Altcoin Market Dips: Time to Buy Your Favorite Altcoins?

Bitcoin lost as much as $2,500 in value on Wednesday as what looked like a simple breakout confirmation became a little more complicated. At the same time, the altcoins, some of which had powered higher over the weekend, were obliged to sink lower. Which of the more popular ones are at, or have been down to buy zones?

$XRP at good zone of confluence

Source: TradingView

A lot of factors have come into confluence for the $XRP price. Having dropped out of the ascending triangle, and at one point having been down as much as 9% on the day, the price has settled back to rest on top of the $3.30 horizontal support, together with an ascending trendline.

If there is more downside price action to come, the Fibonacci levels, taken from the descending trendline breakout to the all-time high, have some excellent confluence with important support levels.

$SOL perfect test of channel bottom

Source: TradingView

The above 4-hour $SOL chart reveals how the price has been climbing inside of an ascending channel for more than a week now. The bulls’ several attempts to confirm with an opening candle above the channel ended in failure, and the price has come all the way down to touch the bottom of the channel. This touch also coincides with a touch of the 0.382 Fibonacci extension level, which was a great buy zone. If you weren’t able to take advantage of this entry, there is perhaps the possibility of further downside, which could allow the price to retest the $184 horizontal level, or even one of the other Fibonacci supports. The Stochastic RSI indicators are right at the bottom so a rise is imminent, which could put paid to a lower price.

Don’t buy $PENGU

Source: TradingView

The free (not professional) advice on one of crypto’s biggest risers over the last few weeks – Pudgy Penguins ($PENGU), is to leave well alone. If you got in at or around $0.01 you did exceptionally well with a fantastic trade. However, as things stand, this memecoin has returned 367%, and the likelihood of much more is most certainly not a good bet.

There’s still the possibility of getting above the last local high of $0.04693, but with the weekly Stochastic RSI topped out at 100%, selling and taking profits makes huge sense.

$SUI respects well-defined support levels

Source: TradingView

Finally, a quick look at the daily chart for $SUI illustrates how the price is respecting the support/resistance levels nicely. The latest pullback brought the price back to retest $3.75, and it could bounce from here. If there is some more downside, $3.48 is the next excellent support level.

Besides this, $SUI is still a great proposition for a return to the $5.37 all-time high and possibly well beyond. Keep an eye on this one.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

source  : https://cryptodaily.co.uk