Altcoins
Which Altcoins to buy for January 27: BNB, ADA, CFX
Altcoins to Buy: The cryptocurrency market is expected to conclude the week with bullish sentiment, following the Bitcoin Price recovery after a strong sell-off and its stable performance above the $40,000 mark. This resilience provided a foundation for most major altcoins, which found strong support, sparking a new relief rally in the market.
That said, this correction could reignite and exhaust the bullish momentum, as the BTC price is expected to see a rebound from this level, supported by liquidity and current macroeconomic conditions.
The report also highlights a decline in interest in Bitcoin Spot ETF among traditional financial sectors (TradeFi), contrary to initial expectations. Furthermore, he highlights that Grayscale Bitcoin Trust (GBTC) investors are currently making their profits.
Therefore, if the current retracement trend persists, the best cryptos to buy are Binance Coin (BNB), Cardano (ADA), and Conflux (CFX).
Binance Coin Price Hints One Last Pullback Before 15% Rise
Binance Coin Price | TradingView Chart
Amid the crypto market slowdown in January, the BNB the price saw a notable correction from $338 to $287, registering a loss of 15%. The retracement highlights uncertain price behavior resonating in two descending trendlines that turned into a bull flag pattern.
In theory, this setup leads to a post-rally correction to recoup exhausted bullish momentum. Amid renewed buyer interest in the market, the Binance Coin Price is up 0.63% and currently trading at $304.
For a bullish entry opportunity, BNB price should cross the upper trendline of the pattern to signal the end of the correction trend. The post-breakout rally could send the altcoin up 14.7% to $360.
Why is Cardano price ready to increase by 30%?
Cardano Price| TradingView Chart
ADA, the native cryptocurrency of the Cardano ecosystem, has been on a downward trend since last month. This decline resulted in a significant drop in its value from $0.677 to the current price of $0.46, which equates to a decline of 3%.
Amid the recent rally in the broader market, the ADA Price managed to stabilize, holding above the crucial $0.46 support level and the 50% Fibonacci retracement level.
This stabilization, combined with increased buyer interest, led to a second bounce from the $0.46 support zone, laying the foundation for an uptrend known as a double bottom.
If this model continues to evolve, the Cardano Price could potentially rise to challenge the neckline resistance at $0.61. A successful breach of this resistance level would signal a more sustainable recovery for ADA.
Confused Price Analysis: Uptrend Indicates Change in Market Trend
Conflux Prize| TradingView Chart
For almost two months, the Conflux parts prices has been trading sideways, reflecting no initiation by buyers or sellers into this asset. However, an examination of the daily time chart showed that this consolidation was part of the larger bullish reversal pattern called inverse head and shoulders.
On January 26, CFX price experienced a massive influx that led to a decisive breakout of the neckline resistance near $0.215. If the coin’s price shows sustainability above new support, buyers could generate a 58% rally to reach the potential target at $0.36.