Markets
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 at $60,000. The bearish reversal has plunged the majority of major altcoins towards 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 Twitter), Reddit, Telegram, 4Chan, and BitcoinTalk. This decline suggests that traders are losing confidence in the market. Interestingly, even as bullish sentiment has collapsed, bearish calls have declined at a slower pace.
😱 The level of bullish calls on X, Reddit, Telegram, 4Chan, and BitcoinTalk has decreased significantly as traders have lost confidence in the markets. Bearish calls have decreased, but much less rapidly. We interpret this as fear and indifference of the crowd, a potential bottoming signal. pic.twitter.com/9R2VwPciwQ
— Santiment (@santimentfeed) June 28, 2024
Santiment interprets this trend as indicative of fear and indifference among the crowd, which could potentially signal a market bottom.
Read also : Bitcoin Hacker Moves $30M worth of BTC, Another Market Dump in Sight?
Altcoins to buy – XRP
XRP, created by Ripple Labsis a digital payment protocol that aims to facilitate fast and low-cost international money transfers. Amid its ongoing legal battle with the U.S. Securities and Exchange Commission, the asset’s price has struggled to develop a sustainable recovery and has been in 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 indicating the formation of symmetrical triangles. XRP price is currently trading at $0.476, seeking support at the lower trendline of multi-year support.
If the market rebounds to bullish sentiment, the XRP Price could be among the major coins to post a strong reversal. The potential reversal could also challenge the triangle resistance to finally break the ongoing sideways trend.
If the pattern holds, the triangle breakout could lead to the XRP Price to exceed $2 and pursue the $10 mark.
Read also : XRP Price Defies Market Trend As Whale Drops 52 Million Coins, What’s Next?
2) Litecoin (LTC)
LitecoinOften referred to as the “money to Bitcoin’s gold”, is a decentralized cryptocurrency designed to provide fast, secure, and low-cost payments by exploiting the unique properties of blockchain technology.
Litecoin (LTC)| Commercial view
Similar to XRP, the price of LTC has been moving sideways over the past six years. Amidst the consolidation, an ascending trendline supported buyers with dynamic support indicating an active accumulation trend during dip periods.
Past records show that each retest of this trendline has led to a notable recovery and held back major altcoins.
Currently, the LTC The price is trading at $73 and forecasts a steady downtrend with a broader market correction. With sustained selling, this altcoin could fall another 10-12% and reach the aforementioned support around $65.
This pullback could bring buying liquidity back to Litcoin and trigger a new rally.
However, buyers would need a breakout from $115 to get a first trend reversal signal. The breakout will move the potential target from Litecoin Price Prediction up to $413, followed by $1,500.
Key Takeaways
This week, the cryptocurrency market has seen a reduction in selling pressure, with Bitcoin stabilizing above the crucial $60,000 support level. Despite this stabilization, the broader market has yet to show any lasting signs of bottoming, which could lead to an extended downtrend. This decline has pushed some key assets into oversold territory, presenting a potentially favorable risk/reward ratio for investors.
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