Price Analysis

Top 5 Undervalued Altcoins Under $1 with 100x Potential in July

The Bitcoin price consolidation above $60000 has stalled supply pressure in the crypto market while raising the voice of potential bottom and buy-the-dip.

The altcoins market witnessed a notable correction in June amid the Bitcoin miners capitulating and increasing outflow from the US-based ETFs. The BTC price downfall from $72000 to $60000 this month sparked an aggressive retracement in most of the major altcoins. However, the broader market remains bullish and such pullbacks are often considered a suitable opportunity to buy dip. Here are the top altcoins to buy as several analysts anticipate a post-correction rally in July.

  • By the press time, the crypto aggregator Coingecko shows global crypto market cap holds at $2.236 Trillion, while the total trading volume in the last day is at $66.3 Billion.
  • The stability of Bitcoin’s price above the $60,000 support level has alleviated selling pressure in the altcoin market.
  • Bitcoin’s Fear and Greed Index at 30% accentuates a bearish outlook among market participants.

Ripple (XRP)

XRP, developed by Ripple Labs, aims to facilitate fast and cost-effective cross-border payments. However, the asset witnessed a lack of initiation from buyers for years amid the ongoing legal battery against the US Securities and Exchange Commission.

The market uncertainty aligned with the June correction has plunged to $0.475 seeking support at a long-coming ascending trendline. This dynamic support intact since March 2020 has prevented XRP holds from major correction and provided suitable support.

As per Coinmarketcap, the XRP coin holds a market cap of $26.4 Billion, while the 24-hour trading volume wavers at $791 Million.

If the aforementioned support holds, the buyers could take the next recovery leap and chase a potential target of $2.

BONK (BONK)

Bonk is a meme cryptocurrency built on the Solana blockchain, known for its strong community-driven approach and rapid growth.

Amid the June market correction, the BONK price witnessed an aggressive downfall from $0.000044 to $0.000018, registering a loss of 59%. However, the falling price witnessed strong support at the ascending trendline of the daily chart resulting in an immediate reversal to $0.0000228. 

The BONK coin holds a market cap of $1.55 Billion, while the trading volume plunged 45% since yesterday to reach $155.35 Million.

The recent reversal of gaining momentum from broader market recovery could lead to a rally to the $0.0001 mark.

Graph (GRT)

Graph (GRT) is a decentralized protocol for indexing and querying data from blockchains, enabling efficient data retrieval for decentralized applications (dApps).

GRT coin entered the current correction trend in early March as the price reverted from $0.49. The bearish reversal has tumbled the asset to $2 psychological support, registering a loss of nearly 60%.

With the BTC price stabilizing above $60000, the altcoin market witnessed an ease from selling pressure this week. The Graph coin (GRT) maintained its position above the $2 support level and experienced a 1.2% rebound, trading at $2.1. Concurrently, the market capitalization surged to $2 billion.

A potential rebound from the $2 floor should bolster the buyer’s breach overhead resistance trendline, carrying the current correction trend. The potential breakout could signal the end of the correction trend and pave the buyer’s way to target the $1 mark.

Oasis Network (ROSE)

Oasis Network (ROSE) is a privacy-focused, scalable blockchain platform designed to support decentralized applications (DApps).

Amid the current relief rally in the crypto market, the ROSE price shows a notable reversal from the combined support of ascending trendline and horizontal level at $0.082. The upswing propelled the Oasis Network coin 15.5% to reach $0.09, while the market cap boasted to $638.5 Million.

As per the past records, the support trendline acts as an accumulation point for dip buyers bolstering a massive rally. Thus, with sustained buying, the ROSE price could drive a rally to $0.13, followed by $0.18.

Polygon (MATIC)

Polygon (MATIC) is a Layer 2 scaling solution for Ethereum, designed to enhance its scalability and usability. Further, Polygon helps in retaining the security and decentralization of the Ethereum blockchain.

In the first half of 2024, MATIC was one of the few top altcoins that underperformed. While several altcoins showed minor pullback from their ATH, the polygon coin nearly evaporated the growth of the last recovery push.

The MATIC price currently trades at $0.55, maintaining its market cap of $5.5 Billion. However, with sustained selling, the asset could reverse the long-coming support of $0.5-0.493. 

This crucial support could provide buyers an opportunity to counterattack and rechallenge the overhead resistance at $0.76, followed by $1.3, and $1.56.

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