In the past week, altcoins, including Ethereum (ETH), have experienced a more pronounced correction. The Ether (ETH) price dropped by over 22%, mirroring the broader correction in the market. Despite the prevailing bearish sentiment, both on-chain data and market analysts suggest that this may present an opportune moment to consider buying.
Altcoins In the Opportunity Zone
In light of Bitcoin’s recent decline to a two-week low of $61.7K on Tuesday, insights from on-chain data provider Santiment shed light on potential opportunities within the cryptocurrency market. According to Santiment’s MVRV Opportunity & Danger Zone Model, several altcoins have reached a favorable mid-term trading zone.
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This zone, deemed as an “opportunity zone,” is breached when an asset’s 30-day, 90-day, and 365-day average wallet returns collectively enter negative territory. For traders seeking to capitalize on the current market conditions, Santiment identifies notable candidates within this opportunity zone.
Among these are BOUNCE ($BOUNCE), Lido ($LDO), OmiseGO ($OMG), Storj ($STORJ), and Synthetix ($SNX), offering potential prospects for strategic investment amidst the market’s fluctuating landscape, reports Santiment.
Polygon, Chainlink, and Arbitrum on Radar
Renowned crypto analyst Ali Martinez brings attention to the remarkable accuracy of the TD Sequential indicator in forecasting the price movements of Polygon ($MATIC) since mid-February. Analyzing the 4-hour chart data, Martinez highlights the indicator’s consistency in providing accurate predictions.
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Currently, the TD Sequential indicator is signaling a buying opportunity for $MATIC, hinting at a potential rebound from the $0.92 support level. This development suggests a favorable outlook for Polygon ($MATIC), potentially paving the way for a resurgence in its market performance.
Renowned crypto analyst Michael van de Poppe identifies a substantial opportunity for investors to capitalize on discounted prices. Citing a general rule of thumb, he recommends considering investments in altcoins trading at discounts ranging from 25% to 60% during bull cycles.
One such altcoin that van de Poppe highlights is Arbitrum (ARB), which currently presents a considerable discount and shows signs of readiness for a new upward trend. after yesterday’s 25% correction, the ARB price has already bounced back 5% earlier today, moving back to $1.66.
Another popular altcoin that Poppe is bullish about is Chainlink. The LINK/BTC pair is showing a good setup for a major breakout and surge ahead.
#Chainlink at these price levels in their BTC pair is just a great opportunity.
Very happy to be purchasing some today on this one. pic.twitter.com/rjjn7HYoSO
— Michaël van de Poppe (@CryptoMichNL) March 19, 2024
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- About author
- Disclaimer
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
