Altcoins
Best Altcoins to Buy If Bitcoin Falls Below $60,000
With a new increase in supply, the Bitcoin price is once again plunging into the $60,000 demand zone. In such conditions, the altcoin sector is plunging, with the altcoin market capitalization clinging to $1 trillion.
Nevertheless, institutions are bullish on the long term with the anticipation of Bitcoin hitting $100,000 in 2024. Therefore, a drop below the $60,000 area would provide a great opportunity to stack altcoins at lower prices. So, let’s take a closer look at some high-potential coins to buy if BTC drops below $60,000.
Toncoin (TON)
With an ongoing bullish trend, TON price is showing a rising wedge on the daily chart. Moreover, the altcoin maintains its dominance above the 50D EMA and is up 53% in the last two months.
However, the increase in overhead supply forms a resistance trendline that completes an ascending wedge. Additionally, the MACD and signal lines on the verge of a bullish crossover reinforce the chances of an uptrend.
With a breakout upwards, TON price may rise above the psychological $10 mark and potentially reach the $13.26 level. In case of a break below the 50-day exponential moving average, the altcoin could test the $6 mark, a suitable place to buy the dip.
Tron (TRX)
With a bullish breakout of a triangle pattern, TRX price reveals a bullish trend in motion. Moreover, the bullish cycle completes a rounding bottom reversal to avoid the deadly crossover between the 50D and 200D EMAs.
Currently, TRX price is trading at $0.12 with an overnight jump of 1.16%. Moreover, the altcoin has increased by 15% in the last 35 days, which has led to a positive MACD trend and signal lines crossing above the zero line.
With the rounding bottom broken, TRX price is testing the 61.80% Fibonacci level and teasing a bull run to the $0.14 mark. In case of a fall in the cryptocurrency market, the altcoin may test the $0.12 or $0.10 mark before reestablishing a new bull run.
Conflux (CFX)
With a falling wedge similar to other altcoins, the CFX price trend is under a bearish influence in the short term. As the bullish cycle gains momentum, the altcoin is preparing for a breakout rally.
However, the breakout rally will face multiple resistances such as the 50D EMA, 200D EMA, $0.20 resistance, and the 23.60% Fibonacci level. Therefore, a sideways trend is possible near the upper supply zone.
As the bullish crossover of the MACD and Signal lines gains momentum, CFX price could land the 50% Fibonacci at $0.28.