Markets
Cryptocurrencies to buy to turn $1,000 into $10,000 in June
The cryptocurrency market has stabilized after witnessing a major correction on Monday and Tuesday. The price of Bitcoin collapsed to $66,000 before rebounding above $67,000. If the rally continues this week, a major uptrend could reward patient investors. Based on CoinGape’s analysis, some buyable cryptocurrencies like Bitcoin, Bonk, and Cardano have the potential to grow a portfolio from $1,000 to $10,000 by the end of June.
Why focus on cryptocurrencies to buy amid the bloodshed
The collapse in BTC price has triggered cascading drops in altcoin prices led by major companies cryptocurrencies to buy as Ethereum (ETH), Solana (SOL), Bonk (BONK) and Cardano (ADA).
The total value of the market has suffered a major collapse from $2.55 trillion in 24 hours from the time of writing to the current $2.42 trillion. This decline amounts to $0.13 trillion, or about 5%.
If the expected US Consumer Price Index (CPI) data proves more important than the expected 3.4%, the sell-off could continue. Furthermore, the Federal Open Market Committee (FOMC) on Tuesday and Wednesday could help the cryptocurrency market recover or prolong the collapse.
Cryptocurrencies to buy as Bitcoin plummets
Investors are feeling the brunt of the collapse, which has dashed hopes of a continued rally beyond the previous all-time high of $73,837, on the CoinGecko data.
All eyes are now on whether the buying congestion at $66,000 can absorb the overall pressure and trigger a rebound. A further drop to $64,000 cannot yet be ruled out.
As weak hands are shaken off, this could be a good time to focus on select cryptocurrencies to buy. Dips allow investors to accumulate more, maximizing long-term gains.
Therefore, this could be a good time to buy cryptocurrencies such as Bitcoin, Ethereum, and Solana, among others. Due diligence must be done beyond this article.
1. Cryptocurrencies to buy Bitcoin (BTC)
After losing support at $70,000 last weekend and $68,000 on Tuesday, Bitcoin price signals an extended trend at the highlighted support at $66,000.
Bitcoin traded below several key indicators and levels on Tuesday, including broken ascending trendline support and exponential moving averages (EMAs) such as the 20-day EMA, 50-day EMA and the EMA. to 200 days.
The position of the relative strength index (RSI) in the oversold region at 24 shows a strong bearish hold. However, this may signal a trend reversal to come. When the RSI begins to bounce, traders may want to catch the uptrend early by placing buy orders near the bottom of the short-term downtrend.
Bitcoin Price Prediction Chart | Tradingview
Failure to hold support at $67,000 could result in further declines below $66,000. In such a scenario, Bitcoin price prediction reveals that $64,000 is not out of reach.
2. Bon (BONK)
Second CoinGecko’s date, Bonk, a well-known meme coin in the Solana ecosystem, is in the green after maintaining a 4% increase in 24 hours to settle at $0.00002785.
After rising to $0.0000444 on May 28, Bonk began to suffer under the influence of investors’ profit-taking. The decline coincided with a general downward trend in the market.
Bonk Price Prediction Chart | Tradingview
The bulls appear to be regaining strength as seen with the relative strength (RSI) as it bounces into the neutral area above 30. If the RSI bullish trend continues towards overbought, the path of least resistance will reverse to the upside .
Bonk will also need to recover the position above the 20-day EMA, currently at $0.000028, and push for a daily close. Such a development will help consolidate the bullish return and validate the bullish trend that will open over the weekend.
3. Cardan (ADA)
ADA broke below the $0.45 resistance level, indicating a bearish trend, with data coming from CoinMarketCap showing Cardano price trading at $0.4316, down 1.72% over the past day.
Over the past week, ADA has declined by more than 5%, trading in a range of $0.45 to $0.42. Additionally, the token has faced increased volatility over the past month, with price fluctuations.
Cardano price chart
ADA price is currently trading in a bearish trend. If the bulls manage to break out of the $0.45 resistance, the bullish momentum is expected to resume. This upward momentum could push the cryptocurrency to test significant resistance at $0.75, and if the bulls increase the pressure, ADA pricing it could rise to $1 in the next bull rally.
The downside is that if market strength remains inadequate, ADA’s value could falter. It could potentially drop to its support level of around $0.4. Continued bearish pressure could exacerbate the recession, leading to a retreat towards a lower support level near $0.35 in the near future.
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