Chainlink (LINK), Shiba Inu (SHIB) and Terra Classic (LUNC) are some of the top altcoins that offer key buy-the-dip opportunities.
Published on January 23, 2024
The crypto market plunges tremendously in the footsteps of Bitcoin price as it drops below $40,000. Since the place BTC ETFs settled in the US, it was a bloodbath for the biggest crypto and the top altcoin alike.
Some best crypto to buy majors like Ethereum, Solana and XRP took a significant hit, falling to $2.212, $80 and $0.5 respectively.
Often, downturns in markets offer previously sidelined investors a chance to book dollar-cost averaging (DCA) and cheaper positions that were missed during previous rallies.
Some of the top altcoins outstanding on January 23, such as Chainlink (LINK), Shiba Inu (SHIB) and Terra Classic (LUNC) may offer one-time opportunities, considering the growing expectations of a bull run in 2024 and 2025. Courtesy of the upcoming halving.
Recommended: Crypto Price Prediction for January 23: ETH, XRP, MANTA
Traders look for support chain link (LINK) bleeds
Chainlink has always been a major contender among altcoins bolstered by its role as the most prominent Oracle provider. The crypto project also supports an explosion Real World Assets (RWAs) – a new sector with great potential in the future as crypto becomes mainstream.
However, like many of its peers, Chainlink price tumbled from recent highs just above $17 to $13.6 due to the widespread decline in the market.
With support at $14 turning into immediate resistance, the downtrend is expected to continue.
Bulls already look overwhelmed due to falling Chainlink below two important moving averages; the 20 EMA (blue) and 50 EMA (red). LINK is also at risk of breaking out of the rectangle pattern and contributing to the sell-off.
On the bright side, these dips can serve as potential entry positions, as LINK has shown resilience and the ability to recover even after extended pullbacks. Support could come in handy at $13 (rectangle support), the 200 EMA at $11.52, and if pressure comes at $10.
Are Shiba Inu Price Drops Profitable?
The second largest meme coin did not mirror the spectacular rally in 2021 that saw it reach a new high of $0.000086. With recovery becoming elusive Shiba Inumovements were limited between resistance at $0.000018 and $0.000006 for about two years.
This ongoing selling is putting pressure on key support areas within the range, for example $0.000008, as SHIB is trading at $0.0000084 at the time of writing.
If the negative outlook is not dealt with and The price of Shiba Inu starts rolling back again, it would not be wise to rule out a further decline to support areas $0.000007 and $0.000006 respectively.
By using a DCA strategy with these key levels, investors can identify and capitalize on key buy-the-dip opportunities as the crypto market generally recovers.
Terra Classic price as LUNC carnage strengthened
Terra Class performed commendably well in the fourth quarter of 2023, rising from $0.000055 in October to $0.00027 in early December. In addition to the generally bullish crypto market during this period, the ecosystem voted to accept key proposals that improved the prospects of tokens such as LUNC and USTC.
This provided both tokens with liquidity to sustain the rally, hence the rise in Q4.
Now that the path of least resistance has shifted downward with Terra Classic bleeds to $0.000089, it may be a good time to look out for possible trend reversal as key support areas such as $0.00007, $0.00006 and $0.000055.
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