Altcoins
Which Top Altcoin to buy today January 22: XRP. SHIB, COMPUTER
Euphoria evaporated faster than a trader’s profits, as the cryptocurrency Fear and Greed Index fell from 70 last month to a sobering 55. Bitcoin ETF has turned into nervous uncertainty, leaving investors reeling following an agonizing sell-off.
The green light for ETFs, once hailed as a launching pad for stratospheric gains, now casts a long shadow over a market where Bitcoin Price plunged to $40,000. Top altcoins, like Aptos (APT), Celestia (TIA), and Lido DAO (LDO), have not escaped the carnage, bleeding profusely as market sentiment deteriorates.
Cryptocurrency Fear and Greed Index
On the other hand, some crypto majors like Shiba Inu (SHIB) and XRP are among the best crypto to buy investors might consider adding cryptocurrencies portfolio for speculation purposes.
BRC-20 tokens like Ordinals (ORDI) have shown commendable resilience in the past and could yet offer significant gains in the next phase of recovery.
This article seeks to dissect these three altcoins, with the aim of identifying key entry positions, given the ongoing retracement allowing investors to capitalize on the future uptrend rather than remaining on the sidelines overshadowed by anxiety .
Recommended: Cryptocurrency Price Prediction for January 22: BTC, ADA, SC
Can XRP price rebound if investors buy the dip?
The token that underpins one of the world’s largest cross-border digital money transfer networks, XRP lost more than 7% of its value to $0.53. Before this downturn, the sixth-largest cryptocurrency, with a current market value of $28 billion, surged to $0.7, thanks to optimism leading up to the ETF launch.
Like the rest of the market, XRP is bleeding profusely with no immediate signs of a rebound.
However, amid this selloff, investors may find opportunities to buy the dip. The four-hour Moving Average Convergence Divergence (MACD) indicator paints a bleak picture, implying that XRP could dive to test support at $0.52 or $0.5.
The signal to start buying XRP would occur with the MACD line in blue crossing above the red signal line with key milestones such as crossing the 50 EMA, the 200 EMA and the descending trendline. From here, XRP price could see a stunning rise above $1, with an ATH of $3.4 falling within reachable limits.
Shiba Inu: Is SHIB one of the best altcoins to buy in January?
Investors piquing interest in Shiba Inu should realize that the pullback appears far from over. Support at the 200-day EMA (purple) around $0.000009 tested at the time of this analysis could determine the direction SHIB takes.
An impending bearish crossover due to the 20-day EMA moving below the 50-day EMA is likely to keep markets depressed and prevent an immediate rebound.
A breakout and holding below support areas could mean that Shiba Inu Price plunges to $0.000008 to seek support and liquidity. If things go well, the meme coin could slide towards the next strong anchor at $0.000007.
On the other hand, holding above the 200-day EMA could begin to shape SHIB onto a recovery trajectory targeting highs beyond $0.00001. Such a move would involve Shiba Inu being accepted back into the expanding cone model.
Ordinal investors (ORDI) back to the drawing board?
Ordinals embarked on an ongoing retreat after hitting a new all-time high at $90. Attempts to make sense of the recovery failed miserably, with ORDI sliding to $60.
If the bulls hold the support indicated in the purple band, traders could start gaining confidence in the market. BRC-20 token. However, there is a high probability that ORDI will explore the lower range between $50 and $60.
While it may not be the best time to buy ORDI right now, looking for potential rebound zones could separate the winners from the losers. Also, this token has a habit of recovering lost winnings.
Therefore, a breakout to $100 is still possible, with investors likely to start cashing out at $80 and $90, respectively.
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John is a seasoned crypto expert renowned for his in-depth analysis and accurate price predictions in the digital asset market. As the Price Forecast Editor for Market Content at CoinGape Media, he is dedicated to providing valuable insights into price trends and market forecasts. With his extensive experience in the crypto sphere, John has honed his skills in understanding On-Chain Data Analytics, Non-Fungible Tokens (NFT), Decentralized Finance (DeFi), Centralized Finance (CeFi) and the dynamic landscape of the metaverse. Through his constant reporting, John keeps his audience informed and equipped to navigate the ever-changing crypto market.
The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.