Top 3 Cryptocurrencies Under $1 with Potential for Next Week
Date: 2024-01-21 Author: Dima Zakharov Categories: BLOCKCHAIN
Cryptocurrency investors are keeping a close eye on opportunities amidst the ongoing bearish pressure. Despite the market's challenges, there are still promising options for investment. Here, we highlight three cryptocurrencies priced below $1 that could be attractive buys in the coming week.
Polygon (MATIC)
Polygon (MATIC) remains an attractive investment option aimed at solving Ethereum's main issues, particularly high transaction fees. The primary goal of Polygon, a layer-two blockchain built on Ethereum, is to help blockchains overcome problems such as high fees and slow transaction times.
Recent partnerships have strengthened Polygon's prospects. For instance, major companies like Starbucks have utilized the Polygon blockchain, and the network recently entered a partnership with Fox Corporation to verify news content accuracy.
Despite these positive developments, MATIC's price has followed the overall cryptocurrency market trend, showing a decline. Currently, MATIC is striving to stay above the critical support zone at $0.70.
The potential uptrend in the overall cryptocurrency market is likely to help MATIC reclaim the $0.80 resistance zone, with the current token price at $0.77, reflecting a 2% daily increase.
XRP
XRP continues to grab investors' attention, especially amid the ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC). Recently, Ripple refused to provide its financial reports and information related to institutional sales.
Despite prolonged legal proceedings, the company still utilizes Ripple's underlying technology, which simplifies cross-border transactions, adding to the potential for the token's price growth.
Moreover, products related to XRP have seen an influx of $2.2 million recently, significantly higher than the $900,000 from the previous week. This surge is fueled by speculations that XRP could become the next exchange-traded fund (ETF) after Bitcoin (BTC).
While short-term indicators suggest bearish sentiment towards XRP, analysts remain optimistic about future growth. Crypto analyst Crypto Rover presented a technical analysis on XRP, indicating significant growth in the next eight weeks.
As of the evening of January 20th, XRP was trading at $0.55, with a daily gain of approximately 1.6% and a 4.6% loss over the past seven days.
Cardano (ADA)
Despite the recent bearish trend affecting the entire cryptocurrency market, Cardano (ADA) still holds its position in the top 10 cryptocurrencies by market capitalization, ranking ninth.
Despite a consolidation period, various factors, including network development and technical analysis, suggest that ADA could experience significant growth in the near future.
Cryptocurrency analyst Ali Martinez has noticed parallels between the current Cardano consolidation phase and ADA's movement in late 2020. Martinez speculated that if history repeats itself, ADA could resume an upward trend around April, potentially surging to $0.80 and even reaching $7.
Cardano's stability during the recent market sell-off can also be attributed to significant events, such as the upcoming Chang hard fork aimed at community governance.
As of the evening of January 20th, Cardano was trading at $0.51, with a daily gain of 3.1%, while ADA saw a 6.7% decline on the weekly chart.
Despite positive fundamental indicators, the cryptocurrency market remains highly volatile, capable of both rapid growth and sharp declines. Therefore, every investor should conduct their own analysis before making investments.
