Bitcoins recent dip to $60.8K mounted concerns about the sustainability of the rally. It was the biggest single-day decline in a fortnight as a result of a decline in inflows of spot Bitcoin ETFs on the same day. The downturn was widespread, with several altcoins following Bitcoins suit.
Despite this price correction, the bullish sentiment is still prevalent and is backed by Santiments MVRV Opportunity Danger Zone Model, which signals a shift in altcoins trajectory.
The blockchain intelligence platform found that several altcoins now reside in the opportunity zone for mid-term trading.
This zone activates when an assets 30-day, 90-day, and 365-day average wallet returns collectively dip into negative terrain.
Market players are currently eyeing this moment to buy the dip while targeting assets experiencing maximum pain. As such, promising contenders in this zone currently include BOUNCE, Lido DAO (LDO), OMG Network (OMG), Storj (STORJ), and Synthetix Network (SNX), presenting ripe opportunities amidst the markets fluctuations.
Further analysis revealed that these five altcoins have entered the mathematical mid-term opportunity zone.
Santiments tweet stated,
Following #Bitcoins 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 assets… pic.twitter.com/LAJxDtc1kp
Popular crypto analyst Michaël van de Poppe also iterated his bullish stance on altcoins and said that several of them are having a healthy correction before a new expansion.