2 months ago
18
The post Best Crypto to Buy Right Now Amid Market Correction appeared first on Coinpedia Fintech News
With the total crypto market back under the $2 trillion valuation, the Bitcoin and Altcoin prices are witnessing a massive crash. The altcoin segment has dropped under the $850 billion market cap, and the meme coins and the trending AI tokens are on a downside roll.
Amid such increased sell-off pressure, here are some gem tokens for you to buy in this market correction for a massive rally in a bull market. So here are the best cryptocurrencies to buy right now amid the market correction.
Best Cryptos To Buy:
XRP (XRP)
With a massive symmetrical triangle in the daily chart, the XRP price is testing its support trendline. Furthermore, it hangs near the 200-day EMA as it consolidates under the 50-day EMA and the 50% Fibonacci level at $0.5707.
Following the two-day correction, the XRP price is currently trading at $0.55185 with an intraday drop of 0.83% after the 1.98% drop last night. With a long-tail formation in the intraday candle, the underlying demand is clearly visible.
Furthermore, with the recent partnerships of the Ripple Foundation in Japan and South Korea and the upcoming RippleUSD stablecoin in the coming weeks, XRP is expected to bounce back.
Supporting the bullish trend, the daily RSI line maintains a higher high formation within the triangle pattern. With a bull cycle within the triangle pattern, the altcoin can find resistance at $0.60. In an optimistic case, the breakout rally will surpass the $0.72 peak for a new 52-week high near $0.75.
Hence, with the recent developments and a potential bull cycle, Ripple tops the best crypto to buy list.
Cardano (ADA)
With the recent upgrade of CIP-1964, the Cardano network has truly become decentralized, with the power in the hands of its users. Amidst such a massive network upgrade, the ADA price struggles to reflect a boost in the market price.
Currently, the ADA price action reveals a double bottom formation in a falling-wedge pattern. The baseline for the Cardano token is at $0.031.
Furthermore, the bullish divergence in the double bottom formation is visible, projecting a potential bullish comeback. Currently, the altcoin is trading at $0.315 with an intraday fall of 0.94% following the 5.36% fall last night.
However, the lower price rejection projects the possibility of a morning sharp pattern to reignite the bullish flame. On the positive side, the next resistance for the altcoin is near $0.364 at the 15-day EMA and the overhead trendline.
A bullish breakout can challenge the 23.60% level at $0.42. Optimistically, with the network upgrade reflected in the market price, the bulls can reclaim the $0.50 mark and challenge the 50% Fibonacci level at $0.54. Hence, Cardano makes the list of the best crypto to buy with the massive upside potential.
PEPE (PEPE)
With a bearish face for the meme coins, the PEPE price action reveals a falling channel pattern in the daily chart. Currently, the meme coin finds support at $0.000007042 with the high possibility of an inverted affair head and shoulder pattern.
Another bearish signal is the declining 50-day EMA readied for a death cross with the 200-day EMA. However, the bullish divergence at the support level is massive and projects a potential turnaround.
Furthermore, with the crypto market’s upcoming recovery phase, the meme coins’ bull cycle is known to give massive returns. Amid such a known performance of PEPE with a YTD year growth of $0.000007042, the meme coin has a massive upside.
With this intense but healthy correction, the PEPE ranks in our best crypto to buy right now list.
The next bottom support stands at $0.0000048 for the price targets, with the overhead targets at $0.0000010 and $0.0000012. In case of a bullish reversal rally with the broader market recovery, the meme coin could make a new 52-week high at $0.0000018.
English (US) ·