Published 7 hours ago
The ongoing correction phase in the crypto market started in November 2021, after several major cryptocurrencies witnessed All-Time Highs. However, this downfall has tumbled even the strong projects by 70-80%, bringing a heavy discount for interested traders. Today, we’ll analyze some of these altcoins whose post-correction rally can offer exceptional returns.
ETH Buyers Mount Strong Support At $1000
Source- Tradingview
On 16th November 2021, the second-largest cryptocurrency Ethereum(ETH), marked a new All-Time-High of $4891. However, the ongoing retracement breached some crucial support levels and plunged to a current low of $896.11, registering an 81.6% loss.
Anyhow, the coin buyers managed a weekly candle closing above $1000 and sustained this psychological level. Moreover, the lower price rejection candles at the aligned support $1000 and 0.786 Fibonacci retracement level, projecting a high demand zone.
This support level holds the potential to form a bottom and could bolster the ETH price to start rallying again. The $2000 breakout should give an additional confirmation for recovery.
Furthermore, the potential rally could surge to the ATH mark of $4891 or under a strong bullish scenario, and the trend-based Fib-extension suggests $5665.
Relative Strength Index- the weekly-RSI slope has nosedived into the oversold region, indicating the sellers have overextended the downtrend. As a result, the discounted price could attract more buyers and encourage a bullish reversal from $1000.
FTT Price Retest The Yearly Support Of $21.5
Source- Tradingview
The nine-month downtrend depreciated the FTT/USDT pair by 75%, reaching a low of $21.5. This support level previously stalled May 2021 downfall and bolstered the July-August bull rally.
Last week, altcoin barely touched this support level and reverted by offering a long-tail rejection. Moreover, a 0.786 Fibonacci retracement level located at the same position increase weightage of this demand zone.
A potential reversal from this support should breach the significant supply region for additional confirmation. If the buyers regain trend control, the altcoin may rise to ATH of $85 and, with sufficient bullish momentum, $102.
Vortex indicator- a significant spread between the bearishly aligned VI+ and VI- slope indicates sellers maintain an upper hand over buyers. This indicates the altcoin may witness a consolidation phase before rallying higher to replenish the bullish momentum.
MANA Price Forming Morning Star Candle at $0.75 Demand Zone
Source- Tradingview
The MANA/USDT technical chart showcased a steady downfall since the November 2021 ATH of $5.9. This downfall slumped the meta coin by 89.75% and hit the $0.731 mark, which is the same support level that bolstered the October 2021 bull rally.
While the largest cryptocurrency-Bitcoin shows sustainability above the $20000, the MANA chart reflects the formation of morning star candle patterns near the $0.8 support zone.
The potential recovery must reclaim the $1.7 mark to gain better confirmation for a bull rally. If the buying pressure persists, the coin price could revisit the ATH($5.9), indicating a 588% growth potential.
MACD indicator- the faded red bars in the histogram chart show weakening of bearish momentum. Moreover, the MACD slope gradually nearing the signal line for a bullish crossover would offer an extra edge for long traders.
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.
Source: https://coingape.com/markets/best-altcoins-to-buy-amid-correction-5x-10x-potential-returns/