3 Cryptocurrencies to Buy the Dip Before Exploding 50X

In June 2024, the crypto market saw a significant correction, with leading digital assets like Bitcoin plunging from $71,000 to $64,000. This decline has influenced a broader downtrend in major cryptocurrencies, creating potential opportunities for investors to “buy the dip.”

The significant release of BTC spot ETFs reinforces the current sell-off in the market. Recent data from SpotOnChain, a leading on-chain data tracker, highlights a continuing trend of net outflows from Bitcoin ETFs, signaling a cautious stance by investors amid volatile market conditions. As of June 21, 2024, Bitcoin ETF saw a significant net outflow of $106 million, contributing to a total weekly outflow of $545 million.

The net outflows span the entire trading week, accentuating the bearish sentiment prevalent in cryptocurrency markets.

Read also: Crypto Price Today, June 22: Bitcoin Remains Bearish at $64,000, PEPE and AI Coins Soar

Cryptocurrencies to buy Dip-Fetch.ai (FET)

Recover.ai (FET) is an innovative project that combines blockchain technology with artificial intelligence (AI) to create a decentralized digital economy. It aims to enable autonomous “agents” to perform tasks, optimize systems and facilitate efficient data exchange in a trustless environment.

Recover.ai (FET)| Commercial view

Connected to the booming field of artificial intelligence, Fetch.ai (FET) is poised for significant growth. Despite a recent market downturn that saw its price drop from $3.84 to $1.1, a drop of 68%, the coin’s trajectory within two parallel trendlines suggests the formation of a flag bullish.

Recently, FET bounced off the lower trendline, climbing 37% to $1.5, while its market cap increased to $1.287 billion.

A potential breakout of the pattern’s overhead trendline will signal a change in market sentiment. If this trend continues, FET price will see a prolonged rise up to $40.

Read also: Could Japan’s Banking Crisis Spark Another Bitcoin Rally? Arthur Hayes thinks so

2) AAVE

Aave is a decentralized financial protocol that allows users to lend and borrow cryptocurrencies without going through a traditional financial intermediary. In mid-March, this altcoin entered a new correction and its price plunged from $145.8 to $79, recording a 45% decline.

AAVE| Commercial view

According to data from coinmarketcap, AAVE the coin shows a market capitalization of $1.189, while the 24-hour trading volume is $85.8 million.

An analysis of the daily chart shows that this correction is part of a 27-month sideways trend governed by a symmetrical triangle pattern. Under the influence of this model, the AAVE Price is about to extend laterally before giving a decisive breakthrough.

Aave has consolidated its leadership position in the decentralized finance (DeFi) sector, holding over 60% market share in on-chain lending. Earlier this week, Satoshi Clubs said more than $13 billion had been borrowed through blockchain lending protocols, with Aave leading the way.

Thus, a potential breakout of the triangle will signal a major trend reversal and pursue the initial target of $660.

3) Notcoin (NOT)

Notcoin (NOT) is a token that initially gained traction through a viral Telegram game, effectively introducing many users to Web3 through its tap-to-earn mining mechanism. Along with Toncoin’s growth, NOT price saw an aggressive rally in late May.

Notcoin (NOT)| Commercial view

However, with the recent market correction, NOT price plunged from $0.029 to $0.0114, registering a 50% loss. Notcoin currently holds a market capitalization of $1.5 billion, eroding its position as the 56th largest crypto asset.

The current downward trend NOT the price is guided by a descending trendline, maintaining a sell sentiment in the event of a rally. For buyers to take control, a breakout above this overhead resistance is essential.

A successful breakout will signal the continuation of the uptrend and entice buyers to surpass the $0.1 mark in the near term.

Key to remember

As Bitcoin continues its correction trend in June, retail investors are feeling a sense of panic. However, it is important to note that Bitcoin is only 12% below its all-time high of $73,750. Historical patterns suggest that a 20-30% correction is common before an uptrend resumes. This scenario presents an opportunity for marginalized buyers to “buy the dip” in cryptocurrencies, thereby positioning themselves advantageously ahead of a possible major market reversal.

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