Markets
Smart Money has its eye on 2 cryptos to buy for 10X to 50X potential in 2024
The ardent investor in cryptocurrency The market knows exactly when to buy and when to sell, carefully timing the bull market. Following similar patterns can allow novice investors to achieve results they would otherwise have dreamed of if they had followed untested methods. Such strategies can transform ordinary life cryptocurrency wallet to unprecedented levels with the potential to buy crypto, eyed by smart money in 2024 for between 10x and 50x profit.
Why focus on 2 cryptos to buy in May
The month of May should allow prices to stabilize after the roller coaster of April. Already in the first quarter, cryptocurrency prices soared – with some hitting new all-time highs like the largest digital asset at $73,837, CoinGecko the data shows.
THE Bitcoin (BTC) Price Prediction reveals that the potential in 2024 is not yet exhausted. If anything, BTC is expected to surpass $100,000, marking the parabolic rally after the halving.
Therefore, understanding market psychology might be the best way to approach investing in crypto to buy like the piece of money Good (BONK) and the top ten Cardano (ADA) projects.
Bitcoin hovered at $65,825 on Thursday, May 16. The slight increase in the last 24 hours can be attributed to the release of softer versions. IPC data in the United States, suggesting that inflation has returned to a downward trend after several months of stubborn increases.
Despite this week’s rebounds, cryptocurrency prices remain generally sluggish. Although the situation is the opposite of favorable for investors, this could be a time to evaluate dollar cost averaging (DCA) and accumulate holdings before the trend reverses.
1. Bonk (BONK)
Bonk spent almost four weeks oscillating between support at $0.00002 and resistance at $0.000028. An ascending trendline strengthened support, allowing bulls to put up a tough fight and avoid further losses.
However, their efforts faltered when they encountered seller congestion at $0.000028, hence the slump.
BONK support on Bithumb comes at a time when Bitcoin Price amounts to around $70,000. This means investors are willing to take more positions in altcoins, including volatile assets like coins.
Although returning below $0.000025, Bonk still shows potential for a larger breakout over the next few sessions or within a few days.
The bulls could also fuel a possible breakout of an ascending triangle. As a continuation pattern, the triangle on the chart allows for consolidation before the next move above resistance at $0.000028.
Traders expect a breakout target of at least 45% equal to the height of the pattern. Buy orders would be entered above the hurdle at $0.000028, paving the way for a majestic move towards $0.000041. This move will be below the ATH of $0.000047, but could allow FOMO to support a rally to new record highs.
2. Cardano (ADA)
Over the past week, ADA price has fluctuated between $0.42 and $0.46, with a slight increase of more than 1% after an uptrend. However, over the past month, the price of ADA has seen a slight decline, reflecting broader market trends and investor sentiment.
According to data from DeFiLlama, Cardano’s total value locked (TVL) reached $261.03 million. TVL is a key metric that reflects the total amount of assets locked in the Cardano ecosystem, indicating the level of activity and investment within its decentralized finance (DeFi) space.
Cardano network stablecoins have a market capitalization of $16.13 million, contributing to the overall TVL. The data highlights Cardano’s growing importance in the DeFi sector, as it continues to attract more assets and users.
If Cardano manages to breach the $0.5 resistance, a significant upward move could follow. This momentum could push the cryptocurrency to $0.6 by the end of the week. Such a rise could lead to testing the crucial resistance level at $1.
Take away
The path to making a fortune in the cryptocurrency market begins by following proven investment strategies and methods. Above all, limiting yourself to key cryptocurrencies to buy like Bonk and Cardano could allow regular wallets to succeed, especially against the backdrop of expectations of a massive bull run in 2024.
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