Contrary to what one would have imagined, the best opportunities in the cryptocurrency market are found in a Bear Market session. We buy the drop and wait for it to rise. However, it is necessary to acquire the cryptocurrencies which will be able to recover after the crash. Someone who bought Bitcoin when its price was at $ 29,000 in June would see their investor double as of this writing.
The downside buying strategy is the one used by the cryptocurrency whales. Retail traders generally buy the rise caused by its whales. This is why they suffer so much when taking profits. Someone who waited until Bitcoin rose to $ 60,000 to buy it is surely at a loss today because the current BTC price is $ 58,482. Oddly, this intraday bitcoin crash is an opportunity for some big investors because they believe that the price of BTC will far exceed its ATH at $ 67,000.
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Salvador announced the acquisition of 420 new bitcoins as bitcoin crashed following the liquidation of leveraged positions of $ 500 million in crypto. A decision that surprises some but in reality it is quite intelligent because the price of bitcoin has a high probability of increasing in the future. For the analyst and seasoned trader, Peter Brandt, the current price of Bitcoin faces a chartist figure ” Shoulder-Head-Shoulder Which will eventually lead to an uptrend. Michaël Van de Poppe is also bitcoin bullish. He predicts his price could rise to $ 90,000 next year.
Bitcoin comparison 2017 and 2021 – Source: Smart Crypto / Twitter
Bitcoin has certainly fallen, but altcoins have suffered the most. At the time of writing this article, BTC is down 3.65% but altcoins have slipped by many more percentage points. ETH drops 5.24%. BNB, ADA and Solana plunge 6.17%, 10.30% and 9.52% respectively. Other altcoins with smaller figures are also falling. Cosmos (-12.48%), Stellar (12.27%) and The Graph (12.01%).
However, it is a good time to acquire some altcoins. Here are our top 5 cryptos to buy after the bitcoin drop on Wednesday
VeChain: Target at $ 0.334 by the end of 2021
Decrease over the last 24 hours: -10.8%
VeChain chart
VeChain is a cryptocurrency that seeks to create a decentralized structure to combat supply chain management issues. Its goal is to set up a platform to provide a transparent flow of information, establish effective collaboration and execute rapid transfers of value. VeChain has already established major partnerships with PwC, Microsoft and Renault.
VeChain’s token has a current value of $ 0.1258 which is below the technical price target set at $ 0.15. During the day yesterday, the crypto appeared to be heading towards the capital resistance of $ 0.15 after rallying up to $ 0.14. The poor performance penalizes this bullish movement.
If its price were to pick up and cross the capital resistance line, the next landing will be $ 0.334.
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Elrond: $ 500 at the end of December
Decrease over the last 24 hours: -9.47%
Elrond graphic
This crypto makes Ethereum’s big competitors. Elrond is a much more attractive cryptocurrency than Ether in terms of scalability and transaction fees. On its blockchain, users can perform 15,000 transactions per second and the fee is around $ 0.001. It owes the speed of its network to the Sharding technology which consists of partitioning the blocks into sub-blocks called shards.
Elrond’s token is called Egold or EGLD. Its current value is $ 240. The maximum supply of the token is set at 20.4%. There are almost 20 million that are said to be in circulation in the market. So, it is one of the deflationary tokens like BTC. To see its current price, it is largely undervalued.
On the chart side, eGold’s price falls below the ascending line of its triangle. It is absolutely imperative that it resumes the support of $ 248 or it risks plummeting to $ 200. If he breaks the triangle again, he will exceed his ATH to $ 300 and may even delay the technical goal of $ 500.
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Ampleforth: at least 50% to be won before the end of the year
Decrease over the last 24 hours: -4.5%
AMP graphic
AMP is the crypto that serves as collateral on Flexa, a payment platform for digital currencies. To understand, Flexa allows you to pay for goods and services purchased on e-commerce sites using your cryptos. Its platform supports Bitcoin, Ethereum and AMP.
Recently, AMP made a flagship announcement. Fragments Inc., the development team said the crypto will develop decentralized stablecoin solutions on the Avalanche Blockchain.
AMP’s current value is $ 0.0432. Even if its price moves away from the ascending wedge of the triangle and its 20- and 100-day moving averages, the hope of partnering with Avalanche may help the crypto advance on the stock market. Following the announcement, the price of amp had even climbed to $ 0.55. For the month of December, the technical objective is $ 0.08.
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Synthetix: $ 20 in December
Decrease over the last 24 hours: -8.6%
Synthetix Chart
Synthetix (SNX) is a decentralized platform that allows you to trade financial assets like cryptocurrencies, currencies and stocks in the form of ERC-20 tokens. Synthetic assets or “Synths” copy the price of an asset in the “real world” and transfer it to the Ethereum blockchain.
To generate its synths, the platform uses a process called collateralisation. To secure an asset on Synthetix, users must purchase its SNX cryptocurrency, which when locked in a special contract can be used to generate these new assets (called synths).
SNX’s current value is 67.1% behind its ATH. Even as the SNX pulls out of its ascending triangle, its current price is not too far from its moving averages which are very close to the triangle’s ascending line breakout levels. A rally in the SNX to $ 14 will push it up to $ 20 if you factor in the breakout distance to the ATH of the cryptocurrency’s upline.
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Doge: Technical objective at $ 0.72
Decrease over the last 24 hours: -13.8%
Dogecoin Chart
The last cryptocurrency on the list is Dogecoin. It has yet to take off despite token memes exploding in the market. Several observers believe the Doge will be able to regain his ATH level to $ 0.72. Even if he was supplanted by Shiba Inu during this trading session.
The Doge needs to show signs of strength to gain the first resistance level at $ 0.32 as quickly as possible. Then it needs to keep moving up to reach the other resistance at $ 0.46. After that, he can hope to cross the $ 0.72 mark.
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