Altcoins
Best Altcoins to Buy on January 8 with Spot BTC ETF Beckoning: ADA, DOGE, ARB
The crypto market is noticeably sluggish on Monday amid increased wait for approval from the Securities and Exchange Commission (SEC). Spot Bitcoin exchange-traded funds (ETFs). As discussed in the Solana Price In the prediction article, altcoins suffered the biggest setback last week as uncertainty clouded the market regarding the ETF. However, with the right entries, investors can identify the best altcoins to buy for 2024, with tokens like Cardano (ADA), Dogecoin (DOGE), and Arbitrum (ARB).
Cardano Price Prediction as ADA Stands Out Among Best Altcoins to Buy
Cardano is holding above $0.5 after rebounding from weekend support at $0.46. Furthermore, the northward movement is expected to gain momentum, stabilized by key indicators such as the Moving Average Convergence Divergence (MACD) indicator.
Investors will continue to take new positions in Cardano as long as the momentum indicator recovers to support the uptrend. The buy signal within four hours reveals that the buyers have the reins.
A four-hour candle closing above $0.5 is needed to support the bullish thesis. Additionally, it may be prudent to wait for ADA to rise above the exponential moving average (EMA) of 20 (blue) before initiating buy orders.
Cardano Price Chart | Commercial view
There is growing potential for a V-shaped recovery – one that could explode Cardano Price above the resistance at $0.65 and bring the token closer to the medium-term target of climbing above $1.
Investors entering positions in ADA have the opportunity to incorporate a dollar cost averaging (DCA) strategy to reap maximum benefits as crypto prices rise due to ETF approval Bitcoin spot this week and halving in April.
Can Dogecoin Price Reach $1 in 2024?
Dogecoin is back from December highs at $0.105. The sell-off at support at $0.075 can partly be attributed to traders cashing in to lock in gains and widespread headwinds in the market due to nervousness in the BTC ETF.
Currently, Dogecoin Price is holding above an S/R confluence created by the 200-day exponential moving average (EMA) (purple) and the lower ascending trendline around $0.0771.
Returning to the uptrend from this support would put the bulls back on the reins. However, DOGE must break above the dotted trendlines to validate a long-term bullish theory.
Dogecoin Price Chart | Commercial view
Some investors may want to ensure that the MACD indicator has issued another buy signal before going all-in on Dogecoin. Such a call to action would manifest as the blue MACD line crossing above the red signal line.
The potential return beyond resistance at $0.1 would prompt FOMO speculators to consider DOGE above $1. As the influx of capital into the crypto market increases with ETF approval, an altcoin season is on the horizon, which could make the $1 prediction conservative.
Arbitrum Price Forecast as Wedge Breakout Eye Moves 14%
Arbitrum slowed the uptrend after hitting a new all-time high at $2.11. Although ARB extended the price discovery mode during the first week of January, sellers quickly caught up, resulting in a retracement to $1.6.
Price has consolidated within two downtrend lines connecting a series of lower highs and lower lows. As the short-term descending wedge pattern formed, bulls began to push for a potential breakout.
Arbitrum Price Chart | Commercial view
Traders should be ready to enter new buy positions supported by an incoming MACD buy signal and a wedge-shaped breakout. A four-hour candle closing above the wedge and an S/R at $1.8 or 20 EMA (in blue) would suggest that buyers have the upper hand.
In this case, investors would expect a 14% upside, with Artbitrum slightly above $2. However, the wedge breakout could be invalidated if ARB fails to close the day above $1.8. Hence the need to keep support at $1.6 in mind despite the bullish narrative implying that a bigger breakout is imminent.