The cryptocurrency market has suffered a series of major blows in recent weeks and months, with concerns about the new Omicron variant of coronavirus and the Fed’s plans to hike interest rates leading to hundreds of billions of dollars of market cap being wiped off.
However, with almost every coin and token considerably down on its all-time high, investors have a great opportunity to “buy the dip” and potentially see big returns once these macroeconomic concerns blow over.
In this article, we explore four altcoins –Ethereum (ETH), Solana (SOL), Zap Protocol (ZAP), and Chainlink (LINK) – and evaluate which represents the best “buy the dip” opportunity.
ETH/USD – $3,350 the key level for investors to watch
ETH/USD Daily Chart
The recent dip through Ether’s key support at $2,300 and immediate recovery is seen on the daily chart. Although, as shown on ETH/USD, the current development suggests that the corrective rebound from the $2,159 flash crash bottom nears its completion at $2,815. The focus has shifted to the $3,000 level if investors continue to buy the dip and ETH’s price builds on its recent momentum.
A break of the $3,000 level will confirm such as it’s just a tiny spike away. It’s difficult to say whether it’ll be taken out shortly but it’s worth keeping an eye on the momentum through $2,900 to see if there’s a chance of this bullish scenario developing further. However, downside risk will continue to be a concern as long as the price remains below the MA 50 of $3,350.
ZAP/USD poised for strong short-term gains
ZAP/USD Daily Chart
If sellers fail to gain traction below the $0.010 key support zone, ZAP/USD could rally in the following week. On the daily time scale, the relative strength index (RSI) is up from the oversold zone but not excessively, indicating that the pair could range before an upsurge.
The $0.0460 barrier level is a plausible bullish goal, while the $0.075 level could also be reachable…
