The cryptocurrency industry continues to see significant corrections in valuations, highlighting the incredibly bearish sentiment in the cryptocurrency industry. Additionally, market leader BTC price recorded a correction of more than 17%, showing similar trends among top altcoins.
Despite the recent correction, the market is hinting at a positive outlook over the long term, which presents a great opportunity for investors to purchase these digital assets at a discount. In this article, we have covered the top 3 altcoins you can buy during the ongoing correction phase.
Ethereum (ETH):
The price of Ethereum traded in a closed range between $2,625 and $3,047 for a period of time, after which the bullish momentum gained momentum, recording an increase in value of approximately 21%. The bulls then continued to trend neutral over the next few days.
After testing the low of $3,369, the bulls regained momentum and recorded a surge of 21.50% within the next 6 days. As market volatility increased, the bulls lost momentum and the price has been trading lower since then.
The technical indicator MACD shows a decline in the red histogram, which indicates decreasing selling pressure in the cryptocurrency space. However, the average shows a downward trend, suggesting uncertainty about future price action.
If the market holds the price above the support level of $3,047, the bulls will regain momentum and prepare to test the highest resistance level of $4,096 in the coming days. Conversely, bearish price action may lead ETH price to test the low of $2,625.
Solana (Sunday):
SOL price showed a neutral trend for a while before the bulls gained momentum and recorded a valuation increase of 26% before the bulls trended sideways over the next few days. The price of Solana then recorded another surge of 29.56% in two days before being rejected at $149.
After trading sideways for a while, the bulls regained momentum and successfully broke through the main resistance level, adding 30.87%, before trading sideways for a while. Recently, the Solana token surpassed $200. However, the rally was short-lived and has since been traded under the influence of a downward trend.
Moving Average Convergence Divergence (MACD) displays a persistent green histogram on the chart, highlighting the strong bearish influence on the cryptocurrency industry. Moreover, the average shows a significant decline, suggesting a correction for this altcoin in the future.
If the market regains momentum and SOL price rises above the resistance level of $177, the bulls will prepare to test the upper resistance level of $210. Negatively, if the bulls fail to regain momentum, the price will continue to trade under bearish influence and test the lower support level of $135.
Dogecoin (DOGE):
After a brief period of weakness, memecoin leader Dogecoin recorded a significant 79.14% gain in five days. Afterwards, DOGE price trended sideways for a while. Mimcoin then recorded another jump of approximately 49% within the next two days.
The DOGE token was rejected at $0.195 and recorded a correction of 29.75%. However, the 50-day Cross EMA acted as support, with Dogecoin price trading in a consolidated range between $0.146 and $0.195 for about two weeks. After facing repeated rejections at the $0.195 resistance level, DOGE coin price recorded a significant correction on the charts.
MACD shows a consistent straight line on the chart, indicating that selling pressure in the cryptocurrency space is decreasing. Additionally, the average shows a neutral trend, highlighting the uncertainty of future price action for the memecoin leader.
If the market holds DOGE price above the support level of $0.124, the bulls will regain momentum and prepare to test the upper resistance level of $0.195 next weekend. Conversely, if the bears outweigh the bulls, the Dogecoin price will continue to lose value and test the lower support level of $0.0823 in the future.