The cryptocurrency industry continues to show a significant correction in valuation, highlighting a massive bearish sentiment in the crypto industry. Furthermore, the market leader, BTC Price, recorded a correction of more than 17%, which led the top altcoins to follow in the footsteps and show similar trends.
Despite the recent correction, the market indicates a positive outlook in the long-term perspective which makes it a good opportunity for investors to buy these digital assets at a discounted price. In this article, we have covered the top 3 potential altcoins to buy during the ongoing correction phase.
Ethereum (ETH):
The Ethereum price traded in a closed range between $2,625 and $3,047 for a period, after which the bulls gained momentum and recorded a jump of around 21% in valuation. After this, the bulls continued to show a neutral trend for the next few days.
After testing its low of $3,369, the bulls regained momentum and recorded a 21.50% jump in the next six days. As the market volatility increased, the bulls lost momentum and since then the price has been trading under a bearish note.
The technical indicator, MACD, is showing a decline in the red histogram, indicating a decrease in selling pressure in the crypto space. However, the averages show a downward trend, suggesting uncertainty in future price action.
If the market holds the price above the support level of $3,047, the bulls will regain momentum and prepare to test its upper resistance level of $4,096 in the coming time. Conversely, bearish price action could see the ETH price test its $2,625 low.
Solana (SOL):
The SOL price showed a neutral trend for a while, after which the bulls gained momentum and recorded a 26% jump in valuation, after which the bulls showed a sideways trend for the next few days. The Solana price then recorded another jump of 29.56% within the next two days before facing rejection at $149.
After trading sideways for a while, the bulls regained momentum and successfully broke out of their major resistance level by adding 30.87%, after which the price traded sideways for a while. Recently, the Solana token passed its $200 mark. However, the rally was short-lived, after which the price traded under the influence of bears.
The moving average convergence divergence (MACD) displays a constant green histogram in the chart, highlighting a strong bearish influence in the crypto industry. Moreover, the averages show a significant decline, suggesting a correction for this altcoin in the coming time.
If the market regains momentum and pushes the SOL price above the resistance level of $177, the bulls will prepare to test its upper resistance level of $210. On the downside, if the bulls do not regain momentum, the price will continue to trade under a bearish influence and test its lower support level of $135.
Dogecoin (DOGE):
After displaying weak price action for a short period of time, the memecoin leader, Dogecoin recorded a significant jump of 79.14% over five days. After this, the DOGE price traded sideways for a while. The memecoin then recorded another jump of around 49% within the next two days.
The DOGE token then faced rejection at $0.195 and recorded a 29.75% correction. However, the Cross EMA 50 day acted as a support, which led to the Dogecoin price trading in a consolidated range between $0.146 and $0.195 for about two weeks. After facing repeated rejection at the resistance level of $0.195, the DOGE coin price recorded significant correction in the chart.
The MACD shows a constant flat line on the chart, indicating a decrease in selling pressure in the crypto space. Furthermore, the averages display a neutral trend, highlighting uncertainty in the future price action for the leader of memecoins.
If the market holds the DOGE price above the $0.124 support level, the bulls will regain momentum and prepare to test its upper resistance level of $0.195 over the coming weekend. Conversely, if the bears have overwhelmed the bulls, the Dogecoin price will continue to lose value and test its lower support level of $0.0823 in the coming time.
Disclaimer for Uncirculars, with a Touch of Personality:
While we love diving into the exciting world of crypto here at Uncirculars, remember that this post, and all our content, is purely for your information and exploration. Think of it as your crypto compass, pointing you in the right direction to do your own research and make informed decisions.
No legal, tax, investment, or financial advice should be inferred from these pixels. We’re not fortune tellers or stockbrokers, just passionate crypto enthusiasts sharing our knowledge.
And just like that rollercoaster ride in your favorite DeFi protocol, past performance isn’t a guarantee of future thrills. The value of crypto assets can be as unpredictable as a moon landing, so buckle up and do your due diligence before taking the plunge.
Ultimately, any crypto adventure you embark on is yours alone. We’re just happy to be your crypto companion, cheering you on from the sidelines (and maybe sharing some snacks along the way). So research, explore, and remember, with a little knowledge and a lot of curiosity, you can navigate the crypto cosmos like a pro!
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