Price Analysis

Amid the Crypto Crash, These Altcoins May Be the Best ‘Buy the Dip’ Bets for the Upcoming Week!

Written by: Sahana Vibhute

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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May 9, 2022

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Highlights

    Crypto market continues to crash as the prices tank severly and also may hit the local barrier which may decide the upcoming price movement

    Amidst the bearish trend, some altcoins like Solana(SOL), Terra(LUNA), Algorand(ALGO), dYdX(DYDX) may recover and reach the immediate resistance at the earliest

Solana (SOL)

solprice
  • The SOL price slashes below the crucial support at $77.50 and may continue to head towards the pivotal support at $65.45 
  • However, a minor bounce may make its way out just below $70 but the rebound if ignited may still not uplift the price above the crucial price zone around $77.5
  • Hence the price may eventually drop to the lower support and later with a rebound may go for a parabolic recovery back towards the $100 resistance levels

Read More: Solana Price Prediction: Will SOL Price Surge To $400 By The End Of 2022?

Terra (LUNA) 

lunaprice
  • LUNA price currently is testing the crucial uptrend line and may enter a huge bearish trend if it breaks these levels
  • The price may be rejected at these levels and could slide down below $50 at 0.6 FIB levels to hit $48.67 where-in a rebound may be fast approaching
  • The rebound may assist the price to regain the levels above the trend line and quickly attain the levels above 0.6 FIB levels around $75

Read More: Terra Price Prediction: Will LUNA Price Rise To $200 In 2022?

Algorand (ALGO) 

algoprice
  • The Algorand price appears to be stuck up in a bearish trap, where-in the price is expected to undergo yet another massive leg down
  • After being rejected at $1, the price is fighting to regain these levels but eventually may slide down to hit $0.5 levels slicing the $0.67 price zone
  • However, at this stage, the piercing may be at the apex of the falling wedge, which may ignite a strong breakout above $1 initially and later test upper resistance

Read More: Algorand Price Prediction: Will ALGO Price Hit A New ATH Of $4 In 2022?

dydX(DyDX) 

dydxprice
  • The dYdX price appears to be slightly bullish than the other altcoins, as it may ignite a recovery much before the popular crypto assets
  • The price after reaching the apex of the consolidation had broken out from the descending consolidation, but eventually is currently undergoing a retest
  • Therefore, the retest may drag the price to the lower support close to $3 and ignite a flip which may aim higher towards the 2-digit figure in the upcoming days

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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