The cryptocurrency market is a vast field with opportunities beyond well-known names like Bitcoin and Ethereum. In this weekly analysis, analysts explore the potential growth of lesser-known altcoins trading below the $1 threshold. Although the value of these cryptocurrencies may seem modest, they present an attractive prospect for investors looking for profit opportunities. In addition, analysts also convey the altcoin projects that are inevitable this week. Here are the details…
The first altcoin to watch: DOGE
Dogecoin (DOGE) is currently hovering at a critical hurdle at $0.087, marked by the convergence of the 0.786 Fibonacci level and the 100-week and 200-week exponential moving averages. Clearing this hurdle could allow DOGE to nearly double its current price to $0.14. Despite the difficulty, DOGE is showing resilience and is trading at $0.0836 at the time of writing, reflecting positive momentum.
Cardano is ready to grow
Cardano (ADA) is exhibiting characteristics reminiscent of a previous consolidation phase where the 100-EMA served as a recovery zone. The $0.396 resistance level remains a challenge, but the TD Sequential is pointing to a potential buy signal near the 100-EMA. Currently priced at $0.38, ADA showed a positive increase of 1.14% in the last 24 hours and recorded a monthly growth of 30.79%.
Hedera has bullish potential
Hedera (HBAR), backed by major players such as Alphabet, Boeing and IBM, stands out with a hashgraph-based approach. A recent proof of concept by Électricité de France using Hedera’s DLT highlights automation in the issuance and redemption of Renewable Energy Certificates (RECs). Although Hedera was traded at $0.06, it gained 17.28% in value last month, demonstrating its potential in different sectors.
PEPE ranks first among the altcoin projects to be avoided
While the cryptocurrency market is showing bullish signals in December, analysts are emphasizing the importance of proper risk management. This week’s analysis identifies three cryptocurrencies near the top 100 by market cap that investors should avoid due to potential risks and uncertain value propositions. Pepe (PEPE) is traded at $0.00000109 and is among the 98 most valuable cryptocurrencies with a market value of $457.5 million. Despite previous hype, Pepe lacks a clear value proposition and recent wallet movements point to speculative selling, posing risks for investors.
ORDI: Speculation is increasing
Ordi (ORDI), a BRC-20 token running on the Bitcoin Blockchain, is trading at $21.15 with a market cap of over $444 million. Ordi, a purely speculative asset where transactions in Bitcoin are subject to network fees, faces risks, especially as it recently lost its 100th position, strengthening psychological resilience.
What’s going on at LUNA?
Terra (LUNA), whose price is $ 0.751, ranks 102nd with its capital of $ 445 million. Although not a meme coin, Terra lost market confidence after a major mint and led to legal issues. Developers moving to Terra Classic (LUNC) further impact LUNA’s position, emphasizing the need for caution. In the volatile cryptocurrency market, even seemingly weak projects can experience price fluctuations.
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