Very often in the comments you ask for a list of interesting alts to buy. Many believe that there is no need to buy anything yet, because according to our analytics, the market is expected to continue to fall.
We believe that a number of alts can and should be bought.
Yes, in theory a temporary drawdown is possible, but most of the market is still trading somewhere near the bottom, and catching the very bottom is simply impossible. But it is very easy and simple to miss a good entry point and then watch the growth and eventually buy them at the market highs.
An even more important fact is that no one knows the future, so blindly believing in one market scenario is simply stupid.
Answer yourself the question, what will you do if the market has completed a correction or Bitcoin goes into a long sideways trend? In such scenarios, alts may begin to grow even now, so it is better to start buying slowly now, but be prepared for a temporary drawdown.
Also, remember our post 👉Bitcoin Growth Goals in 2024. Whatever one may say, we are in a bull market and the medium-long term expectations are only bullish. Therefore, you should not be afraid of a temporary drawdown, which in theory may not exist. In any case, most of the market is still very cheap.
So, let's move on to the review of the TOP 3 alts. If you like the review, then like it and write in the comments other coins for which you would like to see a similar review. If we see interest on your part, then we will continue to post similar posts.
1. $DOGE
On the monthly timeframe (1 candle = 1 month), you can see that the price of the coin is trading sideways near its bottom, and the trading volume has increased over the last 3 months. Profile volume indicates high interest in this coin in the +- current zone. The indicators are in the neutral zone, and the MACD is just starting to leave the red zone.
The graph clearly shows that the coin is very cheap.
The weekly timeframe shows that now strong support for the price is the level of $0.071, long-term moving averages MA200d and MA20w, as well as profile volume.
The indicators have cooled from the overbought zone and are now at neutral values. The price of the coin has already rolled back by -25% from its local highs, which is a normal correction in a bull market.
There is no point in looking at smaller timeframes, everything is already clear.
In fact, you can safely take the coin now, since current prices and below are excellent for medium-long-term purchases. Yes, if the correction in the market continues, the coin may drop from the current one by -25%, but this is not much by the standards of the crypto market and the potential profit is many times higher. And as you can see, the coin is still trading near the bottom.
2. $OP
Globally, the coin is moving within an ascending channel and now the price is in the middle of this channel. In a moment, the coin was even able to update historical highs.
As you can see on the chart, the key resistance zone is now the level of $3.22, but the nearest support is around $2.2.
Buyers do not yet have enough strength to break through the resistance and the indicators are already in the severely overbought zone.
The volumes in the coin are very high and this is a good sign, but now is clearly not the time when you need to buy a coin and personally, I would wait for a rollback at least to the $2.3 area where it will be possible to look closely at buying the coin. And if you’re very lucky, they’ll let you buy something for around $1.7, but I wouldn’t really hope for such a scenario.
In general, global expectations for the coin are bullish and it will definitely need to be bought during a correction.
3. $DOT
The situation is similar to DOGE, but only in this case the coin has already successfully left the borders of the sideways movement and now, in fact, a retest of the sideways movement from above is taking place. And in fact, the coin is also still somewhere near the bottom.
The coin has already rolled back by -30% from its local peaks and, in general, is already attractive for purchases. Below we have strong support zones in the form of the $5.4 level, long-term moving averages MA200d and MA20w, as well as levels based on profile volume.
Personally, we would expect a slight pullback down to the area of $5.5-5.9 where we can start buying this coin. Since the indicators have not yet cooled down enough and the price has not yet tested the long-term moving averages from above.
In any case, the coin is cheap even now, and if you are ready for a drawdown of -19%, you can also take it now. And the best prices for purchases are any price below $5.9
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