3 Altcoins to Buy if Bitcoin Correction Extends to $50,000

Altcoins to buy: Bitcoin The price trajectory has been slow since last weekend, trying to stabilize above $50,000. The daily chart projecting a neutral candle with a long wick does not suggest any clear indication from buyers to sellers to drive this asset.

According to data from Coinglass, 96,521 cryptocurrency traders were liquidated, resulting in total liquidations of $425.37 million. Bitcoin (BTC) faced liquidations of $190 million, while Ethereum (ETH) saw liquidations of $94 million.

Additionally, WuBlockchain reported that the German Government The government transferred 16,038.7 BTC, worth approximately $915.3 million, to exchanges and market makers. This substantial move is part of a larger sale that began on June 19, during which the government transferred a total of 26,071 BTC, equivalent to $1,527.9 million.

Currently, the address associated with these transactions holds 23,788 BTC, worth approximately $1.32 billion.

Additionally, the U.S. government and now-defunct Mt. Gox exchanges are set to further liquidate their BTC holdings. This coordinated sell-off could lead to increased pressure on Bitcoin’s supply and price to $50,000.

Amid the potential downturn, sidelined traders may consider Altcoins to buy like Solana (SOL), Pepe Coin (PEPE) and Chainlink (LINK)

Solana is a high-performance blockchain platform designed for decentralized applications (dApps) and cryptocurrencies. Its goal is to provide fast, secure and scalable blockchain solutions.

Solana (SOL) | Tradingview

After Ethereum, the Solana cryptocurrency is the next best asset for the potential launch of exchange-traded funds (ETFs). With the recent S-1 filing of major asset managers for Solana-based ETFs, the GROUND Price shows active demand pressure at $122.

The horizontal level is close to the support trendline of the triangle pattern formation. Solana Price is currently trading at $137.5 billion, while the market capitalization is $63.6 billion.

A potential break of the triangle’s resistance trendline could lead to a bullish rally to $210, followed by $326.

Read also : Solana Surpasses Ethereum as $441M Crypto Inflows

Pepe Coin (PEPE) is a cryptocurrency based on Ethereum coin meme inspired by the popular internet meme character, Pepe the Frog.

Pepe Coin (PEPE) | Tradingview

The ongoing correction in PEPE price is strictly resonating within the two trendlines of the flag pattern formation. The pattern is known to cause a short countertrend move for buyers to regain strength.

Today, PEPE price rebounded 12.2% from the lower trendline to trade at $0.0000095, while the market cap increased to $3.88 billion. If the trend continues, PEPE price needs to break above the upper trendline to signal a continuation of the uptrend.

The post-breakout rally could encourage PEPE buyers to push past the last high of $0.00001745 and enter a price discovery mode.

Read also : PEPE, WIF and these meme coins pick up where others have failed

Chain link (LINK) is a decentralized oracle network that allows smart contracts on various blockchains to securely interact with real-world data and external APIs. LINKThe native cryptocurrency of the Chainlink protocol is trading at $12.9 billion, while the market cap remains at $7.86 billion.

Chainlink (LINK) | Tradingview

Currently, the 12.2 level is the major support for LINK Price to avoid a major drop. A possible trend reversal from this floor could push the price 25.5% higher to challenge the upper trendline at $16.2.

A potential break of the downtrend line is crucial for buyers to regain control of this asset and regain ground above $20.

Key takeaways

Amidst the ongoing Bitcoin sell-off due to the fall of Mt. Gox exchange and the US and German governments, BTC price has been facing aggressive supply pressure. With the downtrend intact, the asset is on the verge of losing the current $55,000 support and heading towards the psychological $50,000 level. However, the prolonged correction could provide one of the best opportunities for dip buyers looking for altcoins to buy.

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Frequently Asked Questions (FAQ)

The Fear and Greed Index measures the overall sentiment of the cryptocurrency market. It ranges from 0 to 100.

A liquidation in cryptocurrency trading refers to the forced closure of a trader’s leveraged position due to a partial or complete loss of the trader’s initial margin.

Price discovery mode occurs when an asset reaches a new all-time high or low and there is no historical data to suggest where the price will move next.

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