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Earlier today, the broader cryptocurrency market witnessed a sharp drop leading to more than $300 million in liquidations within hours. However, it seems that the chances of crypto trend reversal look to be high as bulls engage in a tight fight with the bears.
Crypto Trend Reversal and Buys the Dips
As per on-chain data provider Santiment, the calls to buy the dips have soared following today’s market correction. According to on-chain data provider Santiment, the crypto market has witnessed its most rapid decline in the past four months as corrections in the markets have raised some concerns among traders. The presence of a significant number of buy-the-dip calls suggests a degree of overeagerness and FOMO (fear of missing out) regarding these reduced price levels.
Altcoins That Defy Market Correction
The broader altcoin space has been facing strong selling pressure along with Bitcoin. However, there are some altcoins that are defying the downward trend and making upside moves.
After missing out on the $180 billion altcoin market rally over the last month, Binance native BNB Coin is finally showing some strength. As of press time, the BNB Coin is up 1.40% trading at $242 with a market cap of $36.8 billion, showing a clear sign of crypto trend reversal.
Crypto analyst Ali Martinez suggests that despite encountering legal challenges, Binance could exhibit increased resilience. However, attention should be given to Binance Coin, as $BNB is shaping a descending triangle on the weekly chart. Monitoring for a conclusive close above $260 is recommended to confirm a bullish breakout for BNB.
Despite facing legal challenges, #Binance might emerge more resilient. Still, keep an eye on #BinanceCoin as $BNB forms a descending triangle on the weekly chart.
Watch for a close above $260 to confirm a bullish #BNB breakout. Until then, it might be wise to hold steady! pic.twitter.com/Wal9CDRfiP
— Ali (@ali_charts) December 10, 2023
Similarly, Avalanche’s AVAX is trading at massive 11% gains at a price of $36.28 while extending its weekly gains to more than 65%. Avalanche (AVAX) has been on a strong bullish upsurge and could topple Dogecoin (DOGE) for the ninth spot.
On the other hand, there’s a major surprise in the memecoin space as well! Solana-based memecoin Bonk (BONK) has successfully surpassed Pepe in terms of market capitalization among the largest memecoins. The dog-themed token’s achievement may be attributed to its recent substantial price gains.
Within a span of 30 days, BONK experienced a remarkable 370% price surge, elevating its value from $0.0000028 to $0.000012. This surge propelled its market capitalization to approximately $762 million, surpassing Pepe, whose current market cap stands at $675 million.
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