With a 7% fall in the total crypto market capitalization within two days, the industry stands at $2.43 Trillion. The sharp fall marks a bearish beginning to this week and warns of a downfall in the altcoins.
With the sudden crash, the biggest crypto sets the theme as the BTC price drops to $66,500 from $71,300. Starting a bearish impact wave hitting the top altcoins, the sellers are taking over the trend control.
Amidst this crash, the smart money and the optimistic sideliners are exploring the altcoins for the next best performer. Following in similar footsteps, we bring to you a list of the top 5 altcoins to buy this dip.
Fantom (FTM)
Fantom, the famous DeFi token taken a hit over the last two weeks and fails to sustain above the $1 psychological mark. As the market-wide sell-off leads to a drop to $0.90, the altcoin is under a pullback phase.
With a retest of the 23.60% Fibonacci level breakout, the FTM price reverses from the $1.221 mark. Leading to an evening star for the retest, the altcoin brings a potential post-retest reversal.
Hence, the altcoin brings an entry opportunity to buy this dip. Considering the uptrend revives with the retest, the bull run could hit the $1.73 mark at the 50% Fibonacci level.
Near Protocol (NEAR)
With a bearish turnaround in the market price, the NEAR price trend shows a setback from the $8.41 mark. The altcoin price drops by 24% and leads to a new bearish weekly candle.
In just two days, the altcoin loses 14% of its market value and trades at $6.28. Currently, the NEAR price is within the 23.60% and 38.20% Fibonacci levels. With the sideline traders anticipating a post-retest reversal, the NEAR price could surpass $8.43. Supporting the breakout thesis, the rounding bottom trend reversal reflects solid underlying bullishness.
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Avalanche (AVAX)
Avalanche, another top altcoin on our list, has shown an intense correction over the past three weeks. Following the rounding bottom breakout and the surge to $65, the altcoin fails to reach the 50% Fibonacci level.
With a correction in motion, the altcoin loses 19% of its market value, leading to three consecutive bearish weekly candles. Like the remaining coins on our list, the AVAX is at a retest point.
With the altcoin season around the corner, potentially powered by the Bitcoin halving, Avalanche could find a bullish reversal. Hence, the crash brings an opportunity to buy AVAX tokens at a huge discount.
Optimistically, the bullish revival could hit the $100 mark in the altcoin season.
Theta Network (THETA)
With a golden crossover possibility in the weekly chart, the THETA price chart shows a long-term trend reversal. The bullish reversal hits the ceiling of 23.60% Fibonacci level at $3.50.
As the supply wave impacts the altcoins, the 15% drop in THETA this week threatens to fall at the 200W EMA. Nevertheless, the golden crossover possibility, combined with the Bitcoin halving coming this month, could see the token price hit $5.28 at the 38.20% Fibonacci level.
Gala Games (GALA)
Being a Metaverse/Gaming token with a low market cap, the GALA coin price shows immense upside potential. However, with a long consolidation in the weekly chart, the altcoin struggles for a trend reversal.
With a recent breakout attempt, the GALA price hits the $0.079 mark before the 30% drop in just four weeks. As the downfall comes closer to the 50W EMA, the altcoin signals an entry opportunity to the sideline traders.
Considering the uptrend regains momentum, the GALA price could hit the $0.18 mark.
Also Read : Why Are Crypto Markets Down Today: Is It Pointing to a Massive Crash? Here’s What You Should Know!
Conclusion
With the potential altcoin rally coming with Bitcoin Halving this month, the ongoing correction is a perfect opportunity to buy. Further, the coins in our list display a strong underlying use case, adding to the possibility of an uptrend.
