Altcoins
Which best Altcoin to buy for the Bull Run today: LINK, SHIB, LUNC
The crypto market is experiencing considerable dumping, following in the footsteps of Bitcoin price, which is falling below $40,000. From the place BTC ETF went live in the United States, it was a massacre for both the biggest crypto and the best altcoin.
A few best crypto to buy majors like Ethereum, Solana, and XRP took a major hit, plunging to $2,212, $80, and $0.5, respectively.
Often, market downturns provide previously marginalized investors with a chance to price average cost (DCA) and book cheaper positions, something that was missed during previous rallies.
Some of the top altcoins that stood out on January 23, like Chainlink (LINK), Shiba Inu (SHIB), and Terra Classic (LUNC), could offer unique opportunities, given growing expectations of a bull run in 2024 and 2025 , thanks to the upcoming halving.
Recommended: Cryptocurrency price forecast for January 23: ETH, XRP, MANTA
Traders Look for Support Chainlink Bleeds (LINK)
Chainlink has always been a major competitor among altcoins, bolstered by its role as the largest Oracle provider. The crypto project also enjoys supporting Real-world assets (RWA) – a new sector with great potential in the future as crypto becomes mainstream.
However, like many of its peers, Chainlink’s price has fallen from a recent high of just above $17 to $13.6 due to the widespread market decline.
With support at $14 turning into immediate resistance, the downtrend is likely to continue.
Price table LINK | Commercial view
The bulls already appear subdued due to Chainlink falling below two key moving averages; the 20 EMA (blue) and the 50 EMA (red). LINK also risks moving away from the rectangular model and increasing sales.
On the positive side, these dips can serve as potential entry positions, as LINK has demonstrated resilience and the ability to recover even after significant pullbacks. Support could come in handy at $13 (rectangular support), the 200 EMA at $11.52 and, if push comes to shove, at $10.
Are Shiba Inu price cuts profitable?
The second-largest meme coin failed to reflect the spectacular 2021 rally that saw it hit a new all-time high of $0.000086. As recovery becomes elusive Shiba Inumovements have been limited between resistance between $0.000018 and $0.000006 for about two years.
This continued selling puts pressure on key support areas in the range, for example $0.000008, given that SHIB is trading at $0.0000084 at the time of writing.
SHIB Price Chart | Commercial view
If the negative outlook is not addressed and Shiba Inu Price begins to move higher, it would not be prudent to rule out further decline to support the $0.000007 and $0.000006 areas, respectively.
By using a DCA strategy with these key levels, investors can identify key dip buying opportunities and take advantage of them as the crypto market generally recovers.
Terra Classic price as LUNC bloodbath intensifies
Terra Class performed commendably in Q4 2023, rising from $0.000055 in October to $0.00027 in early December. In addition to the generally bullish crypto market during this period, the ecosystem voted to adopt key proposals aimed at improving the prospects of tokens such as LUNC and USTC.
This provided both tokens with liquidity to support the rally, hence the spike in Q4.
LUNC Price Chart | Commercial view
Now that the path of least resistance has shifted downward with Terra Classic bleeding up to $0.000089, this could be a good time to watch for possible trend reversals at key support areas such as $0.00007, $0.00006, and $0.000055.