Uncertainty hangs heavy in the air, even altcoins haven’t escaped the bloodbath. Bitcoin price plunge below $42,000 has sent shockwaves through the market, leaving investors scrambling for footing. But amidst the gloom, opportunity gleams. Identifying gems that can rise from the ashes of this correction could be the difference between winning and losing.
This article will spotlight three promising altcoins: Solana (SOL), Blur (BLUR), and Xai (XAI). We’ll dissect their technical charts, pinpoint key entry points for dollar-cost averaging (DCA), and unlock their potential for both short-term and long-term speculation. Remember, in the crypto game, even a brutal bear market can pave the way for future bull runs. So, let’s dive in and find those hidden best crypto to buy diamonds.
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Solana: Prospecting On The Next Major Breakout
As one of the tokens loved most by institutional investors, Solana tends to offer unbeatable returns. In Q3, the smart contracts token exploded from $20 to a staggering $126 high.
Although the rally was halted, leading to a dive below the important $100 pivotal level, investors can still secure positions in SOL that could offer promising returns.
Trading at $98 during US business hours on Thursday, SOL faces a crossroads. A successful retest of resistance at $100 has the potential to make the token more attractive to investors. However, a failed breakout could further dampen optimism and result in another sweep on lower support areas at $90 and $85.
While Solana may offer the potential for bigger returns, it is advisable not to enter at the market rate. An established break of about $100 hurdle could mark an excellent turning point and pave the way for further gains.
At the same time, lower support areas like $90 and $85 could serve as potential entry spots capitalizing on DCA strategy. The rebound from these areas would imply maximum gains as Solana price climbs towards ATH.
Blur Price Rally Hits Pause, Here’s What’s Next?
Investors betting on the NFT sector would want to consider Blur. The token powers a widely known marketplace and aggregator platform offering advanced features such as real-time price feeds as well as portfolio management.
After exploding by a staggering 36% in the last 30 days, Blur exchanges hands at $0.67. In the last 24 hours, the token rallied by an additional 2.2% backed by a 2.7% increase in trading volume to $838 million and a 3% bump in market cap to $404 million.
This surge in activity underlines the growing investor interest and risk appetite and might be the gateway for an anticipated surge to $5 – the ATH.
In the meantime, Blur price faces ballooning selling pressure triggered by highly overbought conditions and prevailing crypto market doldrums.
The Moving Average Convergence Divergence (MACD) indicator reinforces the worsening bearish situation. Some traders could choose to short Blur based on the sell signal and the loss of support at $0.7.
Bulls must move first to protect the 20 EMA support and ensure that Blur does not slide below the purple band.
The presence of a rising wedge pattern could bolster the selling pressure and lead to a lengthy downturn to lower support areas at $0.6 and $0.55, respectively.
Taking advantage of the dips, especially now while the crypto market is generally dull and bleeding could prove profitable over the next few weeks.
Xai Price Consolidation In New Range A Prelude To Further Gains?
Investors continue to seek exposure to Xai, a token that was recently listed on Binance, one of cryptos’s leading exchange companies. Following the launch, XAI plummeted to $0.45 before extending the rally to $1.2.
The seller situation at $1.2 has been tested twice but unsuccessfully with the latest attack resulting in losses back to $1.
Xai price currently trades slightly above $1 and holds below a confluence resistance created by the 50 EMA and the 20 EMA.
If traders bet on the bearish outlook backed by a sell signal from the MACD, Xai might close the day below its immediate support.
Such a move could either lead to more pain as losses surge towards $0.9 and $0.8 or allow bulls to sweep fresh liquidity and support the third attack at $1.2 resistance. This breakout might have the potential to blast XAI to new ATH and even pave the way for price discovery.
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