Forget Bitcoin, 2 oversold altcoins to buy and create wealth

The cryptocurrency market saw a notable correction in June, following the downward trend of Bitcoin at $60000. The bearish reversal has sent most major altcoins plunging towards a crucial support, projecting a favorable buying opportunity on a dip.

According to recent data from cryptocurrency analytics firm Santiment, there has been a significant decline in bullish calls on major platforms such as X (formerly known as Twitter), Reddit, Telegram, 4Chan, and BitcoinTalk. This decline suggests that traders are losing confidence in the market. Interestingly, while bullish sentiment has collapsed, bearish calls have declined at a slower pace.

Santiment interprets this trend as indicative of fear and indifference in the crowd, which could potentially signal a market bottom.

Read also: Bitcoin Hacker Moves $30 Million Into BTC: Is Another Market Crash Coming?

Altcoins to buy – XRP

XRP, created by Ripple Labs, is a digital payment protocol that aims to facilitate fast and cheap international money transfers. In the context of the ongoing legal battle against the US Securities and Exchange Commission, asset prices have struggled to develop a sustainable recovery and have been in a long sideways trend.

An analysis of the daily chart shows that the consolidation of the last 6 years resonates between two converging trend lines that indicate the formation of symmetrical triangles. XRP price is currently trading at $0.476, seeking support at the lower trend line of the multi-year support.

If the market bounces into a bullish sentiment, the XRP the price could be among the best coins to show a strong reversal. The potential reversal could also challenge the resistance of the triangle to finally break the continued sideways trend.

If the pattern holds true, the breakout of the triangle could lead to the XRP Price to surpass $2 and chase the $10 goal.

Read also: XRP Price Defies Market Trends as Whale Sells 52 Million Coins. What Next?

2) Litecoin (LTC)

LitecoinOften referred to as “the silver to Bitcoin’s gold”, it is a decentralized cryptocurrency designed to provide fast, secure, and low-cost payments by leveraging the unique properties of blockchain technology.

Litecoin (LTC) | Tradingview

Similar to XRP, LTC price shows sideways action over the past six years. Amid the consolidation, an ascending trendline has strengthened buyers with dynamic support indicating an active accumulation trend during dips.

Past data shows that each retest of this trendline has led to a notable recovery and prevented major altcoins from rising.

Currently, the LTC the price is trading at $73 and expects a steady downtrend with a larger market correction. With sustained selling, this altcoin could fall another 10-12% and reach the aforementioned support around $65.

This pullback could bring back buying liquidity to Litcoin and trigger a new rally.

However, buyers would need a breakout from $115 to get an initial trend reversal signal. The breakout will increase the potential target from Litecoin Price Prediction up to a maximum of $413, followed by $1500.

Key conclusion

The cryptocurrency market has seen a reduction in selling pressure this week as Bitcoin has stabilized above the crucial $60,000 support level. Despite this stabilization, the broader market has yet to show any sustainable signs of bottoming, which could lead to a prolonged downtrend. This decline has pushed some key assets into oversold territory, presenting a potentially favorable risk/reward ratio for investors.

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