Bitcoin is still maintaining the downward trend it has been following since it made its recent yearly high at nearly $45,000. Altcoins are faring worse than bitcoin and much deeper pullbacks are being experienced. Is the time coming to buy alts again?
The crypto market is deep in the red as the new week begins. Bitcoin is falling, and the rest of the crypto market is dropping a lot faster. As $BTC leads the way with a 1.6% retrace so far, altcoins that had been leading the pack, such as Kaspa (KAS), Bonk (BONK), and Solana (SOL), are faring a lot worse.
Traders new to the crypto market would hopefully not have jumped onto the top of some of the green candles of various altcoins over the last few weeks. The more experienced traders always look to buy the bottom of the red candles, and the more painful it feels when buying, the more profit can potentially be made on the way back up.
Kaspa (KAS) already hit buy zone?
Since $KAS made its more than 200% move from early November until its high of $0.15 just two and a half weeks later, it attempted to regain that high, but fell just short.
Source: Trading View
From that time, the $KAS price has been on a downward trend, and on Monday morning the price descended to just touch the 0.786 fibonacci level at a price of $0.095. Below this, at just under $0.08 is a good support level. It remains to be seen though whether or not this will be reached, unless price breaks below the 0.786 fibonacci.
Bonk (BONK) may have just bonked
$BONK was the stand-out performer in the crypto arena over three days last week. From the beginning of the surge last Wednesday, the price spiked a massive 277%, before giving back around 45% of this by Monday.
Source: Trading View
The price looks to have moved into a flag formation now, and is currently sat on the 0.618 fibonacci. If bitcoin decides to move back up, it may well be that $BONK will follow, and taking into account the measured move of the bull flag, a new high of $0.00003537 could be achieved.
Solana (SOL) just about hanging onto its trend
Source: Trading View
As can be seen in the chart above, $SOL is still respecting its upward trend line. That being said, the very clear bearish M formation could be what brings the price to lower levels if it plays out. A measured move down could take $SOL to $53. Strong support below can be found at $65.50 and at $51.70.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Source: https://cryptodaily.co.uk/2023/12/as-bitcoin-dips-altcoins-are-coming-back-to-buy-zones