Top ETH-Based Altcoins That Can Rally During Ongoing Market Correction

The cryptocurrency market has started the week on a strong bearish note amid increased speculations of a global recession. This further resulted in the top tokens breaking down their respective support levels.

The cryptocurrency market started the week in the red amid speculations of a global recession, which pushed several tokens below their support levels.

On the other hand, Ethereum price recorded a 24-hour low of $2,162.23, highlighting a bear power.

If you are planning on investing during the ongoing market correction, continue reading as we have covered the top ETH-based altcoins that have the potential to record a massive upside in their respective portfolios during the upcoming weeks.

Ethereum (ETH) Price Action:

Despite recording a jump of 5.42% within the past day with a trading volume of $50.149 Billion, the ETH price has lost 24.77% within the past seven days and 16.08% over the past month. With a trading price of $2,493.96, Ethereum’s market cap stands at $299.991 Million.

The RSI indicator has recorded a bullish curve below the oversold range, suggesting an increase in the price action for the Ethereum token in the crypto space.

The Moving Average Convergence Divergence (MACD) displays a constant rise in the red histogram, highlighting increased selling pressure within the cryptocurrency market. Further, the averages show a constant downtrend, suggesting a mixed sentiment for the altcoin leader in the coming time.

If the market pushes the ETH coin price above its resistance level, the bulls will prepare to head toward its upper resistance level of $2,870. Conversely, if the bears dominate the market, the Ethereum price will plunge toward its low of $2,200.

Pepe (PEPE) Price Action:

Amid increased price volatility in the crypto market, the Pepe price has surged 11.83% within the past day with a trading volume of $2.288 Billion, a change of +71.86%. However, it has plunged over 33% within the past seven days and 11.82% over the past 30 days.

The technical indicator, MACD, has displayed a constant decline in its price chart, indicating an increase in the selling-over-buying pressure within the market. Further, the averages show a negative trend, suggesting a bearish outlook for the PEPE memecoin this week.

If the bulls regain momentum, the PEPE price will start trading under a bullish influence and prepare to test its upper resistance level of $0.00001150. Negatively, a bearish reversal could pull the Pepe token toward its low of $0.00000625.

Mantle (MNT) Price Action:

After recording a correction of 22.89% within the past week and 4.28% over the past month, the Mantle price has successfully regained momentum and has recorded a jump of approximately 12% in valuation with a trading volume of $193.666 Million.

The Relative Strength Index (RSI) is currently hovering close to its oversold range in the 1D time frame. Notably, it has recorded a bullish curve below the oversold range, suggesting a high possibility of a positive reversal in the crypto space.

If the market holds the MNT price above its crucial support level of $0.5773, the bulls will prepare to test its upper resistance level of $0.860 during the upcoming weeks. However, a negative price action could result in the Mantle price retesting its low of $0.5773.

Ondo (ONDO) Price Action:

With the rising volatility in the crypto space, the Ondo price has surged 16.08% within the past 24 hours. However, it has plunged 28.29% within the past week and 26.45% over the past 30 days, highlighting a mixed sentiment for this altcoin in the market.

The MACD indicator has recorded a decline in its red histogram, indicating an increase in the buying pressure. Moreover, the averages show a neutral trend, suggesting uncertainty in future price action.

If the market regains momentum, the ONDO price will test its resistance level of $0.98450. Conversely, if the bears overpowered the bulls, the Ondo crypto will plunge toward its low of $0.44390.