms such as X (formerly known as Twitter), Reddit, Telegram, 4Chan, and BitcoinTalk. This decline suggests that traders are losing confidence in the market. Interestingly, while bullish sentiment has collapsed, bearish outlooks have declined at a slower pace.

Santiment interprets this trend as indicative of crowd fear and indifference, which could potentially signal a market bottom.

Read also: Bitcoin Hacker Moves $30 Million of BTC, Another Market Crash Coming?

Altcoins to buy: XRP

XRP, created by Corrugation laboratoriesis a digital payment protocol that aims to facilitate fast and low-cost international money transfers. Amid its ongoing legal battle against the US Securities and Exchange Commission, the asset’s price has struggled to develop a sustainable recovery and has been on a long sideways trend.

An analysis of the daily chart shows that the consolidation of the last 6 years resonates between two converging trend lines that indicate the formation of symmetrical triangles. XRP price is currently trading at $0.476, seeking support at the lower trend line of the multi-year support.

If the market rebounds towards bullish sentiment, the XRP The price could be among the best coins to show a strong reversal. The potential reversal could also challenge the triangle resistance to finally break the continuing sideways trend.

If the pattern is true, the breakout of the triangle could lead to an upside XRP Price to surpass $2 and chase the $10 goal.

Read also: XRP Price Challenges Market Trend as Whale Sells 52 Million Coins. What will happen?

2) Litecoin (LTC)

LitecoinOften referred to as “the silver to Bitcoin’s gold”, it is a decentralized cryptocurrency designed to provide fast, secure, and low-cost payments by leveraging the unique properties of blockchain technology.

Litecoin (LTC)| Tradingview

Similar to XRP, LTC price shows sideways action over the past six years. Amid the consolidation, an ascending trendline has strengthened buyers with dynamic support indicating an active accumulation trend during dips.

Past data shows that each retest of this trend line has led to a notable recovery and prevented major altcoins from rising.

Currently, the LTC The price is trading at $73 and is forecast to continue the downtrend with a broader market correction. With sustained selling, this altcoin could fall another 10-12% and reach the above-mentioned support around $65.

This pullback could bring back buying liquidity to Litcoin and trigger a new rally.

However, buyers would need a breakout from $115 to get an initial trend reversal signal. The breakout will increase the potential target from Litecoin Price Prediction up to a high of $413, followed by $1500.

Takeaway key

The cryptocurrency market has seen a reduction in selling pressure this week as Bitcoin has stabilized above the crucial $60,000 support level. Despite this stabilization, the broader market has yet to show any sustainable signs of bottoming, which could lead to a prolonged downtrend. This decline has pushed some key assets into oversold territory, presenting a potentially favorable risk/reward ratio for investors.

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