5 Best Altcoins To Buy Right Now According to Fibonacci Levels

Due to a significant market decline, the cryptocurrency market has suffered a 7% drop in total market capitalization, leading to a bearish outlook. As a result, many altcoins are expected to follow a similar trajectory. Bitcoin's recent flash drop has triggered a bearish trend, heavily impacting leading altcoins and leading to seller dominance.

Crypto Market Slumps, But Altcoins Poised for Post-Dip Surge

The cryptocurrency market has taken a significant hit over the past few days, with the total market capitalization plummeting by a staggering 7%, now hovering around $2.43 trillion. This sharp decline has sent shockwaves through the crypto community, signaling a potentially bearish outlook for the week ahead. However, amidst this market downturn, a select group of altcoins has emerged as potential outperformers, offering investors a glimmer of hope in these uncertain times.

Bitcoin's Flash Drop Sets Bearish Tone

Bitcoin, the undisputed king of cryptocurrencies, has been at the forefront of this market correction. After reaching an all-time high of $71,300 just a few days ago, Bitcoin has plummeted to $66,500, setting a bearish trend that has cast a shadow over the entire altcoin market. The downturn has instilled a sense of uncertainty among investors, with sellers now dominating the market.

Smart Money Eyes Value in Altcoins

Despite the market's sudden crash, savvy investors and optimistic observers, often referred to as "smart money" and "optimistic sideliners," are on the lookout for altcoins that may defy the bearish trend and emerge as top performers during this dip. They believe that the current market conditions present a unique buying opportunity, as altcoins with strong fundamentals and growth potential are now available at discounted prices.

Top 5 Altcoins to Buy Amidst Market Turbulence

In line with this search for value, we have compiled a list of the top 5 altcoins that investors should keep a close eye on during this period of market turmoil:

1. Near Protocol (NEAR)

The market's bearish turn has led to a decrease in NEAR's market value from its peak at $8.41. This shift has resulted in a 24% drop in the altcoin's price, forming a new bearish weekly candle. However, traders anticipate 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, a significant long-term trend reversal. This bullish shift could lead to a surge in THETA's price, potentially reaching $5.28, aligning with the 38.20% Fibonacci level. The anticipated golden crossover, alongside the upcoming Bitcoin halving event this month, could further fuel the token's upward trajectory.

3. Fantom (FTM)

Fantom, a well-known DeFi token, has struggled to remain above the crucial $1 mark over the past two weeks. Triggered by a broader market sell-off, its value dipped to $0.90, indicating a period of correction. However, 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.

4. Gala Games (GALA)

As a Metaverse/Gaming token with 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. 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. Currently undergoing a correction, Avalanche has seen a 19% reduction in its market value. However, 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.

Altcoin Season on the Horizon

While the market's recent downturn has dampened investor sentiment, many experts believe that the altcoin season is still on the horizon. The upcoming Bitcoin halving, scheduled for this month, is expected to trigger a bull run in the cryptocurrency market, which could benefit altcoins in particular.

Therefore, investors who are willing to take a long-term view and ride out the current market volatility would be well-advised to consider these top 5 altcoins. They offer a potential hedge against the bearish trend and an opportunity to capitalize on the expected post-dip surge.