The cryptocurrency market entered the third quarter of 2024 on a bullish note as the Bitcoin price correction stabilized above $60000 support. The ease from prevailing selling pressure bolstered most of the major coins to form a suitable bottom and prepare for the next recovery leap. Amid the potential reversal, Chainlink (LINK), Polkadot (DOT), Litecoin (LTC), and Polygon (MATIC) emerged as top altcoins to buy and best leverage the post-correction rally.
In a recent analysis shared by renowned trader Alicharts, it’s evident that the adage “Sell in May and go away” has lost its relevance for this year as Bitcoin witnesses a significant resurgence in retail interest.
“Sell in May, and go away” is officially over! #Bitcoin retail investors are returning, with new $BTC addresses hitting a four-month high of 432,026! pic.twitter.com/xgZG1e1LVn
— Ali (@ali_charts) July 2, 2024
According to the data highlighted by Alicharts, the number of new Bitcoin addresses has soared to a four-month high, reaching 432,026. This spike suggests a robust return of retail investors to the cryptocurrency market, marking a potential shift in market dynamics.
Also Read: Forced BTC Selling By Bitcoin Miners to Continue As Network Fees Collapse 90%
Altcoins To Buy- Chainlink (LINK)
Chainlink (LINK) is a decentralized oracle network designed to bridge the gap between blockchain smart contracts and real-world data. LINK, the native cryptocurrency of Chainlink protocol witnessed a notable outflow in the June market correction, tumbling its price from $19.2 to $12.6 to register a 34.3% loss.
Chainlink (LINK)| Tradingview
However, the altcoin reverted immediately from the $12.6 support as accompanied by a 32.6% Fibonacci retracement level and 100W EMA. The potential reversal uplifted the Chainlink price by 16.8% to trade at $14.5, while its market cap jumped to $8.85 Billion.
With sustained buying, the LINK price is posed for a 15% rally and challenges the downsloping trendline. A potential breakout from this resistance will be a better signal for a sustainable rally.
Also Read: Chainlink Price: Whale Buying Spree Hints At 15% Surge, But There’s A Catch
Altcoins To Buy Polygon (DOT)
Polkadot (DOT) is a unique blockchain protocol that aims to enable multiple blockchains to transfer messages and value in a trust-free fashion; sharing their unique features while pooling their security.
Polkadot (DOT)| Tradingview
Over the past three months, the DOT price witnessed a steady downtrend developing a falling wedge pattern. The two converging trendlines as dynamic resistance and support plunged the asset to a 200-day low of $5.39.
However, with the recent market reversal, the Polkadot price reverted 21.25% to trade at $6.53, while the market cap jumped $9.38 Billion.
Amid this rally, the DOT price gave a divisive breakout from the wedge pattern resistance, signaling the end of the correction phase. The post-breakout rally could bolster buyers to target $7.77, followed by $10 and $11.9.
Litecoin (LTC) is a peer-to-peer cryptocurrency that was designed to provide fast, secure, and low-cost payments by leveraging the unique properties of blockchain technology.
Litecoin (LTC)| Tradingview
Similar to Polkadot, the LTC price has witnessed a steady correction trendline resonating within the falling wedge pattern. The chart setup is known to lead to a temporary downfall before the price breaks the overhead trendline to resume the bullish trend.
On June 24th, the altcoin rebounded from the $67.5 support to surge 11.5% and hit $75.27. By the press time, Litecoin holds a market cap of $5.615 Billion, while the 24-hour trading volume wavers at $223.2 Million.
With sustained buying, the LTC price could breach the overhead trendline and chase a potential target of $112.8.
Polygon (MATIC) is a Layer 2 scaling solution for Ethereum, designed to improve its scalability and usability without compromising on decentralization.
Polygon (MATIC)| Tradingview
Amid the recent market recovery, the MATIC price correction shifted sideways, stabilizing above the $5.4 mark. The daily chart producing candles with short bodies and long wicks indicates the trader’s uncertainty and no clear dominance of buyers or sellers over this asset.
By the press time, the Polygon price trades at $0.569 and holds a market cap of $5.61 Billion. If the market recovery sustains, this altcoin could breach the overhead trendline carrying the current correction trend.
The potential breakout will accelerate the bullish momentum to drive a rally to $0.76, followed by $1.08.
Key Takeaway
Following a sharp correction in June, the cryptocurrency market indicated signs of bottoming out among major altcoins as Bitcoin’s price rebounded from $60,000. This recovery has renewed investor sentiment, presenting an opportune moment to buy altcoins, which are poised to reach a market capitalization of $10 billion.
Frequently Asked Questions (FAQs)
A decentralized oracle network is a technology that connects blockchain smart contracts with external data sources securely and reliably.
falling wedge pattern is a technical analysis formation characterized by converging trendlines enclosing a price that has been moving downward. This pattern is generally identified as a bullish indicator
The 100-week Exponential Moving Average (100W EMA) is a technical indicator used to analyze the long-term price trends of a security or cryptocurrency
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Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
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.