Altcoins to Buy if Bitcoin Falls Below $60,000
As Bitcoin’s price drops again to the $60,000 demand zone amid a surge in supply, the altcoin market also experiences a downturn, with the total market cap still holding at $1 trillion.
Despite this, institutions remain optimistic about Bitcoin’s long-term prospects, expecting it to reach $100,000 in 2024. Thus, a dip below $60,000 presents an excellent opportunity to buy altcoins at lower prices. Here are some high-potential tokens worth considering if BTC falls below $60,000.
Toncoin (TON)
TON price shows an ascending wedge in the daily chart with a bullish trend. The altcoin dominates above the 50-day EMA, rising 53% in the last two months.
However, increasing overhead supply forms a resistance trendline, completing the ascending wedge. Additionally, the MACD and signal lines are about to cross bullishly, enhancing the upward trend potential.
With a breakout rally, TON price could surpass the psychological $10 mark, potentially reaching $13.26. If it falls below the 50-day EMA, the altcoin might test the $6 mark, presenting a good buy-the-dip opportunity.
TRON (TRX)
TRX price shows an uptrend with a bullish breakout from a triangular pattern. The bull cycle completes a rounded bottom reversal, avoiding a death cross between the 50-day and 200-day EMAs.
Currently, TRX price is $0.12, up 1.16% overnight. The altcoin has risen 15% over the past 35 days, leading the MACD and signal lines to trend positively above the zero line.
With the bottom breakout, TRX price tests the 61.80% Fibonacci level, indicating a bull run towards the $0.14 mark. If the crypto market crashes, the altcoin might test the $0.12 or $0.10 levels before resuming a new bull run.
Conflux (CFX)
Similar to other altcoins, CFX price movement shows a descending wedge, indicating short-term bearish influence. As the bull cycle momentum strengthens, the altcoin is poised for a breakout rally.
However, the breakout will face multiple resistances, such as the 50-day EMA, 200-day EMA, $0.20 resistance, and 23.60% Fibonacci level. This could result in a sideways trend near the overhead supply zone.
As the MACD and signal lines gain bullish crossover momentum, CFX price could reach the 50% Fibonacci level at $0.28.