Markets
3 trending cryptocurrencies to buy when Bitcoin moves sideways
There is no one-size-fits-all solution when it comes to investing in the cryptocurrency market. For many, trial and error is the only way to achieve positive results: those who farm cryptocurrencies to buy portfolios between 10X and 100X.
Bitcoin price rose to a new all-time high following the approval of the spot ETF in the first quarter. This was an unprecedented achievement, breaking the norm of reaching a new record after every halving cycle.
However, Bitcoin recovered gains to the ATH high of $73.8737, CoinGecko data show, falling to $56,500 in early May. In addition to obvious profit-taking, the correction has been attributed to rising geopolitical tensions, regulatory pressure and other internal and external uncertainties.
Bitcoin regains momentum after Ethereum ETFs
The recent approval of Ethereum ETF it was a positive gesture on the part of the Securities and Exchange Commission. To a large extent, this development, although unexpected, legitimizes the cryptocurrency sector, opening up new prospects for digital assets.
Bitcoin’s reaction to the news was notable as it surpassed $70,000 before suddenly stopping at $72,000. Ethereum rose above $3,000 and closed at $4,000 before falling back to $3,760 on Wednesday.
The largest cryptocurrency stood at $67,423 during U.S. business hours, maintaining a 0.5% decline in 24 hours. Most altcoins are also in the red due to mixed signals from cryptocurrencies to buy coins like XRP, SOL and WIFE.
1. Cryptocurrencies to buy – Solana (SOL)
Over the past week, the price of Solana has fallen by more than 5%, indicating a potential bearish trend in the market. The SOL traded in a range of $160 to $168, reflecting higher volatility and cautious sentiment among investors.
Solana price chart
With ETH ETFs clamor of approval and a slight market crash, Solana rose 23% last month, demonstrating its resilience in a volatile market. Solana price traded bullishly, breaking above resistance levels and maintaining strong support despite minor corrections, indicating investor confidence and solid performance of the underlying network.
If bullish momentum returns, SOL it could rise to the $170 level. With more buying pressure, the price could break above $180, reaching $200 in the next bull run. This potential move highlights the volatility and dynamic nature of Solana’s market performance.
2. Dogwifhat (WIF)
Dogwifhat (WIF), a cryptocurrency on the Solana blockchain, has seen a notable increase in its market value. Since its launch, WIFE it skyrocketed by 2,162%, establishing itself as one of Solana’s most successful altcoins this year. This meteoric rise has allowed investors to significantly multiply their investments, with 100X return potential.
dogwifhat price chart
WIF’s bullish trend has also sparked interest in other meme cryptocurrencies such as PEPE, BONK, FLOKI, DOGE and SHIB. Despite broader market corrections, these coins have benefited from the positive momentum of the WIF. WIF is trading at $3.83, a 24-hour increase of more than 3%. It holds the 28th position on CoinMarketCap, with a market capitalization of $3.7 billion.
3.XRP
XRP price settled below all three short-term exponential moving averages (EMAS), including the 20-day, 50-day and 200-day ones on the four-hour chart. The overall pressure continued to intensify after the token hit the wall at $0.54 last week.
Two key levels can determine whether XRP Price will see a bullish or bearish result. The first is the ascending channel’s lower support limit and buyer congestion at $0.52. Breaking above these two levels would leave XRP defenseless and increase the chances of a correction to $0.5 and below.
XRP Price Loss Chart | Tradingview
A breach of the resistance at $0.54 would affirm the growing presence of bulls in the market. If XRP breaks free of the resistance at $0.7, the path of least resistance will reverse to the upside, paving the way for a broader move towards $1.
Final thoughts
Investing in cryptocurrencies may require an element of risk taking. However, with due diligence investors can identify projects with the potential to earn massive returns. As Bitcoin finds direction, buyable cryptocurrencies like SOL, WIF, and XRP stand out, promising gains of 10x to 50x.
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