Market Correction offers Discount Opportunity in these Large Cap Cryptocurrencies; Buy Today?

Over the last few days, the crypto market has witnessed an aggressive sell-off, pushing several major cryptocurrencies to lower levels. The rising selling pressure prolonged the correction phase in these coins projecting a dip opportunity for interested traders; Here’s a list of the top 3 cryptocurrencies that are likely to resume their recovery in the near future.

Xrp(XRP) 

cSource- Tradingview 

Amid the ongoing correction in the crypto market, the XRP price has witnessed a significant downfall over a month and plunged to a crucial support zone of $0.432-$0.42. However, this retracement phase responds to the famous bullish continuation pattern called ‘Flag’. 

By the press time, the XRP price traded at $0.425 and tried to support the pattern’s lower trendline and $0.43-$12 zone. Under the influence of this pattern, the coin price is a rebound from this level and breaches the overhead trendline resistance.

The potential breakout will signal the resumption of a bullish recovery and set the XRP price to revisit the $0.55 high.

Chainlink(LINK)

Source- Tradingview 

On May 8th, the chainlink price gave a bearish breakdown from the neckline support of the head and shoulder pattern. This bearish reversal pattern may accelerate the underlying selling pressure in the LINK price.

Currently, this altcoin trades at $6.5 with an intraday loss of 1.17%. However, with sustained selling the Chainlink coin price is poised for a 16% and revisit the $5.5-$5.4 support zone.

The aforementioned level prevented sellers from pushing the LINK price any lower, acting as a strong accumulation zone.

Also Read: Top 10 Ways To Earn Passive Income From Crypto In 2023

Cardano (ADA)

Source- Tradingview 

The Cardano coin in the daily chart shows a change in the trend-defining Dow Theory. The prior price action of lower lows and lower highs has switched to higher highs and higher lows as shown in the above chart.

Moreover, connecting the lows of the rising ADA price, the technical chart shows a new support trendline, carrying the ongoing recovery rally. As of the Cardano price trades at $0.36 and is retesting the aforementioned support trendline.

If the coin price shows sustainability above the trendline, interested buyers may find an entry opportunity that could lead to a fresh recovery rally.