Three Altcoins Could Initiate A Major Upside Despite Bloodbath

The bloodbath occurring today on the markets show that the regulation crypto is not the only aspect that is affecting the market. Currently, cryptocurrencies are erasing their February highs amid coronavirus fears and following the stock market crashes which have been there for a couple of days now. According to recent analysis, three altcoins could still initiate a major upside despite the entire situation.

A top trader is now in the coming altcoin news for noting that a bullish price action can be still seen despite the intense selloff which brought Bitcoin back to $8,600 at one point. This seloff came as a result of the recent rejection at $10,000 for the dominant coin, with its slow grind lower in the time following the rejection reaching a boiling point yesterday after it broke through the strong support that had been established at $9,500.

Naturally, this led al ot of coins to see some intense selling pressure, some of which losing with double-digit declines. However, there are three altcoins which can buckle up and post new gains. In times when “buy the dip” s a phrase used to motivate traders to purchase more coins, the crypto analyst Crypto Michael spoke about the two cryptocurrencies which may offer a prime opportunity for gains.

“LINK and XTZ providing an example of the strength of this market.
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During 2016/2017 several retracements were done, after which a strong bounce occurred. Even ETH / BTC is now showing strength. There [are] some opportunities in bull markets to buy the dip, this might be one,” he noted.

$LINK and $XTZ providing an example of the strength of this market.

During 2016/2017 several retracements were done, after which a strong bounce occurred.

Even $ETH / $BTC is now showing strength.

There's some opportunities in bull markets to buy the dip, this might be one.

— Crypto Michaël (@CryptoMichNL) February 26, 2020

The Chainlink news are exciting at this point for this analyst, mostly because the LINK token has not been able to invalidate the ongoing bull market. Same goes for Tezos’ XTZ altcoin and even Ethereum, which are all seen as altcoins that could initiate parabolic journeys in the near term.

It is very possible that the strongest altcoins in the market will continue their upward journeys once the crypto market begins bouncing. Right now, the total cryptocurrency market cap is at $251 billion which is more than $60 billion less than during the strongest rally from earlier this month. Bitcoin’s dominance has also fallen and is now at 64% and the 24 hour volume at $200 billion indicates that there is still a strong seloff happening on the markets.