Crypto Price Analysis: Promising Altcoins to Monitor During Market Correction
The cryptocurrency market experienced a bearish downturn over the weekend, with Bitcoin, the leading cryptocurrency, dropping below. However, industry experts view this as a typical retracement for buyers to regain strength. This correction also validates the sustainability of assets for higher levels and presents entry opportunities before the next upward trend.
Bitcoin continues to see notable inflows through ETFs, with Fidelity’s ETF leading the way with a net inflow of $155 million. This further contributes to the overall bullish sentiment surrounding the cryptocurrency market.
Here are three altcoins worth monitoring amid the market correction:
1) Ethereum (ETH): As the second-largest cryptocurrency with a current market cap of $445.7 billion, Ethereum serves as a platform for decentralized applications (dApps) and the booming decentralized finance (DeFi) ecosystem. The recent downturn caused a 9.3% loss in ETH price, but it is seeking support at the 23.6% Fibonacci retracement level, indicating a potential demand zone for buyers. If supply pressure continues, ETH may decline to $3360 or $3135, which align with the 38.2% and 50% FIB levels.
2) Solana (SOL): Known for its high-performance capabilities and low transaction costs, Solana has displayed resilience during the market correction. It has recorded a steady recovery, with a 45% growth that lifted its value to $196 and a market cap of $86.6 billion. The SOL price is being supported by substantial trading volume, which could propel it towards resistance levels at $205 and $243. Support levels can be found at $169 and $140.
3) Chainlink (LINK): Chainlink stands out in the crypto space as an ecosystem of decentralized oracle networks that enhance the real-world applicability of blockchain smart contracts. The LINK price has shown significant volatility lately, currently trading at $19.33 with a market capitalization of $11.36 billion. In case of a prolonged market correction, support levels for LINK can be expected at $17.5 and $16.6, whereas notable supply pressure may be encountered at the same levels.
In conclusion, the current correction in Bitcoin’s price is seen as a natural phase after a rally, allowing buyers to regroup. While the market corrects, altcoins like Ethereum, Solana, and Chainlink present opportunities for traders at discounted values. It’s essential to monitor these altcoins’ performance as the market continues to fluctuate.
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