The cryptocurrency industry continues to display a significant correction in valuation, highlighting a massive bearish sentiment in the crypto industry. Further, the market leader, BTC Price, has recorded a correction of over 17%, resulting in the top altcoins following in the footsteps and displaying similar trends.
Despite the recent correction, the market hints at a positive outlook in the long-term perspective making this 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, following which the bulls gained momentum and recorded a jump of approximately 21% in valuation. After this, the bulls continued to display a neutral trend for the next few days.
After testing its low of $3,369, the bulls regained momentum and recorded a jump of 21.50% within 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, displays a decline in the red histogram, indicating a decrease in the selling pressure in the crypto space. However, the averages show a descending 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 may result in the ETH price testing its low of $2,625.
Solana (SOL):
The SOL price displayed a neutral trend for a while, after which the bulls gained momentum and recorded a jump of 26% in valuation, following which the bulls displayed 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%, following which the price traded sideways for a while. Recently, the Solana token surpassed its $200 mark. However, the rally was short-lived, following which the price has been trading 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. Negatively, if the bulls fail to regain momentum, the price will continue trading under a bearish influence and test its lower support level of $135.
Dogecoin (DOGE):
After displaying a weak price action for a brief period, the memecoin leader, Dogecoin recorded a significant jump of 79.14% over five days. Following this, the DOGE price traded sideways for a while. The memecoin then recorded another jump of approximately 49% within the next two days.
The DOGE token then faced rejection at $0.195 and recorded a correction of 29.75%. However, the Cross EMA 50-day acted as a support, resulting in 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 has recorded significant correction in the chart.
The MACD shows a constant flatline in the chart, indicating a decrease in the selling pressure in the crypto space. Further, 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 support level of $0.124, the bulls will regain momentum and prepare to test its upper resistance level of $0.195 over the coming weekend. Conversely, if the bears overpowered the bulls, the Dogecoin price will continue losing value and test its lower support level of $0.0823 in the coming time.
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