Altcoins to Buy: The cryptocurrency market is likely to conclude the week with bullish sentiment, following the Bitcoin price recovery from a sharp sell-off and its stable performance above the $40,000 mark. This resilience has provided a foundation for most major altcoins, which have found robust support, sparking a fresh relief rally across the market.
Having said that, this correction could revive and exhaust bullish momentum as the BTC price is anticipated to experience a rebound from this level, bolstered by the prevailing liquidity and macroeconomic conditions.
The report also highlights a waning interest in a Bitcoin spot ETF among traditional finance (TradeFi) sectors, contrary to initial expectations. Additionally, it points out that investors in the Grayscale Bitcoin Trust (GBTC) are currently realizing their profits.
A January 26 Matrixport research report predicted that Bitcoin will fall to the support level of $36,739, and the price will rebound from this support level, as the overall liquidity and macro environment remain supportive. It noted that TradeFi’s interest in a Bitcoin spot ETF…
— Wu Blockchain (@WuBlockchain) January 26, 2024
Consequently, if the current trend of retracement persists, the best crypto to buy are Binance Coin (BNB), Cardano (ADA), and Conflux (CFX).
Binance Coin Price Hints A Last pullback Before 15% Upsurge
Binance Coin Price| TradingView Chart
Amid the January downturn in the crypto market, the BNB price witnessed a notable correction from $338 to $287, registering a 15% loss. The retracement showcases an uncertain price behavior resonating within two downsloping trendlines which developed into a bullish flag pattern.
In theory, this pattern leads to a post-rally correction to recuperate the exhausted bullish momentum. Amid the renewed buying interest in the market, the Binance coin price is 0.63% up and currently trading at $304.
For a bullish entry opportunity, the BNB price should breach the pattern’s upper trendline to signal the end of the correction trend. The post-breakout rally may surge the altcoin 14.7% to hit $360.
Why is the Cardano Price Poised for a 30% Surge?
Cardano Price| TradingView Chart
ADA, the native cryptocurrency of the Cardano ecosystem, has been experiencing a downward trend since last month. This decline led to a significant drop in its value, falling from $0.677 to the current trading price of $0.46, which equates to a 3% decrease.
Amid the broader market’s recent upturn, the ADA price has managed to stabilize, holding steady above the crucial support level of $0.46 and the 50% Fibonacci retracement level.
This stabilization, combined with increased buying interest, has led to a second rebound from the $0.46 support zone, laying the groundwork for a bullish pattern known as a double bottom.
If this pattern continues to evolve, the Cardano price could potentially rise to challenge the neckline resistance at $0.61. A successful breach of this resistance level would signal a more sustainable recovery for ADA.
Conflux Price Analysis: Bullish Pattern Points to Change In Market Trend
Conflux Price| TradingView Chart
For nearly two months, the Conflux coin price has been trading sideways, reflecting no initiation from buyers or sellers toward this asset. However, a look at the daily time frame chart showed this consolidation as part of the largest bullish reversal pattern called inverted head and shoulder.
On January 26th, the CFX price witnessed a massive inflow which led to a decisive breakout from the pattern’s neckline resistance near $0.215. If the coin price shows sustainability above the newfound support, the buyers may drive a 58% rally to hit the potential target at the $0.36 mark.
Related Articles:
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- Bitcoin ETF: Google to Start Allowing ETF-Related Ads by the End of January
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