Since early April, Bitcoin has seen a strong uptrend. It went from $74.5k to $105.8k yesterday. That’s a $31k increase in only 5 weeks, or 41.6%. So, despite the good news about the US-China tariff deal, it’s time for a pullback. Not because I like it, but because it’s healthy for the market.
If we pull back here, at $102k, or maybe we drop even a bit further, to $98k, there will be a stronger bounce up afterward. On the other hand, if we keep going up from here, a potential pullback will be much stronger, or worse. So, which altcoins should you be looking at during this dip?
Why Is a Pullback Healthy?
Pullbacks are healthy. That may be something you don’t want to hear, in a moment of euphoria. The US-China tariff deal sounds great, right? And Bitcoin saw a wick to $105.8k. So, why do we have a pullback now?
Well, a pullback is a temporary dip in the price action. Typically, this happens after a longer period of upside gains. This is exactly what we saw over the last 5 weeks. However, there are also downwards pullbacks. See the picture below.
Source: Fxssi
If you are new to crypto, such a pullback may look scary. Am I about to lose all my investments? Well, it’s not that bad. If you stay long enough in crypto, you will get used to the volatility. At some point, even to a degree that it doesn’t faze you anymore. Because, you know by now, that it’s part of the game.
Quick run-ups like this mean some will sell and take their quick profits. And that’s why pullbacks are so common. So, such a pullback or dip is healthy. It gives the market a moment to breathe or to consolidate. After this pullback, there’s more room for growth, and the uptrend continues.
Source: Trading strategy guides
As a result, these dips offer great entry points. In a moment, I will discuss some good altcoins for this dip. So, keep in mind that a pullback is temporary. In general, you can expect a price decline between 5% to 20%. That’s what we are seeing now with Bitcoin and the altcoins.
You can use TA (technical analysis) to determine whether it’s a pullback or a market crash. That’s what Cody did in his video yesterday. So, now let’s move on to some good altcoins to look at during this dip.
Bitcoin ($BTC)
Bitcoin ($BTC) is of course the crypto OG. It’s not part of the altcoins I discuss today! It’s also the only real crypto store of value. Adoption of Bitcoin keeps growing. With its recent ETF success, we see institutions also finding their way into Bitcoin.
Furthermore, plenty of states and countries are starting to adopt Bitcoin strategies. That’s even more impressive. El Salvador paved the way, now many countries consider having a Bitcoin reserve. This may be the last time that you are able to get $BTC around $100k. Choose wisely.
Ripple ($XRP)
Ripple and its $XRP token have been sharing the spotlight for months in a row now. That’s no surprise if you consider that it won a massive lawsuit started by the SEC. That was with the previous SEC chair, Gary Gensler. However, now there’s a new wind blowing at the SEC. Their course is now much more crypto-friendly.
Ripple also has plenty of other news that has favored them recently. The current $XRP price of $2.49 is almost a dollar away from its ATH of $3.40. This is a good entry point.
Cardano ($ADA)
Cardano ($ADA) is another legacy coin that made it back into the spotlight. It keeps outperforming plenty of other top projects. For example, it’s one of the most decentralized chains in crypto. It also quietly outperformed almost all other crypto assets over the last 90 days.
Cardano is also integrating with Bitcoin and with Midnight it offers privacy. The latter could onboard millions of new users. So, looking at the current $ADA price of 79 cents, it’s about 4x away from its ATH of $3.09. Another great entry point.
Hedera ($HBAR)
Hedera ($HBAR) has a couple of things going for itself. It’s not a blockchain but a hash graph. In a nutshell, this offers better security and scalability. It’s also a ‘Made in US’ chain. This is why it’s popular in the US. It also has built the rails for financial institutions.
That’s why many opt for Hedera over other projects. For example, Hedera works with CBDCs. The current $HBAR price of 20 cents is once more an excellent entry point. It’s less than a 3x away from its current ATH of 57 cents.
Quant ($QNT)
Quant ($QNT) is the interoperability layer in ad for crypto. It connects various chains with its Overledger. Devs can build mDapps or multichain dApps on Overledger. This allows them to work on various chains at the same time. This is something that works really well for financial institutions. The current $QNT price is $95.49. Once more, a good entry point. I’s ATH was $427, a good 4x from here.
So, what do make of this pullback? Do you think that we will come back stronger and make new ATHs? Let me know in the comments
Source: altcoinbuzz
#NewsTrade $HBAR #ada