During the last week, altcoins have entered a steeper correction with the Ethereum (ETH) price correcting over 22% with a similar correction across the board. While the market is currently under a bearish grip, on-chain data and market analysts believe that this could be a great time to buy.

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.

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.

Courtesy: 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.

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.

Courtesy: Ali Martinez

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

The post Altcoins Now In ‘Opportunity Zone’, Key Altcoins to Buy on Dips appeared first on CoinGape.

---

Filed under: News - @ January 1, 1970 12:00 am