Altcoins
Turn $1,000 into $100,000 by Investing in 3 Blue Chip Altcoins Under $1
Markets returned to the green, lifting returns in May from dismal to profitable. Bitcoin Price peaked at $72,000 on Monday after falling to $56,500 in April. Ethereum, the largest of the blue-chip altcoins, made impressive gains from $2,800 support to highs above $3,700.
This price rise triggers bullish sentiment among investors who want to make the most profits during the bull run. However, narrowing down the right altcoins to buy is an uphill battle for many.
The selected altcoins featured in this article are affordable but also have the potential to rally around major cryptocurrencies to buy like BTC and ETH. Still, investors should do their due diligence before purchasing any of these coins, which could turn a $1,000 investment into $100,000 by 2024.
1. Blue Chip Altcoins to Buy – XRP
XRP price reclaimed support at $0.5, followed by a remarkable spike to $0.54 before Wednesday’s correction took over. An impressive performance based on the news of the spot Ethereum ETF. As indicated in the Ethereum Price ForecastETF analysts have revised the chances of approval by the Securities and Exchange Commission (SEC) from 25% to 75%.
Although bullish sentiment around the ETF persists, XRP is facing resounding volatility. This could explain a 3% correction in 24 hours to $0.5313, CoinGecko the data shows.
An ETF for XRP could contribute to the coin’s expected rally in 2024 and 2025. Analysts Project XRP Price to reach a new all-time high and even narrow the gap to $10 during the bull run.
Meanwhile, a daily close above the red 50-day EMA at $0.536 could strengthen the bullish structure in the current and upcoming sessions. As Bollinger Bands tighten further, they increase the chance and magnitude of breakout.
Should XRP Above the 200-day EMA in purple, FOMO could trigger a significant move narrowing the gap to $1. Key milestones that XRP price needs to pass to validate the long-term uptrend include the $0.6, $0.7, and $0.8 resistance levels.
2. Polygon (MATIC)
Polygon’s MATIC, a native cryptocurrency token of one of Ethereum’s major layer 2 blockchains, has seen renewed demand pressure since mid-May, exhibiting a V-shaped reversal from 0.643 $. This recovery caused the asset’s value to rise by 11.8% to currently trade at $0.718.
Over the past six weeks, the price of Polygon (MATIC) is oscillating between two horizontal levels at $0.768 and $0.643. During this period, price bounced several times on both levels, suggesting a lack of dominance from buyers and sellers. However, a closer look at the daily chart reveals higher lows forming across the candle wicks, indicating a gradual increase in buyers’ influence on the asset.
If the MATIC Price if successful, it could surpass the $0.85 mark and aim for $0.95, which could generate a 24% gain.
3. Pépé’s piece
Pépé Prize increased by 24.65%, reaching $0.00001383. This increase propelled its market capitalization to $5.82 billion, placing it 21st among cryptocurrencies. Investors appear to have turned to PEPE, while dumping older coins like Dogecoin (DOGE) and Shiba Inu (SHIB).
Trading volume over the past 24 hours also saw a substantial jump, climbing 89.75% to $4.43 billion, representing 76.14% of its market capitalization. The circulating supply remains at 420.69 trillion PEPE, which is the total and maximum supply of the memecoin.
Many long positions are emerging, pointing towards an uptrend. Meanwhile, speculation about the possible approval of Ethereum spot exchange-traded funds (ETFs) in the United States is fueling market optimism. These developments suggest positive sentiment among crypto investors.
The current uptrend has propelled Pepe coin past the $0.000015 resistance level, hinting at a potential upward trajectory. If the bullish momentum continues, Pepe could aim for targets of $0.00003 and even $0.00005.
Conclusion
Investing in blue-chip altcoins requires a lot of resilience. However, after identifying the right coins to buy, all that remains is to manage the wallet. To buy altcoins like XRP, DOGE, and PEPE, it might be prudent to buy as prices correct from current levels in an attempt to maximize gains in the bull market.
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John is a seasoned crypto expert renowned for his in-depth analysis and accurate price predictions in the digital asset market. As the Price Forecast Editor for Market Content at CoinGape Media, he is dedicated to providing valuable insights into price trends and market forecasts. With his extensive experience in the crypto sphere, John has honed his skills in understanding On-Chain Data Analytics, Non-Fungible Tokens (NFT), Decentralized Finance (DeFi), Centralized Finance (CeFi) and the dynamic landscape of the metaverse. Through his constant reporting, John keeps his audience informed and equipped to navigate the ever-changing crypto market.
The content presented may include the personal opinion of the author 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.