Altcoins
Best Altcoins to Buy on January 21: SOL, GRT, CHZ
Top Altcoins: the cryptocurrency market has experienced a downward correction for over a week, primarily triggered by a lack of momentum in the Bitcoin price despite the highly anticipated launch of a Bitcoin ETF. This downward trend was exacerbated when Grayscale began shedding its Bitcoin assets in reaction to its investors selling shares of the GBTC ETF.
Nonetheless, the market saw some stability over the weekend, with Bitcoin struggling to maintain its position above the critical $40,000 mark. Amid this period of relative calm, renowned crypto analyst, @thescalingprodrew attention to an important development in the altcoin sector
The Altcoin Markecap has exited the accumulation phase of the Wyckoff bear market.
According to this model, the current consolidation should be the last unstable sideways price action before Alts go parabolic.
If the theory is corrected, altcoins like Solana (SOL), Graph (GRT), and Chiliz (CHZ) can provide a lucrative opportunity for bullish traders to acquire their favorite coins at a discount.
here are the best crypto to buy Today-
Chart pattern indicates lower formation for Solana (SOL) price
Solana Price (SOL)| TradingView Chart
Solana, currently the fifth largest cryptocurrency, has recently faced a downturn in the volatile crypto market, with it dropping 22% from a three-week high of $126.36 to $98.95. This decline, however, appears to be part of a broader bullish reversal pattern known as a “cup and handle” on the daily chart, a formation often seen as a bottoming signal indicating investor accumulation at higher prices. down.
Currently trading at around $92, the Solana Price is trying to hold above the crucial $85 level. If the trend persists, price is expected to rebound from this support, potentially rising 36% to approach the neckline resistance of $125.
A successful break of this resistance could signal a major trend reversal, potentially prompting buyers to target a significant 103% increase to around $255.
Chart price (GRT) in a decisive scenario
Price Chart (GRT) | TradingView Chart
Amid the ongoing market correction, chart coin (GRT) is showing signs of a bearish reversal known as head and shoulders. This trend, which typically appears during market peaks, has caused the price of GRT to drop significantly from $0.225 to $0.16 over the past three weeks, a loss of 28.8%.
However, over the past weekend, as the market sell-off eased, GRT saw a modest rebound, gaining 4.7% thanks to the neckline support of this pattern. If GRT fails to maintain this bullish momentum and consolidate its position at this new support level, there is a risk that sellers will trigger a breakdown, thereby strengthening their control over the asset.
In such a scenario, the Chart Price could cross the 50% Fibonacci retracement level, potentially leading to an extended decline towards $0.076. Conversely, if the bullish reversal of neckline support successfully overcomes the downtrend line (marked in black), it could provide the necessary momentum for buyers to initiate a rally, possibly revisiting the 0.225 high $.
Resumption of recovery in Chiliz (CHZ) Price exceeds $0.13
Chiliz Price (CHZ)| TradingView Chart
In a previous analysis of Coingape, it was noted that the Chilliz (CHZ) price in dollars managed to break out of the resistance of the neckline of a “cup and handle” pattern. Although a midweek selloff in the broader cryptocurrency market initially caused the price to fall below this resistance level, CHZ has since regained its position, signaling strong buyer conviction.
Currently, CHZ saw an impressive intraday increase of 16%, forming a long bullish engulfing candle on the daily chart. Trading at $0.104, if Chiliz manages to maintain this upward trajectory and hold above the neckline resistance, it will pave the way for further potential growth.
Buyers could target the $0.135 mark, which would represent a 30% increase from its current value.