Altcoins
What best Altcoins to buy on January 15: HNT, XRP, LDO
Best Altcoins to Buy: Crypto investors found themselves facing the reality of a massive sell-off immediately after the Securities and Exchange Commission (SEC) approved the spot ETF.
Some people believe the Bitcoin spot ETF result was as expected, given the sustained rally since mid-October. In other words, a retracement was long overdue to allow fundamentals to catch up with the price and prepare for a halving rally towards the end of the first quarter.
On the other hand, some people argue that as Bitcoin declines, it is time to start taking positions in the market. best crypto to buy including top altcoins like Helium (HNT), XRP and Lido DAO (LDO).
Helium (HNT) tops the list of best cryptocurrencies to buy on January 15
Helium stands out on the list of best cryptocurrencies to buy, rising 46% in seven days to trade at $7.26. At a glance, a recently validated descending wedge model has kept the crypto project green and vibrant.
HNT, the token that powers the decentralized wireless infrastructure built on the Solana blockchain, rebounded from support at $4.8 and topped the wedge at around $5.67 before a 40% rally to $8.
Despite the slight rise above $8, the failure to close a four-hour candle gave room to sellers who, coupled with the ongoing widespread slump, saw HNT correct to test support at $7.
HNT Price Chart | Commercial view
Now that Helium is holding above the exponential moving average (EMA) of 20 (blue), traders would expect a four-hour candle close before entering new long positions in HNT.
However, caution is needed given the mixed signals, with the Moving Average Convergence Divergence (MACD) indicator reinforcing a sell signal.
If the bears succeed and Helium slides below 20 EMA, the path of least resistance will swing lower and open the way for further losses. In this case, the 50 EMA (red), 200 EMA (purple), and support at $6 are levels to keep in mind. With an average cost strategy, these levels could offer excellent entry positions.
XRP bulls hold on to 46% weekly gains
XRP price is in the red like most altcoins. Since the rejection of November’s high at $0.75, the focus has gradually shifted to securing strong support that will serve as a springboard for gains targeting highs above $1 in the weeks to come .
The 200 EMA is struggling to hold the international money transfer token above $0.57 while the MACD sell signal indicates a weakening technical structure.
XRP Price Chart | Commercial view
Traders should also consider the formation of a falling wedge amid the current consolidation. For a breakout to materialize, XRP may be required to collect liquidity at the lower descending trendline or $0.55.
The largest movement will occur with XRP rising above the wedge pattern. This breakout accompanied by a notable increase in volume could pave the way for a 23% rally and help fuel the expected rise beyond $1.
That said, the most ideal entry position would be slightly above the corner resistance. Although short-term speculators may start taking profits at $0.65 and $0.75, XRP has the potential to reach its all-time high and beyond as the market enters the bull run in 2024 and 2025.
Lido DAO (LDO) Bear, Bull Tug-Of-War Intensifies
Lido DAO, the token backing Ethereum’s primary liquid staking provider, is holding above short-term support at $3.2 after respecting resistance at $4. A daily close above the gray band is necessary for the uptrend to resume.
However, a recently issued sell signal from the MACD implies that sellers could have the upper hand in the coming sessions.
LDO Price Chart | Commercial view
The bullish thesis supported by Lido since October paints a positive technical picture for the future. With this in mind, further losses could be seen as short-term pain before a bigger breakout.
While investors are betting on Ethereum due to the growing potential of a spot ETF, Lido price could attract the same interest, given the likelihood of a massive increase in stakes. While it is difficult to estimate Lido’s potential, a break above $4 could help point investors in the right direction.