Altcoins
Top 5 Undervalued Altcoins Under $1 With 100x Potential in July
Bitcoin price consolidation above $60,000 has halted supply pressure in the crypto market while raising the voice of a potential bottom and buying on the dip.
The altcoin market saw a notable correction in June, amid Bitcoin miner capitulation and increased outflows from US-based ETFs. The drop in BTC price from $72,000 to $60,000 this month triggered an aggressive retracement in most major altcoins. However, the broader market remains bullish and such pullbacks are often seen as an appropriate opportunity to buy on the dip. Here are the best altcoins to buy as several analysts anticipate a post-correction rally in July.
- At press time, crypto aggregator Coingecko shows that the global crypto market cap stands at $2.236 trillion, while the total trading volume over the last day is $66.3 billion. dollars.
- Bitcoin price stability above the $60,000 support level has eased selling pressure in the altcoin market.
- Bitcoin’s Fear and Greed Index at 30% accentuates the bearish outlook among market participants.
Ripple (XRP)
XRP, developed by Ripple Labs, aims to facilitate fast and cost-effective cross-border payments. However, the asset has seen a lack of initiative from buyers for years amid the ongoing legal battle against the U.S. Securities and Exchange Commission.
Market uncertainty from the June correction plunged to $0.475 in search of support at a long-standing ascending trendline. This dynamic support intact since March 2020 prevented XRP holders from experiencing a major correction and provided suitable support.
According to CoinmarketcapThe XRP coin holds a market capitalization of $26.4 billion, while the 24-hour trading volume hovers around $791 million.
If the aforementioned support holds, buyers could take the next recovery step and pursue a potential target of $2.
BONK (BONK)
Bonk is a meme cryptocurrency built on the Solana blockchain, known for its strong community-driven approach and rapid growth.
Amid the June market correction, BONK price saw an aggressive fall from $0.000044 to $0.000018, registering a loss of 59%. However, the falling price saw strong support at the ascending trendline of the daily chart, which resulted in an immediate reversal to $0.0000228.
BONK coin holds a market cap of $1.55 billion, while trading volume has dropped 45% since yesterday to $155.35 million.
The recent reversal in momentum resulting from a broader market rally could lead to a rally to the $0.0001 mark.
Chart (GRT)
Graph (GRT) is a decentralized protocol for indexing and querying data from blockchains, enabling efficient data retrieval for decentralized applications (dApps).
The GRT cryptocurrency entered the current correction trend in early March, with the price recovering from $0.49. The bearish reversal caused the asset to fall to a psychological support of $2, registering a loss of almost 60%.
With BTC price stabilizing above $60,000, the altcoin market saw some relief from selling pressure this week. Graph (GRT) coin held its position above the $2 support level and saw a 1.2% rebound, trading at $2.1. At the same time, the market cap surged to $2 billion.
A potential rebound from the $2 bottom should strengthen buyer resistance, which would carry the current correction trend. The potential breakout could signal the end of the correction trend and open the way for the buyer to target the $1 mark.
Oasis Network (ROSE)
Oasis Network (ROSE) is a scalable, privacy-focused blockchain platform designed to support decentralized applications (DApps).
Amidst the current relief rally in the crypto market, ROSE price is showing a notable reversal from the combined support of the ascending trendline and the horizontal level at $0.082. The surge propelled the Oasis Network coin by 15.5% to $0.09, while the market cap stood at $638.5 million.
Based on past records, the support trendline acts as an accumulation point for dip buyers, reinforcing a massive rally. So, with sustained buying, PINK price could lead to a rise to $0.13, followed by $0.18.
Polygon (MATIC)
Polygon (MATIC) is a layer 2 scaling solution for Ethereum, designed to improve its scalability and usability. Additionally, Polygon helps maintain the security and decentralization of the Ethereum blockchain.
During the first half of 2024, MATIC was one of the few top altcoins to underperform. While several altcoins showed a slight pullback from their ATH, the polygonal coin almost wiped out the growth from the latest rally surge.
MATIC price is currently trading at $0.55, keeping its market cap at $5.5 billion. However, with sustained selling, the asset could flip the long-standing support at $0.5-$0.493.
This crucial support could provide buyers with the opportunity to counterattack and once again challenge overhead resistance at $0.76, followed by $1.3 and $1.56.