The cryptocurrency market has witnessed a significant downturn, with the total market capitalization plummeting by 7% over a span of just two days, now standing at $2.43 trillion. This steep decline signals a bearish outset for the week, and many altcoins might fit into that trajectory.
Bitcoin, the largest cryptocurrency, has experienced a flash drop, falling from $71,300 to $66,500, and setting a bearish trend that has started affecting the leading altcoins, with sellers starting to dominate the market.
Despite the market’s sudden crash, investors and optimistic observers, often referred to as “smart money” and “optimistic sideliners,” are on the lookout for altcoins that may emerge as top performers during this dip.
In line with this search for value, below you’ll find a list of the top 5 altcoins you should pay close attention to amidst the current market conditions.
5 Best Altcoins To Buy Right Now According to Fibonacci Levels
1. Near Protocol (NEAR)
The market has taken a bearish turn, leading to a decrease in NEAR’s market value from its peak at $8.41. This shift resulted in a 24% drop in the altcoin’s price, forming a new bearish weekly candle.
In just two days, the cryptocurrency shed 14% of its value, now trading at $6.28. The current price of NEAR falls between the 23.60% and 38.20% Fibonacci retracement levels. There is anticipation among traders on the sidelines for a potential reversal following a retest, which could see the NEAR price climb beyond $8.43.
This optimistic outlook is supported by a rounding bottom trend reversal, indicating a strong bullish sentiment beneath the surface.
2. Theta Network (THETA)
The weekly chart for THETA reveals a potential golden crossover, indicating a significant long-term trend reversal. This bullish shift reaches its peak at the 23.60% Fibonacci level, with the price touching $3.50.
The current wave of supply affecting altcoins has led to a 15% decrease in THETA’s value this week, bringing it close to the 200W EMA’s threshold. However, the anticipated golden crossover, alongside the upcoming Bitcoin halving event this month, might propel the token’s price to $5.28, aligning with the 38.20% Fibonacci level.
3. Fantom (FTM)
Over the past two weeks, Fantom, a well-known DeFi token, has suffered a decline, struggling to remain above the crucial $1 mark. Triggered by a broader market sell-off, its value dipped to $0.90, indicating a period of correction.
Following a reevaluation of the 23.60% Fibonacci level breakout, Fantom’s price fell from $1.221, setting the stage for a potential reversal after this retest, symbolized by an evening star formation.
So, there might be a buying opportunity at the moment, as the possibility of a resurgence could propel the bull run towards $1.73, reaching the 50% Fibonacci level, assuming the uptrend resumes post-retest.
4. Gala Games (GALA)
As a Metaverse/Gaming token possessing a relatively small market capitalization, GALA coin exhibits significant potential for growth. Despite this potential, it faces challenges in achieving a trend reversal due to an extended period of consolidation observed in the weekly chart.
Following an attempted breakout, the price of GALA reached $0.079, only to experience a sharp decline of 30% within a span of four weeks. This downturn brings it nearer to the 50W EMA, presenting a possible buying opportunity for traders waiting on the sidelines.
Should the upward trend regain its strength, it’s projected that the price of GALA could reach the $0.18 level.
5. Avalanche (AVAX)
Avalanche has undergone a substantial correction during the last three weeks. Despite breaking out from a rounding bottom pattern and climbing to $65, it failed to achieve the 50% Fibonacci retracement level.
Currently undergoing a correction, Avalanche has seen a 19% reduction in its market value, resulting in three successive bearish weekly candles. Similar to other coins on our list, AVAX is now facing a critical retest.
With the altcoin season potentially on the horizon, spurred by the upcoming Bitcoin halving, there’s a chance for Avalanche to experience a bullish turnaround. So, this downturn is also a great opportunity to acquire AVAX tokens at significantly lower prices.
There’s a hopeful outlook that, during the altcoin season, the bullish momentum could make AVAX reach the $100 threshold.
