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Smart Money has an eye on 2 cryptocurrencies to buy with 10X-50X potential in 2024
The ardent investor in the cryptocurrency The market knows exactly when to buy and when to sell, carefully timing the bull market. Following similar patterns can allow novice investors to achieve results they would otherwise have dreamed of if they had followed untested methods. Such strategies can transform an ordinary crypto wallet at unprecedented levels with the potential of cryptocurrency to buy, observed by smart money in 2024 for a profit of between 10x and 50x.
Why focus on 2 cryptocurrencies to buy in May
May is expected to allow prices to stabilize after the roller coaster of April. Since the first quarter, cryptocurrency prices have surged, some reaching new all-time highs such as the largest digital asset at $73,837, CoinGecko the data shows.
THE Bitcoin (BTC) price prediction. reveals that the potential in 2024 has yet to be exhausted. If something, Bitcoin it is expected to surpass $100,000, marking the parabolic post-halving rally.
Therefore, understanding the psychology of the market may be the best way to approach investing in cryptocurrencies to buy like these memetic currency Bonk (BONK) and the top ten project Cardano (ADA).
On Thursday, May 16, Bitcoin settled at $65,825. The rally over the last 24 hours can be attributed to the release of weaker currencies. IPC data in the United States, suggesting that inflation is back on a downward trend after several months of stubborn increases.
Despite this week’s rebounds, cryptocurrency prices remain generally sluggish. While the situation is far from favorable for investors, this may be the time to adopt dollar-cost averaging (DCA) and accumulate holdings before the trend reverses.
1. Bon (BONK)
Bonk spent nearly four weeks oscillating between the support at $0.00002 and the resistance at $0.000028. An ascending trendline strengthened the support, allowing the bulls to fight hard and prevent further losses.
However, their efforts weakened when they encountered seller congestion at $0.000028, hence the stasis.
BONK support on Bithumb comes at a time when Bitcoin price is breaking out towards $70,000. This means investors are willing to take more positions in altcoins, including volatile assets like meme coins.
Although it has fallen back below $0.000025, Bonk still shows the potential for a larger breakout in the coming sessions or days.
The bulls could also fuel a potential breakout of the ascending triangle. As a continuation pattern, the triangle on the chart allows for consolidation before the next move above the resistance at $0.000028.
Traders expect a breakout target of at least 45% of the pattern’s height. Buy orders would be placed above the hurdle at $0.000028, paving the way for the majestic move to $0.000041. This move will not reach the ATH of $0.000047, but could strengthen FOMO to support a rally to new record highs.
2. Cardan (ADA)
Over the past week, ADA price has fluctuated between $0.42 and $0.46, up slightly by more than 1% after an uptrend. However, over the past month, ADA price has seen a slight decline, reflecting broader market trends and investor sentiment.
According to data from DeFiLlama, Cardano’s Total Value Locked (TVL) reached $261.03 million. TVL is a key metric that reflects the total amount of assets locked in the Cardano ecosystem, indicating the level of activity and investment within its decentralized finance (DeFi) space.
Stablecoins within the Cardano network have a market capitalization of $16.13 million, contributing to the overall TVL. The data highlights Cardano’s growing importance in the DeFi sector as it continues to attract more assets and users.
Self Cardano manages to break above the $0.5 resistance, a significant upward move could follow. This momentum could push the cryptocurrency to $0.6 by the end of the week. Such a rise could lead to testing the crucial resistance level at $1.
Take away
The path to making a fortune in the cryptocurrency market begins by following proven investment strategies and methods. Most importantly, narrowing down key cryptocurrencies to buy like Bonk and Cardano could ensure the success of ordinary wallets, especially ahead of a massive bull run in 2024.
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John is a seasoned cryptocurrency expert, renowned for his in-depth analysis and accurate price predictions in the digital asset market. As a price forecast editor for market content at CoinGape Media, he is dedicated to providing valuable insights into price trends and market forecasts. With his vast experience in the cryptocurrency sphere, John has honed his skills in understanding on-chain data analytics, non-fungible tokens (NFTs), decentralized finance (DeFi), centralized finance (CeFi), and dynamic landscape of the metaverse. Through his constant reporting, John keeps his audience informed and equipped to navigate the ever-changing cryptocurrency market.
The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for personal financial loss.