The crypto industry continues to show significant valuation corrections, highlighting the massive bearish sentiment in the crypto industry. Furthermore, the market leader BTC price recorded a correction of over 17%, resulting in top altcoins following suit and showing a similar trend.
Despite the recent correction, the market is signaling a positive outlook over the long term, making it a good opportunity for investors to buy these digital assets at discounted prices. In this article, we have discussed the top three potential altcoins to buy during the ongoing correction phase.
Ethereum (ETH):
Ethereum price briefly traded in a narrow range between $2,625 and $3,047 before the bulls gained momentum, posting an approximately 21% increase in valuation. After this, the bulls continued to show a neutral trend for several days.
After testing the low of $3,369, the bulls regained momentum and registered an increase of 21.50% in the next 6 days. As market volatility increased, the bulls lost momentum, and prices have been bearish ever since.
The technical indicator MACD shows a decline in the red histogram, indicating a decline in selling pressure in the cryptocurrency space. However, the average value shows a downward trend, suggesting uncertainty in future price trends.
If the market sustains the price above the support level at $3,047, the bulls will regain momentum and get ready to test the upper resistance level at $4,096 in the near future. Conversely, bearish price action could result in ETH price testing a low of $2,625.
Solana (SOL):
SOL price showed a neutral trend for a while, but then the bulls gained momentum and recorded a 26% increase in valuation. The bulls then trended sideways for the next few days. Thereafter, Solana's price recorded a further increase of 29.56% in the next two days and then declined at $149.
After trading sideways for a while, the bulls regained momentum and managed to add 30.87% to break through the key resistance level, after which the price traded flat for a while. Recently, Solana token crossed the $200 threshold. However, this rise was short-lived and the stock has been affected by the bear market ever since.
The Moving Average Convergence Divergence (MACD) displays a constant green histogram in the chart, highlighting a strong bearish influence in the cryptocurrency industry. Moreover, the average shows a significant decline, suggesting a correction in the future for this altcoin.
If the market regains momentum and the SOL price breaks above the $177 resistance, the bulls will further prepare to test the $210 resistance. Negatively, if the bulls are unable to regain momentum, the price will continue to trade under bearish influence and test the $135 lower support level.
Dogecoin (DOGE):
Dogecoin, the leader among meme coins, posted a massive 79.14% gain in five days after a brief period of weak price action. In response to this, DOGE prices remained flat for a while. The meme coin then recorded another gain of around 49% over the next two days.
The DOGE token then faced rejection at $0.195, marking a 29.75% correction. However, the 50-day cross EMA acted as support and Dogecoin price traded in a range of $0.146 to $0.195 for about two weeks. After facing repeated rejections at the $0.195 resistance level, DOGE coin price recorded a significant correction on the charts.
The MACD is showing a certain flatline in the chart, indicating that the selling pressure in the cryptocurrency space is decreasing. Moreover, the average value shows a neutral trend, highlighting the uncertainty of the future price trend of the meme coin leader.
If the market sustains DOGE price above the support level of $0.124, the bulls will regain momentum and get ready to test the upward resistance level of $0.195 at the end of next week. Conversely, if the bears overwhelm the bulls, Dogecoin price will continue to lose value and will test the $0.0823 lower support level going forward.
