Let’s face the music: the crypto market has seen better days. With the shattered expectations for Bitcoin amidst long-anticipated ETF approval, the altcoins are falling short alongside.
Still, while many traders see the red market as an obstacle, we see it as an opportunity – an opportunity not only to buy more assets but to discover the hidden gems with genuinely performative tokenomics.
Today we’re diving into three safe investments for the most efficient portfolio recovery. Stay tuned!
- Ether’s (ETH) popularity succeeds its market amidst the upcoming Dencun upgrade. The local trend for the coin is set on bullish rails as Ethereum rallies to become the top development blockchain.
- X’s official payment handle fueled anticipation of Dogecoin’s acceptance as a payment method. DOGE indicates a 15% boost in price.
- WhiteBIT Coin (WBT) increased by 8% for the recent month, set to cross the $9 barrier in 2024.
The core of the industry – Ether (ETH) – rallied its positions for the recent two months amidst the upcoming Dencun upgrade – a key advancement to the Ethereum network, reported to reduce transaction costs and boost blockchain’s scalability. This makes the Dencun upgrade and its arrival on the mainnet crucial to Ether holders.
The interest is heating sequentially as the timeline for the Dencun upgrade was determined in the recent Ethereum All Core Developers Execution. However, Dencun is not the main reason for ETH firmness, seeing that Ethereum has long been the most popular option for Web3 developers.
Apart from the utility wins, Ether (ETH) has also sought its rising popularity in the competition against Bitcoin (BTC), with the eyes turned to Buterin’s brainchild due to BTC’s performance decline.
At the same time, a reputable trader Altbullx believes that Ether (ETH) is about to reverse its trend to bullish as of reaching $2066,79-$2118.99 liquidity range in February.
— bull 👑 (@altbullx) January 25, 2024
At the time of writing, Ether is trading for $2,312 on the WhiteBIT exchange, indicating a local trend downturn. The Relative Strength Index (RSI) is standing above 50 rates, signaling the trend’s strength.
Still, according to FXStreet, Ether (ETH) is likely to march towards its 61.8% Fibonacci Retracement level of price decline between April and June 2024, at $2,551.
One of the key reasons why Dogecoin is trending among the crypto community is the introduction of X Payments – a payment facility for X users. Seeing Elon Musk’s inclination towards DOGE, many anticipate memecoin to become an integral element of the payment method among X users.
Regardless of the baselessness of such a promising thesis, it spurred Dogecoin (DOGE) to break from its bearish trend and retest by as high as 15%. As of the time of the report, the memecoin is trading for $0.0797, with RSI nearing 60.
Still, it is worth noting that the consistency of the trend is yet to be determined. While memecoins, including DOGE, are adding up to their utility and liquidity, these may not become the magic pill for tokens’ success.
Nevertheless, Elliot Lee for Techopedia believes that Dogecoin (DOGE) has all the chances to reach a $0.1161 price this year, with the highest rate of $19.
At the same time, Rakesh Upadhai – an analytical journalist for Cointelegraph – believes that If buyers sustain the price above the 20-day EMA, the DOGE/USDT pair could rise to the downtrend line.
However, if buyers overcome the obstacle at the downtrend line, the pair may start its journey toward the $0.10 to $0.11 resistance zone. The important support on the downside is $0.07.
WhiteBIT Coin (WBT)
While WhiteBIT Coin (WBT) is a low-volatile asset, this does not mean that its price remains in a constant range. Thus, the utility coin indicates 8% monthly growth, with a market cap coming closer to $1 billion.
The Relative Strength Index (RSI) of almost 60 proves that altcoin gains its position as a portfolio diversification tool. With novelties introduced by its developer – WhiteBIT – and L1 chains rising in popularity, AMBCrypto predicts WBT to hit a $9.25 price in 2024.
The increase in WhiteBIT Coin’s volume may also be the outcome of the recent market moves, forcing investors to stay out of futures trades in favor of holding.
Specifically, WBT is reported to be “a reliable asset that can be used for staking on its native platform, which provides numerous perks to its holders and owners.”
What is more, a Ukrainian-based investor M22 is anticipating WBT growth amidst positive novelties for WB Network. In his post for X, he states: “Something tells me there will be some crazily good news from WhiteBIT”.
Ну скільки вже можна стояти на 6.3$ , вже всі хомʼяки продали $wbt і побігли купляти atom i sui бо там дропи…
— M22 Invest (@M22crypto) January 25, 2024
Being the example of a rare stablecoin with extra features unlocked, WBT is gaining its popularity strikingly fast.
The assets mentioned above signal the crucial role of altcoins in shaping the market. Due to their facilities and popularity, the role of Bitcoin or immersively large altcoins slightly fades in the background. Whether this is good or bad, the market is transforming – not critically, but tangibly.
Hence, remember the DYOR rule, always look up for new projects to invest in, and trade safely!
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