Stuck in a Market Correction? 3 Altcoins to Restore Your Portfolio’s Value

The cryptocurrency market saw a significant bearish turn on July 1, with Bitcoin Bitcoin price has plummeted from $63,794 to $53,500. This decline is largely due to substantial BTC liquidations by the former Mt Gox exchange and the US and German governments. The selling pressure has also affected altcoins, leading to an extended correction phase.

Ki Young Ju, CEO of CryptoQuant, recently pointed out that fears about government-seized bitcoin sales are overblown. Since 2023, $224 billion has flowed into the bitcoin market, with only $9 billion (about 4%) coming from government-seized BTC.

Ju advises traders not to let fear, uncertainty and doubt (FUD) affect their decisions, as the real impact of these sell-offs is minimal compared to overall market inflows.

Thus, with the overall market trend remaining bullish, this current correction may present a valuable buying opportunity for investors looking to recoup losses from the previous pullback.

Read also : Bitcoin Price Analysis: How the Bull Flag Defends BTC’s $1 Trillion Market Cap

Toncoin (TON) is the native cryptocurrency of The Open Network (TON) which offers a scalable, secure and user-friendly blockchain platform for decentralized applications (dApps) and payments.

Toncoin (TON) | Tradingview

Amid the recent market correction, Yourcoin TON has emerged as one of the few cryptocurrencies that are resisting the strong selling pressure. An analysis of the daily chart shows that the TON price is moving in a tight range between the horizontal levels of $8.21 and $6.7.

On June 5, the altcoin rebounded to $6.7 with a long-wick rejection candle indicating that buyers continue to defend this support. The bullish reversal sent the asset up 13.8% to trade at $7.63, while the market cap surged to $19.1 billion.

A bullish break of the $8.2 resistance will signal the end of the consolidation trend and encourage buyers to pursue the potential target of $9.4, followed by $10.4.

Solana is a high-performance blockchain platform designed for decentralized applications (dApps) and cryptocurrencies. It focuses on providing scalability without compromising decentralization or security.

GROUNDSolana’s native cryptocurrency, showed notable resilience above $122 despite the broad market correction. The mentioned support coinciding near the lower trendline of the triangle pattern propelled the asset by 18.6% to reach $142.8. Consequently, the market cap jumped to $65.8 billion.

If the model is true, the SOL Price is about to witness some temporary sideways action to recover its current bullish momentum.

A potential break of the upper trendline will signal the continuation of the uptrend and target an initiation target of $326.

Read also : Bitcoin Spot ETFs Saw $143 Million Inflows on Friday, Are Institutions Buying the Dips?

Pepe Coin (PEPE) is a meme-based cryptocurrency inspired by the popular internet meme character Pepe the Frog. Over the past seven weeks, the price of PEPE has been in a steady downtrend under the influence of a flag pattern.

The short countertrend move carried by this pattern with two descending trendlines could encourage buyers to recover the exhausted bullish momentum. With a 9.5% jump today, PEPE price developed a morning star reversal candle at the lower trendline of the channel, indicating that the bullish setup is intact.

At the time of publication, PEPE price is trading at $0.00000973, while the market cap is hovering around $4.083 billion. A potential reversal should help buyers break above the upper trendline and turn it into a suitable support.

The post-breakout rally could push the asset to $0.00000135, followed by $0.00001725.

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Frequently Asked Questions (FAQ)

The Fear and Greed Index measures market sentiment for Bitcoin and other cryptocurrencies. It ranges from 0 to 100, with lower values ​​indicating fear (bearish sentiment) and higher values ​​indicating greed (bullish sentiment).

A morning star is a bullish reversal pattern in a candlestick chart that consists of three candles: a long bearish candle, a small-bodied candle (indicating indecision), and a long bullish candle.

A: The flag pattern is a continuation pattern that forms after a sharp price move, followed by a brief consolidation phase that resembles a flag on a flagpole.

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