Altcoin
Turn $1,000 into $100,000 by Investing in 3 Blue Chip Altcoins Under $1
Markets turned positive again, pushing May returns from disappointing to profitable. Bitcoin price it peaked at $72,000 on Monday, after plummeting to $56,500 in April. Ethereum, the largest of the blue chip altcoins, made impressive gains from the $2,800 support to highs above $3,700.
This price increase triggers bullish sentiment among investors who want to gain maximum profit during the bull run. However, for many, narrowing down the right altcoins to buy is an uphill battle.
The selected altcoins highlighted in this article are cheap but also have the potential to strengthen alongside major cryptocurrencies to buy like BTC and ETH. However, investors need to do their due diligence before purchasing any of these coins that could turn a $1,000 investment into $100,000 in 2024.
1. Blue Chip Altcoin to Buy – XRP
XRP price reclaimed support at $0.5, followed by a notable spike to $0.54 before Wednesday’s correction took precedence. The impressive performance was based on the news surrounding the commercial Ethereum ETF. As reported in Ethereum Price PredictionsETF analysts have revised the chances of approval by the Securities and Exchange Commission (SEC) from 25% to 75%.
While the bullish sentiment surrounding the ETF persists, XRP is facing dramatic volatility. This could explain a 3% correction in 24 hours to $0.5313, CoinGecko the data shows.
An ETF for XRP could contribute to the coin’s expected rally in 2024 and 2025. Analysts project XRP Price to reach a new all-time high and even close the gap to $10 in the bull run.
Meanwhile, a daily close above the red 50-day EMA at $0.536 could strengthen the bullish structure in the current and next session. As Bollinger Bands narrow further, the possibility and magnitude of a breakout increases.
Should XRP Breaking above the purple 200-day EMA, FOMO could trigger a big move narrowing the gap to $1. The key milestones that XRP price needs to reach to validate the long-term uptrend include the $0.6, $0.7, and $0.8 resistance levels.
2. Polygon (MATIC)
Polygon’s MATIC, a cryptocurrency token originating from a major Ethereum layer-2 blockchain, has seen renewed demand pressure since mid-May, showing a V-shaped reversal from $0.643. This recovery has increased the value of the asset by 11.8%, currently standing at $0.718.
In the last six weeks, the price of Polygon (MATIC) oscillated between two horizontal levels at $0.768 and $0.643. During this period, the price has bounced multiple times from both levels, suggesting a lack of dominance on the part of buyers and sellers. However, a closer examination of the daily chart reveals the formation of higher lows across the candle wicks, which indicates a gradual increase in buyer influence on the asset.
It should the MATIC price If it breaks out successfully, it could break out of the $0.85 mark and aim for $0.95, potentially making a 24% gain.
3. Pepe Coin
Pepper Price rose 24.65% to $0.00001383. This increase pushed its market capitalization to $5.82 billion, placing it 21st among cryptocurrencies. Investors appear to have turned to PEPE, divesting from older meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB).
The trading volume in the last 24 hours also showed a substantial increase, rising by 89.75% to $4.43 billion, representing 76.14% of its market capitalization. The circulating supply remains at 420.69 trillion PEPE, which is the total and maximum supply of the memecoin.
Many long positions are emerging, indicating a bullish trend. At the same time, speculation about the possible approval of Ethereum spot Exchange Traded Funds (ETFs) in the United States is fueling optimism in the market. These developments suggest positive sentiment among cryptocurrency investors.
The current uptrend has pushed Pepe coin above the $0.000015 resistance level, suggesting a potential upward trajectory. If the bullish momentum continues, Pepe could target targets of $0.00003 or even $0.00005.
Bottom line
Investing in blue chip altcoins requires a lot of resilience. However, once you have identified the right coins to buy, all that remains is to manage your wallet. For altcoins to buy such as XRP, DOGE, and PEPE, it may be prudent to buy as prices correct from current levels with the intention of maximizing gains in the bull market.
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John is a seasoned cryptocurrency expert, renowned for his in-depth analysis and accurate price predictions in the digital asset market. As a price forecast editor for market content at CoinGape Media, he is dedicated to providing valuable insights into price trends and market forecasts. With his vast experience in the cryptocurrency sphere, John has honed his skills in understanding on-chain data analytics, non-fungible tokens (NFTs), decentralized finance (DeFi), centralized finance (CeFi), and dynamic landscape of the metaverse. Through his constant reporting, John keeps his audience informed and equipped to navigate the ever-changing cryptocurrency 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 personal financial loss.