The crypto market rallied on Tuesday as investors rushed to defend their open positions amid a nerve-wracking selloff triggered by unbalanced order books, profit-taking and miners’ decision to sell BTC off its previous all-time high load. Ethereum along with most altcoins were caught in the crosshairs as volatility exploded across the board. In the wake of the BTC and ETH sell-offs to $59,323 and $3,324 respectively, 3 cryptos to buy, including Cardano (ADA), Toncoin (TON), and Dogecoin (DOGE) emerge as pre-halving gems likely to grow portfolios by more than $1,000.
Bitcoin price recovered significantly to $67,122 while Ethereum hovered above $3,800 during US business hours on March 6. The total market capitalization rose 2.5% to $2.5 trillion, supporting the unquenchable thirst investors have for cryptos ahead of the halving in April.
Bitcoin’s halving is one of the most anticipated events in the crypto industry. This occurs every four years or after every 240,000 blocks.
The event played a significant role in controlling the currency’s inflation. This is achieved by reducing the number of new coins joining the supply. Currently, miners earn 6.25 BTC per block mined, but this reward will decrease to 3.125 BTC in April, effectively shrinking the supply in the following months.
Due to the noticeable decrease in supply and with demand rising or remaining steady, Bitcoin price is expected to gain momentum to new levels. The altcoin market often follows in BTC’s footsteps to reach new milestones.
1. Cardano (ADA)
ADA’s blockchain platform, known for its robust proof-of-stake (PoS) mechanism, has recently been a beacon of strength in the cryptocurrency sector. Over the past month, the platform’s native token, ADA, has seen a remarkable surge of 40%, showcasing its unparalleled growth trajectory.
Despite this uptrend, the past 24 hours have seen a slight pullback, with Cardano price falling back slightly by more than 7%, now trading at $0.7166.
If bulls take control and push Cardano’s value above the $0.71 resistance level, ADA could see a surge in momentum. This upswing could quickly propel the digital currency towards the key $1 mark, testing its strength at this level.
However, if the market does not gain the necessary strength, ADA could see a decline. It may fall back to its support at around $0.68. If bearish pressure continues, we could see Cardano’s price fall further, potentially reaching a lower support point at $0.65.
2. Dogecoin (DOGE)
Dogecoin (DOGE) is a unique and playful cryptocurrency that originated from the popular “doge” internet meme, featuring a Shiba Inu dog. Created by software engineers Billy Markus and Jackson Palmer in December 2013, Dogecoin was initially intended as a joke to satirize the proliferation of altcoins.
Amidst the recent meme boom, Dogecoin emerged as one of the highest gainers as the price jumped from $0.077 to $0.16 within a month, registering a jump of 110%.
The current market cap of Doge Theme is $23.3 billion, showing an intraday jump of 7%, with a trading volume of $2 billion. The rising Dogecoin price may face overhead resistance at $0.2, followed by $0.22, while a potential pullback may find support at $0.15, followed by $0.105.
3. Toncoin (TON)
TON, the token that powers the TON Blockchain, has risen a modest 32% in 30 days despite the acute volatility caused by Bitcoin price flash drop to below $60,000 on March 5th. As BTC and other major altcoins poured uncontrollably on Tuesday, Toncoin price fell to sweep liquidity at $2.28 in a candlestick of highs around $2.75.
The 19th-largest cryptocurrency, with $9.3 billion in market capitalization, returned to trade at $2.72 during US business hours on Wednesday. A commendable 77% rise in 24-hour trading volume to $185 million indicates growing investor interest, which explains the bullish outlook in March.
After falling to $2.28, Toncoin is on the verge of validating another breakout, this time targeting the high of $5.3. TON sits above all three major bull market indicators, including the 20-day exponential moving average (EMA), the 50-day EMA and the 200-day EMA, reinforcing a potential price rally.
Traders should expect some delays in the uptrend due to the barrier shown in red on the chart. However, with the Moving Average Convergence Divergence (MACD) almost sending a buy signal, a breakout to the ATH could happen sooner than expected.
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Disclaimer for Uncirculars, with a Touch of Personality:
While we love diving into the exciting world of crypto here at Uncirculars, remember that this post, and all our content, is purely for your information and exploration. Think of it as your crypto compass, pointing you in the right direction to do your own research and make informed decisions.
No legal, tax, investment, or financial advice should be inferred from these pixels. We’re not fortune tellers or stockbrokers, just passionate crypto enthusiasts sharing our knowledge.
And just like that rollercoaster ride in your favorite DeFi protocol, past performance isn’t a guarantee of future thrills. The value of crypto assets can be as unpredictable as a moon landing, so buckle up and do your due diligence before taking the plunge.
Ultimately, any crypto adventure you embark on is yours alone. We’re just happy to be your crypto companion, cheering you on from the sidelines (and maybe sharing some snacks along the way). So research, explore, and remember, with a little knowledge and a lot of curiosity, you can navigate the crypto cosmos like a pro!
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