Several cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH), have been systematically testing and pushing against new resistance levels amid the current market rally.
This has created an opportunity for lesser-known altcoins to see increases in value during the same time frame.
Notably, alternative digital assets with robust fundamental qualities and promising technical indicators are garnering increased interest. The ongoing enhancements to their underlying blockchain architectures contribute to this optimistic sentiment within the investment community.
Using fundamental indicators and technical analysis, Finbold has curated a list of the most promising cryptocurrencies priced under $1, presenting potentially profitable opportunities next week.
Cardano (ADA) has experienced a notable 50.74% increase year-to-date, with the past month alone contributing to a positive change of 51.19%. This surge is attributed to the growing demand for its native token, which investors can stake in return for staking rewards.
Remarkably, Cardano holds the third-largest position in terms of Staking Market Cap among cryptocurrencies, according to data from StakingRewards.com. As of November 17, the Cardano network boasts a total staked value of $8.49 billion.
ADA is currently trading at $0.37, indicating a -6.28% change over the last 24 hours and a change of -2.03% in the past week. However, it has had a remarkable surge of 51.19% in the previous 30 days.
Among this week’s three selections, XRP (XRP) boasts the highest market capitalization and has delivered strong performances in the previous month.
The analyst CryptoinsightUK, suggests a potential rapid ascent if XRP breaks above the descending trendline, triggered by shorts covering and stop-loss triggers.
Despite an incorrect timeframe prediction, a bullish divergence and the need to eliminate leveraged shorts support the expectation of a swift surge to a target range of $0.89 to $1.35, as per his post on November 17.
As of the latest update, XRP is trading at $0.62, reflecting a -4.28% change over the past 24 hours. However, it has demonstrated an impressive positive monthly change of 26.07%.
Polygon (MATIC) stands out as another robust performer, showcasing a notable surge in its price over the previous 30 days. Rising from $0.51 to $0.83 in this period.
On November 15, Polygon’s Proof of Stake (PoS) system processed 6.17 million transactions, marking the highest daily transaction volume since October 2021, as highlighted in a post by Today in Polygon on November 16.
This underscores the token’s positive sentiment and increased investor optimism, especially considering its recovery from negative year-to-date growth in September to a current year-to-date positive change of 6.02%.
At the time of this publication, Polygon’s price is $0.85, reflecting a -6.85% change over the 24-hour period. This contrasts its positive trend over the past 7 days, with a gain of 1.08% and an impressive 30-day increase of 63.32%.
While the mentioned cryptocurrencies are currently experiencing losses at the time of publication, the dynamic nature of the digital asset realm suggests that unexpected breakthroughs remain a possibility.
The current market atmosphere, buoyed by optimistic sentiment and the potential approval of a Bitcoin ETF in the U.S., suggests a favorable outlook for altcoins. This scenario could lead to another month of gains, potentially enhancing the already positive performance of these alternative cryptocurrencies.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
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