On Monday, the crypto market witnessed another wave of selling pressure as Bitcoin plunged below $60000 with a nearly 5% drop. The same momentum is observed in the altcoin market as major assets like Ethereum plunged 5.4% to $3232, Binance coin fell 3.3% to $555 but Solana showed a modest dip of 0.1% to $127.
Moreover, the Digital asset investment products experienced a second consecutive week of net outflows, amounting to $584 million, leading to a total reduction of $1.2 billion in assets under management. According to data shared by the satoshi club, Ethereum (ETH) saw significant outflows totaling $58 million.
Digital asset investment products saw a second consecutive week of outflows totaling $584M, reducing the total by $1.2B.$ETH faced $58M in outflows, while $SOL, $LTC, and $MATIC saw inflows of $2.7M, $1.3M, and $1M respectively. pic.twitter.com/eWdc6GGDZE
— Satoshi Club (@esatoshiclub) June 24, 2024
In contrast, Solana (SOL), Litecoin (LTC), and Polygon (MATIC) registered inflows of $2.7 million, $1.3 million, and $1 million, respectively. This trend highlights a mixed investment landscape within the market and not a dominant direction.
Amid the extended correction, here are 3 cryptocurrencies that can offer a suitable dip opportunity for sidelined buyers.
Also Read: Bitcoin Crash: What To Do As Mt. Gox BTC Payments Threaten Crash To $46,000
Solana Dip to Monthly Support Hints Reversal Underway
Solana (SOL) is a high-performance blockchain platform known for its fast transaction speeds and low costs, making it ideal for decentralized applications (dApps) and crypto projects.
Solana | Tradingview
Over the past three months, the Solana price has been trading sideways, rebounding within a triangle pattern. The two converging trend lines act as dynamic resistance and support and squeeze the price within a narrow range.
The SOL price is currently trading at $126 seeking support at the lower trendline of the triangle. As per the coinmarketcap, the Solana coin holds a market cap of $59.6 Billion, while the trading volume is at $3.08 Billion.
As per past records, the lower trendline bolsters buyers for a potential rebound to a higher trendline, indicating a potential gain of 32% to hit $170. However, a breakout beyond the triangle range is needed to trigger an uptrend.
Also Read: Want To Retire Rich? 5 No-Brainer Solana Rivals To Buy Now And Hold Forever
Pepe Coin Correction Under Bull Flag Hints Immediate Rally
Pepe coin (PEPE) is a meme-inspired cryptocurrency that gained popularity for its association with the internet meme character Pepe the Frog.
Pepe Coin| Tradingview
The altcoin entered correction in late May as the price reverted from $0.0000172. The bearish reversal plunged the asset 38% to currently trade at $0.0000107, while the market cap plunged to $4.5 Billion.
The downfall strictly resonating within two parallel trend lines shows the formation of flag patterns. This chart pattern is known to restore exhausted bullish momentum with a temporary pullback.
Thus, a potential breakout from the overhead trendline will signal the uptrend continuation. With sustained buying. The PEPE price could rally to $0.000045 mark.
Also Read: PEPE and this Ethereum Token Capture Investors Attention as Elon Musk’s AI Sets $1000 Target for Ripple (XRP)
Dogwifhat Coin in Oversold Region Points to Potential Reversal
Dogwifhat (WIF) is a meme-based cryptocurrency with a playful concept featuring a Shiba Inu dog wearing a knitted beanie and capturing the lighthearted spirit of internet memes.
Dogwifhat Coin| Tradingview
The recent market correction took a notable toll on the Dogfihat coin, triggering a fall from $4.08 to $1.47 to a record 68% loss. However, this oversold asset, evidenced by the RSI indicator falling below 29% witnessed renewed demand pressure.
With a 4.24% intraday jump, the WIF price traded at $1.647, while the market cap also jumped to $1.65 Billion. However, interested buyers must wait for a reversal pattern to develop as the Memecoin’s movement is currently dominated by sellers.
Key Takeaway
The broader market sentiment remains bearish, with the majority of major coins prolonging its correction. With the BTC price plunged below $60000, the altcoins are witnessing a fresh wave of selling pressure. However, with a broader trend bullish the potential investors can seek dip opportunities in Solana, PEPE, and Dogwifhat.
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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.
