Markets
Smart Money is eyeing the purchase of 2 cryptocurrencies with 10x to 50x potential in 2024
The ardent investor in cryptocurrency The market knows exactly when to buy and when to sell by carefully timing the bull market. Following similar patterns can allow beginning investors to achieve results they would have only dreamed of if they followed untested methods. Such strategies can transform a common environment crypto portfolio to unprecedented levels with crypto buying potential, eyeing smart money in 2024 for between 10x and 50x profit.
Why focus on 2 cryptocurrencies to buy in May
May is expected to allow prices to stabilize after the rollercoaster in April. Starting in the first quarter, cryptocurrency prices soared – some reaching new highs, such as the largest digital asset at $73,837, CoinGecko data show.
O Bitcoin (BTC) Price Prediction reveals that the potential in 2024 has not yet been exhausted. If anything, Bitcoin it was predicted to surpass $100,000, marking the post-halving parabolic rally.
Therefore, understanding market psychology may be the best way to approach investing in crypto to buy like the meme coin Bonk (BONADO) and the top ten Cardano (ADA) projects.
Bitcoin hovered at $65,825 on Thursday, May 16. The increase in the last 24 hours can be attributed to softer coin releases IPC data in the US, suggesting that inflation has returned to a downward trend after several months of persistent rise.
Despite this week’s recoveries, cryptocurrency prices remain generally sluggish. While the situation is the opposite of favorable for investors, this may be the time to dollar-cost average (DCA) and accumulate holdings before the trend reverses.
1. Bonk (BONK)
Bonk spent nearly four weeks bouncing between support at $0.00002 and resistance at $0.000028. An ascending trendline reinforced support, allowing bulls to put up a strong fight and avoid further losses.
However, their efforts weakened upon encountering seller congestion at $0.000028, hence the crisis.
BONK’s support for Bithumb comes at a time when Bitcoin Price it’s approaching $70,000. This means that investors are willing to take more positions in altcoins, including volatile assets like meme coins.
Although it is below $0.000025, Bonk still shows potential for a bigger breakout in the next few sessions or days.
Bulls could also nurse a potential ascending triangle breakout. As a continuation pattern, the triangle on the chart allows for consolidation before the next move above resistance at $0.000028.
Traders anticipate a breakout target of at least 45% equal to the height of the pattern. Buy orders would be entered above the $0.000028 barrier, paving the way for the majestic move to $0.000041. This move will fall short of the ATH of $0.000047 but could increase FOMO to support a rally to new record highs.
2. Cardano (ADA)
Last week, ADA price fluctuated between $0.42 and $0.46, with a slight increase of more than 1% after an uptrend. However, over the past month, the price of ADA 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 prominence in the DeFi sector as it continues to attract more assets and users.
If Cardano manages to break the $0.5 resistance, a significant upward movement could occur. This momentum could push the cryptocurrency to $0.6 by the end of the week. Such a rise could lead to the testing of the crucial $1 resistance level.
To remove
The path to making a fortune in the cryptocurrency market begins with tried and tested investment strategies and methods. Above all, restricting yourself to key cryptocurrencies to buy, such as Bonk and Cardano, could set common wallets up for success, especially amid expectations of a major bull run in 2024.
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John is a seasoned crypto expert known for his in-depth analysis and accurate price predictions in the digital asset market. As the price prediction editor for CoinGape Media’s market content, he is dedicated to providing valuable insights into price trends and market forecasts. With his vast experience in the cryptosphere, John has honed his skills in understanding on-chain data analytics, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), Centralized Finance (CeFi), and the dynamic metaverse landscape. Through his constant reporting, John keeps his audience informed and equipped to navigate the ever-changing crypto market.
The content presented may include the author’s personal opinion and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.