Price Analysis

Forget Bitcoin, 2 Oversold Altcoins To Buy And Build Wealth

In June, the cryptocurrency market experienced a downturn, pushing Bitcoin down to $60,000 and driving major altcoins to key support levels, offering potential opportunities for investors to buy altcoins at lower prices.
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Forget Bitcoin, 2 Oversold Altcoins To Buy And Build Wealth

Highlights

  • According to Coinmarketcap, the global cryptocurrency market cap is $2. trillion, with trading volume down 6.6% since yesterday, reaching $58.72 billion
  • The Bitcoin’s Fear and Greed Index at 47% accentuates a neutral sentiment from crypto investors.
  • The Bitcoin price breakdown below $60000 would renew supply pressure in the market and prolong the downward trend.

The cryptocurrency market witnessed a notable correction in June, following the declining trend of Bitcoin to $60000. The bearish turnaround has plunged a majority of major altcoins to crucial support, projecting a favorable opportunity to buy a dip.

According to recent data from crypto analytics firm Santiment, there has been a significant drop in bullish calls across major platforms such as X (formerly known as Twitter), Reddit, Telegram, 4Chan, and BitcoinTalk. This decline suggests that traders are losing confidence in the market. Interestingly, while bullish sentiment has plummeted, bearish calls have decreased at a slower pace.

https://twitter.com/santimentfeed/status/1806478900329119949?ref_src=twsrc%5Etfw” rel=”nofollow

Santiment interprets this trend as indicative of crowd fear and indifference, which could potentially signal a market bottom.

Also Read: Bitcoin Hacker Moves $30M BTC, Another Market Dump Incoming?

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Altcoins to Buy- XRP

XRP, created by Ripple Labs, is a digital payment protocol that aims to facilitate fast and low-cost international money transfers. Amid its ongoing legal battle against the US Securities and Exchange Commission, the asset price struggled to develop a sustainable recovery and traveled a long sideways trend. However, we expect the breakout to be huge. This makes XRP one of the best altcoin for investors to capitalize on. 

An analysis of the daily chart shows the last 6-years consolidation is resonating between two converging trend lines indicating the formation of symmetrical triangles. The XRP price currently trades 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 top coins to show a strong reversal. The potential reversal could also challenge the triangle resistance to finally break the continuous sideways trend.

If the pattern holds true, triangle breakout could lead the XRP price to surpass $2, and chase the $10 mark.

Also Read: XRP Price Defies Market Trend As Whale Dumps 52M Coins, What’s Next?

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2) Litecoin (LTC)

Litecoin, often referred to as the “silver to Bitcoin’s gold,” is a decentralized cryptocurrency designed to provide fast, secure, and low-cost payments by leveraging the unique properties of blockchain technology.

Litecoin (LTC)| Tradingview

Similar to XRP, the LTC price shows a sideways action for the past six years. Amid the consolidation, an ascending trendline bolstered buyers with dynamic support indicating an active accumulation trend during dips.

The past records show every retest to this trendline has resulted in a notable recovery and prevented major altcoins.

Currently, the LTC price trades at $73 and projects a steady downtrend with a broader market correction. With sustained selling, this altcoin could plunge another 10-12% and hit the aforementioned support around $65.

This pullback may bring buying liquidity back to Litcoin and spark a fresh recovery. 

However, the buyers would need a breakout from $115 to gain an initial signal of trend reversal. The breakout will raise the potential target from Litecoin price prediction to $413 high, followed by $1500.

Key Takeaway

This week, the crypto market saw a reduction in selling pressure as Bitcoin stabilized above the crucial $60,000 support level. Despite this stabilization, the broader market has yet to show sustainable signs of bottoming, which could lead to a prolonged downtrend. This decline has driven some key assets into oversold territories, presenting a potentially favorable risk-to-reward ratio for investors.

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Frequently Asked Questions

What is the significance of the 'Fear and Greed Index' in assessing market sentiment?

The Fear and Greed Index is a tool used to gauge the sentiments of market participants, ranging from "extreme fear" to "extreme greed." A neutral value of 47% suggests that investors are cautiously weighing their options, neither too fearful of a major drop nor too greedy in expecting significant gains.

How is a 'symmetrical triangle' pattern interpreted in trading?

A symmetrical triangle pattern in trading is characterized by two converging trendlines with price highs and lows moving into a tighter range. It is typically considered a continuation pattern, meaning that it is expected to break out in the direction of the prevailing trend.

What does "Oversold" mean in the context of cryptocurrency trading?

In trading, an asset is considered "oversold" when it is believed to have dropped below its intrinsic or true value, often as a result of widespread selling. Technical indicators like the Relative Strength Index (RSI) can suggest oversold conditions.
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Sahil Mahadik

Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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