The cryptocurrency market faced widespread losses today as major coins like Bitcoin and Ethereum saw drops, falling to their lowest prices so far this month. Bitcoin dipped below the important $27,500 support level, while Ethereum dipped under $1,600. This bearish price movement weighed on the overall crypto market.
One factor that might have contributed to the declines was selling pressure from Ethereum whales. According to on-chain data provided by Spot On Chain on X (Twitter), the Ethereum Foundation swapped large amounts of ETH for stablecoins like USDC, exchanging 1,700 ETH worth over $2.7 million just a few hours ago. This marked their biggest swap of 2023 thus far. In total, the foundation has sold over 2,200 ETH this year, often preceding market dips.
This marks their biggest swap of the year. In total, they’ve sold 2,262 $ETH in 2023, often ahead of market dips.
They currently hold 326K $ETH (approximately $500M).
Don’t miss out on such… pic.twitter.com/TQevyRhiG3
— Spot On Chain (@spotonchain) October 9, 2023
Beyond the major cryptocurrencies, altcoins also bled out. XRP, MATIC, DOGE, and SOL dropped over 4% each and now trade below key support at $0.50, $0.54, $0.06, and $23 respectively.
However, not all cryptos are cratering today. A few standout projects are holding up well and presenting buying opportunities for long-term investors. Here are 3 of the best altcoins to buy now while prices are down:
Chainlink has emerged as a relatively strong performer despite the market downturn. It is down just over 3% in the past 24 hours compared to losses of 4-8% for most major altcoins.
LINK has been ranging between support at $7.30 and resistance at $7.90 last week after surging from $6 to $8 in September. The coin appears to be establishing a base around the $7.50 level. This key support aligns with the 21-week exponential moving average.
Chainlink’s ongoing defense of the 21-week EMA indicates sustained buy-side pressure. If LINK can reclaim the $7.90 resistance, it would invalidate the current downtrend and signal a trend reversal.
Additionally, Chainlink remains a top platform for decentralized oracle networks. As real-world adoption of blockchain technology grows, the need for reliable oracle data will increase. This might drive further demand for LINK as the network’s native token.
According to prominent analyst Rekt Capital, Chainlink’s macro downtrend that has been in place since 2021 may finally be over.
Chainlink broke its Macro Downtrend a few weeks ago
But for the Macro Uptrend to occur, Chainlink also needs to breakout from its Macro Range
For the moment, LINK is rejecting at the Range High
— Rekt Capital (@rektcapital) October 9, 2023
This key moving average had consistently rejected the price over the past 2 years (and more), confining the token within a prolonged bear market. Rekt points out that for a new macro uptrend to start, Chainlink also needs to break out of its current trading range.
If the price is rejected again at the range highs, Rekt thinks a retest of the previous macro downtrend is likely next.
For these reasons, LINK looks poised to outperform the market and presents a solid buying opportunity under $8, and especially under $7.5.
Tron is another altcoin holding up relatively well amidst the carnage. It is down just 2% in the past 24 hours compared to steep losses across the crypto space.
TRX just broke out above resistance at $0.086, turning it into support. This level had rejected the price multiple times in June and August, so the breakout is significant.
The move signals a continuation of TRX’s ongoing uptrend across short, medium, and long timeframes. Next key resistance comes in at $0.094 which marks the token’s 2023 high.
Momentum indicators also remain bullish for TRX. While the MACD line is below the signal line, it is starting to curve upwards, according to altFINS.
And RSI holds above 55, indicating sustained buying pressure.
Moreover, TRX boasts strong technical support from its 50-day and 200-day moving averages. These EMAs have confirmed the uptrend on the daily chart after a bullish golden cross.
With positive momentum and technicals backing it up, TRX looks poised to continue climbing.
The recent breakout makes it one of the better altcoin buys in the current market conditions.
Bitcoin Minetrix (BTCMTX) offers a groundbreaking new model for decentralized cloud mining. As the first tokenized Bitcoin mining operation, it aims to make BTC mining accessible to ordinary crypto investors without expensive hardware requirements.
BTCMTX has already gained strong momentum in its presale, raising over $843,000 so far. With the current presale stage ending in just 6 days, investor interest is surging. The token is attractively priced at $0.011 per BTCMTX.
To further boost interest, the project recently announced a $30,000 Minedrop giveaway with six ways to enter. This highlights the excitement building around BTCMTX’s potential. There will be 10 awards with $3000 each.
🎉 #BitcoinMinetrix $30,000 Minedrop Is Now Live! 🎉
Get ready for your chance to win a share of $30,000 in $BTCMTX!
— Bitcoinminetrix (@bitcoinminetrix) October 5, 2023
The core innovation is allowing users to stake BTCMTX tokens to earn mining credits redeemable for Bitcoin hashpower. This “Stake-to-Mine” mechanism provides the transparency and decentralization of true cloud mining.
BTCMTX cloud mining addresses the high costs and scam risks associated with Bitcoin mining hardware and rigs. Instead of buying equipment, users can simply buy and stake BTCMTX tokens to gain mining rewards.
The system leverages smart contracts to convert staked tokens into mining credits. To redeem credits, users burn them in exchange for their share of the Bitcoin mining rewards.
This groundbreaking model gives ordinary crypto investors easy access to BTC mining profits. The project essentially tokenizes cloud mining to create a secure, decentralized experience.
BTCMTX’s timing is also favorable with the next Bitcoin halving coming up soon. The halving will cut BTC mining rewards in half, significantly squeezing profit margins for miners.
Many analysts predict the majority of miners will shut down after the halving, calling it an extinction event for Bitcoin miners. This gives BTCMTX a chance to gain traction as miners hunt for creative solutions to stay profitable.
With its innovative Stake-to-Mine system, BTCMTX offers a promising way for cloud mining to survive and even thrive after the halving. As such, it’s caught the attention of investors who believe decentralized mining will be the future. Conor Kenny recently reviewed the new altcoin for his 166,000 YouTube subscribers.
The ultra-low BTCMTX price combined with its intriguing mining model gives the token explosive upside potential. For risk-tolerant investors, it’s one of the most appealing altcoin ICOs available during this period of market turbulence.
ICOs in general offer an alternative way to buy the dip, as investors take part by swapping ETH or USDT for an asset that hasn’t yet launched, and remains unaffected by volatility in crypto prices – as well as providing high APY staking rewards in the case of Bitcoin Minetrix.
The ongoing crypto downturn provides opportunities for long-term investors to buy the dip and scoop up quality tokens at a discount. Chainlink, Tron, and Bitcoin Minetrix stand out as three of the best cryptos to scoop up while prices remain depressed.
LINK and TRX boast strong technical and on-chain fundamentals supporting their uptrends. Both look positioned to outperform the broader market. Meanwhile, the ultra-low BTCMTX price and innovative mining model give it explosive upside potential if executed successfully.
Dollar cost averaging into these positions over the coming weeks and months if crypto prices continue to dip could generate massive returns once the crypto market eventually recovers. So take advantage of the current bearish sentiment to open positions in these high-quality crypto assets for the upcoming 2024 bull run.
Visit Bitcoin Minetrix