3 Top Altcoins Smart Money Is Buying This Weekend
Bitcoin is down to close the week in the red along with top altcoins like Ethereum (ETH), ZKsync (ZK), XRP, Dogecoin (DOGE), and more. A bullish outcome seemed possible earlier potentially backed by the US PCE data.
However, bears are likely to have their way possibly triggering an extended sell-off. Nevertheless, within this bearish mess, opportunities hide in plain sight.
Investors must successfully face the challenge of sifting through the noise to land on the gems with potential. On the bright side, the team at CoinGape often puts together a list of top altcoins to buy which can serve as a starting for investors. Further research into these projects is called for to ensure money is invested prudently.
1. Top Altcoins To Buy: Dogecoin
While signs of a recovery have yet to fully develop, Dogecoin’s price is holding above multi-month support and forms a reversal pattern, indicating a potential for a significant rebound.
During the June market correction, the Dogecoin price experienced a significant decline, falling from a high of $0.165 to a low of $0.113, marking a 31.6% loss. Despite this downturn, the daily chart reveals the formation of a well-known bullish continuation flag pattern.
Under the influence of this pattern, the coin price is actively resonating within two trendlines, trying to regain momentum for the prevailing trends as per theory. The Dogecoin price currently trades at $0.127 with an intraday gain of 0.22%, while the market cap boasted to $18.4 Billion.
With relief rally sentiment in the crypto market, the DOGE price attempts to break from immediate resistance of $0.129, coinciding close with 200D EMA. A successful breach could uplift the asset by 10% before challenging the key downsloping resistance of the flag pattern.
2. XRP
Holders of XRP are optimistic the token held back by a longstanding lawsuit between Ripple, the issuing company, and the Securities and Exchange Commission (SEC), could eventually blast towards a new dispensation rising to $10.
The case filed in December 2020 finally reached the trial stage with the SEC dropping its initial $2 billion penalty proposal to $102.6 million. Ripple’s attorneys had proposed $10 million, slightly below 10% of the regulator’s new figure.
As for investors, an XRP ETF would give the token more legitimacy as a cryptocurrency just like Bitcoin and Ethereum. VanEck filed for a Solana ETF on Thursday, raising the stakes for larger altcoins including XRP, Cardano, and Dogecoin.
XRP’s rally to $10 would depend on the general market sentiment, increased demand, and FOMO among investors. It might also take longer to achieve this incredible feat.
XRP’s bounce back is expected to gain momentum as the Relative Strength Index (RSI) rebounds from the oversold region. Traders would affirm the uptrend after the RSI breaches the descending trendline and the price climbs above $0.5 resistance.
3. GameStop
GME token has increased 26% over the past week, driven by the momentum in meme-based cryptocurrency markets. The token fluctuates between $0.0066 and $0.0093, showing bullish trends.
On a monthly perspective, GameStop has climbed over 85%, peaking at an all-time high of $0.03207 on June 7. After a brief decline, it is now on a recovery path. This resurgence coincides with the return of Roaring Kitty, also known as Keith Gill, in early May.
His influence has played a significant role in the token’s recent performance, paralleling the dramatic spikes in GameStop’s stock, which nearly doubled in pre-market trading following his activity.
GME is poised to breach the resistance at $0.0084 if the current bullish trend persists. Such a move could push its value towards the $0.01 mark. A further surge might elevate it to $0.1 shortly or even $1 during a subsequent bullish cycle.
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