The crypto market is dumping immensely following in the Bitcoin price footsteps as it sinks below $40,000. Since the spot BTC ETFs went live in the US, it has been a massacre for the largest crypto and the top altcoin alike.
Somebest crypto-to-buymajors like Ethereum, Solana, and XRP took a significant hit, plunging to $2,212, $80, and $0.5, respectively.
advertisem*nt
Often downturns in markets offer previously sidelined investors a chance to dollar-cost average (DCA) and book cheaper positions, which had been missed during previous rallies.
Some of the top altcoins standing out on January 23 like Chainlink (LINK), Shiba Inu (SHIB), and Terra Classic (LUNC) could offer once-in-a-lifetime opportunities, considering the growing expectations of a bull run in 2024 and 2025, courtesy of the upcoming halving.
Recommended:Crypto Price Prediction For January 23: ETH, XRP, MANTA
Traders search for support chainlink (LINK) bleeds
Chainlink has always been a big contender among altcoins bolstered by its role as the most prominent Oracle provider. The crypto project is also having a blast supportingReal World Assets(RWAs) – a new sector with great potential in the future as crypto becomes mainstream.
However, like many of its peers, Chainlink price tumbled from highs recently achieved slightly above $17 to $13.6 due to the widespread drawdown in the market.
With support at $14 turning into an immediate resistance, the downtrend is expected to carry on.
Already bulls seem overpowered due to falling Chainlink below two key moving averages; the 20 EMA (blue) and 50 EMA (red). LINK also risks breaking out of the rectangle pattern and adding to the sell-off.
On the bright side, these dips can serve as potential entry positions as LINK has exhibited resilience and the ability to recover even after extensive pullbacks. Support could come in handy at $13 (rectangle support), the 200 EMA at $11.52, and if push comes to shove at $10.
Are Shiba Inu price dips profitable?
The second-largest meme coin has not mirrored the spectacular rally in 2021 that saw it hit a new all-time high of $0.000086. With recovery becoming elusiveShiba Inu, movements were confined between resistance at $0.000018 and $0.000006 for about two years.
This ongoing sell-off is exerting pressure on key support areas within the range, for instance, $0.000008, considering SHIB is trading at $0.0000084 at the time of writing.
If the negative outlook is not handled andShiba Inu pricebegins to roll back up again, it would not be prudent to rule out a further decline to support areas $0.000007 and $0.000006, respectively.
Employing a DCA strategy with these key levels, investors can identify key buy-the-dip opportunities and capitalize on them as the crypto market generally recovers.
Terra Classic price as LUNC bloodbath intensifies
Terra Class performed commendably well in Q4 2023, rising from $0.000055 in October to $0.00027 in early December. In addition to the generally bullish crypto market during this period, the ecosystem voted to pass key proposals seeking to improve the outlook of tokens such as LUNC andUSTC.
This supplied both the tokens with liquidity to sustain the rally, hence the spike in Q4.
Now that the path of least resistance has shifted downwards withTerra Classicbleeding to $0.000089, it could be a good time to look out for possible trend reversals as key support areas like $0.00007, $0.00006, and $0.000055.
Related Articles
- Arbitrum Price Tumbles 30% From ATH Slashing ARB Holder Profits, What’s Next?
- Shiba Inu Price Prediction As SHIB Burn Rate Spikes, Will SHIB Hit $1 Soon?
- XRP Selloff: Whale Dumps 29 Mln XRP As Price Nears $0.51
✓ Share:
- TAGS
- altcoins
- Chainlink
- LINK
- LUNC News
- SHIB Price
- shiba inu
- Trending
- Price Analysis
- Floki Storms Times Square with Major Marketing Push Amid 40% Price Surge
- Solana (SOL) Price Eyes Two-Year Breakout Above $150, Next Stop $500?
- 29,000 Bitcoin (BTC) Options Set to Expire Today, Here What’s To Expect
- Reddit Plans NYSE Debut in March with Shares Priced at $31-$34
- Cardano Price Hold Above Key Support Sets the Next Recovery Leap to $1
- Will $FET Hit $3? Whale Accumulation Hints Fetch.ai Price Rally Isn’t Over Yet
- Solana Price Analysis: Is DEX Trading Volume Surge Poised To Push SOL Beyond $200?
- Avalanche Price 10% Surge Aims $50 Bullseye And Toppling Shiba Inu Coin’s Top 10 Spot
- Will Dogecoin Price Hit $0.2? Healthy Retracement Bolster Buyers for Next Leap
- About author
- Disclaimer
John is a seasoned crypto expert, renowned for his in-depth analysis and accurate price predictions in the digital asset market. As the Price Prediction Editor for Market Content at CoinGape Media, he is dedicated to delivering valuable insights on price trends and market forecasts. With his extensive experience in the crypto sphere, John has honed his skills in understanding on-chain data analytics, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), Centralized Finance (CeFi), and the dynamic metaverse landscape. Through his steadfast reporting, John keeps his audience informed and equipped to navigate the ever-changing crypto market.
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.
