- Altcoins face uncertainty after sharp market correction, but key support levels could signal a rebound.
- Ethereum, XRP, Solana, and Dogecoin show potential for recovery if they hold crucial price points.
- In this piece, we’ll take a look at potential buying opportunities that could emerge amid the correcion.
- Discover the top stocks poised to benefit amid stock market’s surge using InvestingPro’s powerful tools – now up to 55% off amid the Extended Cyber Monday offer!
The cryptocurrency market took a sharp hit earlier this week, marking the steepest correction since the rally that began after Trump’s election victory. This downturn particularly rattled the altcoin market, which had been showing strong momentum until recently.
Just days ago, nearly 80 of the top 100 cryptocurrencies had outpaced , fueling speculation that an altcoin season was underway. However, the recent market selloff has left many wondering if this is simply a temporary setback or a sign of deeper troubles ahead.
The total market cap, excluding Bitcoin, saw a sharp decline of over 15%, falling from $1.6 trillion to $1.36 trillion, before stabilizing at $1.45 trillion. Although the reasons behind this sudden drop remain unclear, profit-taking in the market since September seems to have played a key role.
Adding fuel to the fire, high-risk appetite in the crypto futures market led to a surge in long positions, many of which were liquidated as prices dropped. In just 24 hours, $1.7 billion in futures positions were liquidated, with $1.5 billion tied to long bets.
Bitcoin’s Volatility Soars
Bitcoin’s volatility reached new heights last week, with the cryptocurrency briefly touching $104,000 before tumbling as low as $90,000. Despite this rollercoaster ride, Bitcoin is still hovering near $96,000, maintaining a consolidation zone that has held since late November.
The $95,400 mark is crucial for preventing a deeper decline. If Bitcoin closes below this level, the downward pressure could spill over to altcoins, extending the correction. However, if Bitcoin stays within the $95,400 to $104,000 range, altcoins could see a quick rebound.
4 Altcoins to Watch Amid the Correction
As Bitcoin bulls look to hold their ground, let’s take a closer look at some of the top altcoins to gauge where potential opportunities may lie.
1. Ethereum (ETH)
had been testing the $4,000 level, which had previously acted as a significant resistance. After the recent selloff, ETH is now testing its support at $3,585. As long as Ethereum holds above this level, the path to $4,000 remains open.
A breakout above that could propel Ethereum toward the $4,400–$5,100 range. However, should the downward pressure persist, the $3,000–$3,200 range could be in play.
2. Ripple (XRP)
saw massive gains following Trump’s election victory, driven by hopes that the Ripple-SEC case would resolve in the company’s favor.
After reaching a high of $2.88 earlier this month, XRP has since settled into a sideways pattern, dipping below its support at $2.30. If the price can stabilize between $1.97 and $2.00, a rebound to $2.30 is possible. However, if XRP fails to hold above $2, it could continue to correct toward the $1.40–$1.70 range.
3. Solana (SOL)
took a harder hit during the selloff, breaking below the key $235 support level. The next significant support is around $213. A failure to hold this level could send SOL toward the $190 mark.
However, if the support at $213 holds, we could see a retest of $235, with $266 acting as the next resistance point.
4. Dogecoin (DOGE)
After a meteoric rise of over 400% last month, has slowed its ascent at the $0.44 level. The price action has formed a pennant pattern, and the recent downward move suggests a potential breakout to the downside.
If Dogecoin falls below $0.40, the downtrend could accelerate, bringing the risk of a retreat to $0.30. Conversely, if DOGE stays above $0.40 and regains $0.44, it could resume its bullish momentum toward $0.57.
Conclusion: Is This a Buying Opportunity?
While the recent market declines have been sharp, the broader outlook for the crypto market remains positive. For investors, the current downturn could present a buying opportunity, particularly if Bitcoin can hold key support levels. Watching the behavior of major altcoins and their key price points will be crucial in determining whether the correction will continue or if the market is poised for a recovery.
***
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Disclaimer: This article is for informational purposes only. It does not constitute an offer, recommendation, or suggestion to invest in any cryptocurrency. Investments are highly speculative and come with substantial risk. Please conduct thorough research and consult with a financial advisor before making any investment decisions.
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