While Bitcoin continued to fall in the correction that started last week, it dropped below $ 61,000 in the morning hours.
With this decline in BTC, altcoins entered a steeper correction and the Ethereum (ETH) price dropped over 22% in the last 7 days.
While the decline has a negative impact on investors, the market is currently in a downward trend. But Santiment said that despite this bearish trend, on-chain data shows it could be a great time to buy the dip.
At this point, Santiment shed light on potential opportunities in the cryptocurrency market and said that according to the MVRV Opportunity and Danger Zone Model, many altcoins have reached the buying opportunity zone in the medium term.
While Santiment listed the altcoins in the opportunity zone for investors who want to turn the current decline into an opportunity, the list included BOUNCE (BOUNCE), Lido (LDO), OmiseGO (OMG), Storj (STORJ) and Synthetix (SNX).
“Following Bitcoin's slide below $61,000, a 2-week low, on Tuesday, Santimentfeed's MVRV Opportunity and Danger Zone Model shows that several altcoins have finally fallen enough to realize mid-term trading returns.
These altcoins have reached the buying opportunity zone in the medium term and currently some of the best candidates in this opportunity zone are BOUNCE, LDO, OMG, STORJ, and SNX.”
📊 Following #Bitcoin's drop to a 2-week low of $61.7K Tuesday, the @santimentfeed MVRV Opportunity & Danger Zone Model indicates that several #altcoins have finally dropped enough for mid-term trading returns to be in an #opportunity zone. This zone gets breached when an asset's… pic.twitter.com/LAJxDtc1kp
— Santiment (@santimentfeed) March 20, 2024
*This is not investment advice.
