With the price of Bitcoin plunging below the $60,000 level, top crypto tokens have recorded a significant drop in their respective portfolios over the past few hours. Moreover, the altcoin leader has experienced a pullback below the $2.5K mark. This indicates a negative outlook for the crypto market this week.
However, keeping in mind the long-term goal and a prolonged bull market rally, this can turn out to be an excellent opportunity for investors to stack up more altcoins at a discounted price.
Scroll down as, in this article, we have covered the top 3 altcoins that have the potential to record a massive bullish reversal in their respective portfolios during the upcoming weeks.
Solana Price Fails To Break Out Of Its Important Resistance Level
Despite recording a jump of 2.85% over the past week, the SOL price has dropped approximately 7% in the past day with a trading volume of $2.925 Billion. Furthermore, it has plunged 23.62% during the past month. This indicates a long-term bearish sentiment for the altcoin.
After recording a sharp drop, the Relative Strength Index (RSI) recorded a flatline below the neutral point. However, the average trendline experiences a bearish convergence. This suggests a mixed price sentiment for the altcoin in the crypto market.
Suppose, a bullish reversal occurs, in that case, the Solana price will prepare to retest its upper resistance level of $181.50 in the coming time. On the flip side, if the bears continue to dominate the market, the SOL coin price will plunge towards its low of $127.
WIF Memecoin Price Records A Death Cross
Amid ongoing cross-border market correction, the dogwifhat price has plunged over 12% in the past week. Moreover, with the intensified bearish sentiment for memecoins, this Solana-based token has corrected 36.83% over the past month.
The EMA 50/200-day has displayed a Death Cross in the 1D time frame. This suggests an increase in the selling pressure within the crypto space. Further, the MACD indicator has recorded a neutral trend. This indicates a potential bullish reversal for the WIF memecoin.
If the market regains momentum, the WIF price will breach its resistance level of $2 and head toward its high of $3.050 in September. Conversely, a bearish action could pull the price toward its crucial support level of $1.240.
NEAR Price Experiences Increased Selling Pressure
The Artificial Intelligence (AI) tokens are constantly failing to regain momentum in the crypto space. This has resulted in the Near Protocol price recording a drop of 9.89% in the past 24 hours. Notably, with a market cap of $4.89 Billion, it has secured the 19th position in the global crypto list.
The Moving Average Convergence Divergence (MACD) has recorded a constant decline in the green histogram. However, its averages show a constant flatline. Further, the RSI indicator has experienced a bearish action. This highlights an uncertainty in future price action for the NEAR price.
Maintaining the price above its resistance level of $4.925 could set the stage for the Near Protocol price to test its upper resistance level of $6.225 in the coming time. However, if the bears overpower the bulls, the altcoin will plunge toward its low of $3.70 during the upcoming weeks.
Note: This article was made for research purposes only and is not subjected to financial advice in any manner. Further, the tokens selected are based on their market and social sentiments and are not for promotion purposes.
