Altcoins to buy: With renewed buying interest in the crypto market, the top altcoins are finding stability for a bullish reversal.
Published 1 day ago
Altcoins to buy: The cryptocurrency market is likely to end the week with bullish sentiment, following the recovery of the Bitcoin price after a sharp selloff and its stable performance above the $40,000 mark. This resilience laid a foundation for most major altcoins, which found robust support, sparking a new relief rally across the market.
That said, this correction could revive and deplete bullish momentum as the BTC price is expected to experience a recovery from this level, boosted by the prevailing liquidity and macroeconomic conditions.
The report also highlights a declining interest in a Bitcoin spot ETF among traditional finance (TradeFi) sectors, contrary to initial expectations. In addition, it points out that investors in the Greyscale Bitcoin Trust (GBTC) are currently realizing their profits.
A January 26 Matrixport Research report predicted that Bitcoin will drop to the $36,739 support level, and the price will recover from this support level as the overall liquidity and macro environment remains supportive. It noted that TradeFi’s stake in a Bitcoin spot ETF…
— Wu Blockchain (@WuBlockchain) January 26, 2024
Hence, if the current trend of retracement continues, the best crypto to buy is Binance Coin (BNB), Cardano (ADA) and Conflux (CFX).
Binance Coin Price Tips A Last Pullback Before 15% Surge
Amid the January downturn in the crypto market, the BNB price saw a noticeable correction from $338 to $287, registering a loss of 15%. The retracement shows an uncertain price behavior that resonates within two descending trend lines that have developed into a bullish flag pattern.
In theory, this pattern leads to a post-rally correction to restore the depleted bullish momentum. Amid the renewed buying interest in the market, the Binance coin price is up 0.63% and is currently trading at $304.
For a bullish entry opportunity, the BNB price should breach the pattern’s upper trend line to signal the end of the corrective trend. The rally after the breakout could send the altcoin up 14.7% to $360.
Why is the Cardano price poised for a 30% rise?
ADA, the native cryptocurrency of the Cardano ecosystem, has been experiencing a downward trend since last month. This drop led to a significant drop in its value, falling from $0.677 to the current trading price of $0.46, which is equivalent to a 3% drop.
Amidst the broader market’s recent upswing, the ADA price has managed to stabilize, steadily above the crucial $0.46 support level and the 50% Fibonacci retracement level.
This stabilization, combined with increased buying interest, led to a second bounce from the $0.46 support zone, setting the stage for a bullish pattern known as a double bottom.
If this pattern continues to develop, the Cardano price could potentially rise to challenge the neckline resistance at $0.61. A successful breach of this resistance level would signal a more sustainable recovery for ADA.
Conflux Price Analysis: Bullish Pattern Points to change in the market trend
For nearly two months, the Conflux coin price has traded sideways, reflecting no initiation of buyers or sellers into this asset. However, a look at the daily time frame chart showed this consolidation as part of the largest bullish reversal pattern called inverted head and shoulder.
On January 26, the CFX price saw a massive inflow that led to a decisive breakout of the pattern’s neckline resistance near $0.215. If the coin price shows sustainability above the new found support, the buyers can ride a 58% rally to reach the potential target at the $0.36 mark.
Related articles:
Share this article on:
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. Neither the author nor the publication holds any responsibility for your personal financial loss.
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!
UnCirculars – Cutting through the noise, delivering unbiased crypto news
