Investing in blue chip altcoins like XRP and Dogecoin can be both rewarding and challenging. These tokens have shown resillience in different cycles, underpinning their potentially to skyrocket in 2024.
HIGHLIGHTS
- Ethereum ETF likely approval on Thursday ignites interest in leading altcoins.
- XRP stands out as a potential token to hit $1 in the coming weeks.
- Dogecoin and Pepe Coin battle for the top meme coin spot in the market.
The crypto market has taken a breather from a two-day rally backed by sentiment around the likely approval of spot Ethereum ETFs. Bitcoin rallied along with altcoins adding life to crypto portfolios. Investors considering blue chip altcoins like XRP Polygon and MATIC could choose to dollar cost average as prices wobble before the next major breakout.
This uptick in price triggers bullish sentiment among investors who desire to make the most profits during the bull run. However, narrowing down to the right altcoins to buy is an uphill battle for many.
The select altcoins highlighted in this article are affordable but also have the potential to rally alongside major crypto to buy like BTC and ETH. Nevertheless, investors must carry out due diligence before buying into any of these coins with the potential to turn a $1,000 investment into $100,000 in 2024.
1. Blue Chip Altcoins To Buy – XRP
XRP price reclaimed support at $0.5 followed by a remarkable spike to $0.54 before the correction on Wednesday took precedence. The impressive performance piggybacked on the news surrounding the spot Ethereum ETFs. As reported in the Ethereum price forecast, ETF analysts revised the chances of approval by the Securities and Exchange Commission (SEC) from 25% to 75%.
Although bullish sentiment surrounding the ETF still lingers, XRP faces resounding volatility. This could explain a 3% correction in 24 hours to $0.5313, CoinGecko data shows.
An ETF for XRP could contribute to the coin’s anticipated rally in 2024 and 2025. Analysts project XRP price to hit a new all-time high and even close the gap to $10 in the bull run.
Meanwhile, a daily close above the 50-day EMA in red at $0.536 might boost the bullish structure in the current and next sessions. As the Bollinger Bands tighten further, they increase the chance and magnitude of the breakout.
Should XRP step above the 200-day EMA in purple, FOMO might ignite a big move narrowing the gap to $1. Key milestones XRP price must bag to validate the long-term uptrend include resistance levels $0.6, $0.7, and $0.8.
2. Polygon (MATIC)
Polygon’s MATIC, a cryptocurrency token native to one of Ethereum’s leading layer 2 blockchains witnessed a renewed demand pressure since mid-May showcasing a V-shaped reversal from $0.643. This recovery uplifted the asset value by 11.8% to currently trade at $0.718.
Over the past six weeks, the price of Polygon (MATIC) has been oscillating between two horizontal levels at $0.768 and $0.643. During this period, the price has bounced multiple times off both levels, suggesting a lack of dominance from buyers and sellers. However, a closer examination of the daily chart reveals the formation of higher lows through candle wicks, which indicates a gradual increase in buyer influence over the asset.
Should the MATIC price break out successfully, it could surpass the $0.85 mark and aim for $0.95, potentially yielding a gain of 24%.
3. Pepe Coin
Pepe price has risen by 24.65%, reaching $0.00001383. This increase has propelled its market cap to $5.82 billion, placing it at rank #21 among cryptocurrencies. Investors seem to have turned to PEPE, while divesting from older meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB).
The trading volume in the last 24 hours has also shown a substantial jump, climbing 89.75% to $4.43 billion, which accounts for 76.14% of its market cap. The circulating supply remains at 420.69 trillion PEPE, which is the total and maximum supply of the memecoin.
Many long positions are emerging, pointing to a bullish trend. Concurrently, speculations about the possible approval of spot Ethereum exchange-traded funds (ETFs) in the United States are fueling optimism in the market. These developments hint at a positive sentiment among crypto investors.
The current bullish trend has propelled Pepe coin past the $0.000015 resistance level, hinting at a potential upward trajectory. If the bullish momentum continues, Pepe could aim for targets of $0.00003 and even $0.00005.
Investing in blue chip altcoins requires a lot of resilience. However, after identifying the right coins to buy, all that’s left is portfolio management. For altcoins to buy like XRP, DOGE, and PEPE, it might be prudent to buy as prices correct from the current levels intending to maximize gains in the bull market.
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