Altcoins
Top 5 Undervalued Altcoins Below $1 With 100x Potential In July
The consolidation of Bitcoin price above $60,000 has capped supply pressure in the cryptocurrency market, increasing talk of a potential bottom and buying on the downside.
The altcoin market witnessed a notable correction in June, amid the capitulation of Bitcoin miners and increased outflows from US-based ETFs. The BTC price collapse from $72,000 to $60,000 this month triggered an aggressive retracement in most major altcoins. However, the broader market remains bullish and such pullbacks are often considered a suitable opportunity to buy dips. Here are the top altcoins to buy as several analysts predict a post-correction rally in July.
- At the time of writing, cryptocurrency aggregator Coingecko shows that the global cryptocurrency market capitalization is $2.236 trillion, while the total trading volume over the past 24 hours is $66.3 billion.
- Bitcoin price stability above the $60,000 support level has eased the selling pressure in the altcoin market.
- Bitcoin Fear and Greed Index at 30% accentuates a bearish outlook among market participants.
Ripple (XRP)
XRP, developed by Ripple Labs, aims to facilitate fast and convenient cross-border payments. However, the asset has seen a lack of buyer action for years amid an ongoing lawsuit against the U.S. Securities and Exchange Commission.
Market uncertainty aligned with the June correction plunged to $0.475 seeking support in a long-standing ascending trend line. This dynamic support intact since March 2020 prevented XRP holdings from undergoing a major correction and provided adequate support.
As per Coinmarketcapthe XRP coin has a market capitalization of 26.4 billion dollars, while the 24-hour trading volume fluctuates around 791 million dollars.
If the aforementioned support holds, buyers could make the next recovery leap and chase a potential target of $2.
BOCCHIO (BOCCHIO)
Bonk is a meme cryptocurrency built on the Solana blockchain, known for its strong community-driven approach and rapid growth.
During the June market correction, BONK price aggressively dropped from $0.000044 to $0.000018, registering a loss of 59%. However, the declining price saw strong support on the ascending trend line of the daily chart, resulting in an immediate reversal to $0.0000228.
BONK coin has a market capitalization of $1.55 billion, while trading volume has plummeted 45% since yesterday, reaching $155.35 million.
The recent reversal from the broader market recovery could lead to a rally towards the $0.0001 mark.
Chart (GRT)
Graph (GRT) is a decentralized protocol for indexing and querying data from blockchains, enabling efficient data retrieval for decentralized applications (dApps).
GRT coin entered the current corrective trend in early March when the price retraced from $0.49. The bearish reversal caused the asset to fall to the psychological support of $2, recording a loss of almost 60%.
With BTC price settling above $60,000, the altcoin market has seen an easing of selling pressure this week. Graph coin (GRT) has held its ground above the $2 support level and has bounced 1.2% to trade at $2.1. At the same time, the market cap has risen to $2 billion.
A potential bounce from the $2 low should strengthen the general buyer resistance trend line, bringing the current correction trend with it. The potential breakout could signal the end of the correction trend and open the way for the buyer to reach the $1 handle.
Oasis Network (ROSE)
Oasis Network (ROSE) is a scalable, privacy-focused blockchain platform designed to support decentralized applications (DApps).
Amid the ongoing relief rally in the cryptocurrency market, ROSE price is showing a notable reversal from the combined support of the ascending trend line and the horizontal level at $0.082. The recovery has pushed the Oasis Network coin by 15.5% to reach $0.09, while the market cap boasted $638.5 million.
According to past records, the support trend line is acting as an accumulation point for buyers at the lows, supporting a massive rally. Therefore, with sustained buying, ROSE price could push a rally to $0.13, followed by $0.18.
Polygon (MATIC)
Polygon (MATIC) is a Layer 2 scaling solution for Ethereum, designed to improve scalability and usability. Additionally, Polygon helps maintain the security and decentralization of the Ethereum blockchain.
In the first half of 2024, MATIC was one of the few altcoins to underperform. While several altcoins showed a slight pullback from their ATH, the polygon coin almost evaporated the growth of the latest recovery push.
MATIC price is currently trading at $0.55, maintaining its market capitalization 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 provide buyers with an opportunity to counterattack and again challenge the resistance at $0.76, followed by $1.3 and $1.56.