📰 3 Cryptos to Buy After the BTC and ETH Sell-Off: Cardano (ADA), Dogecoin (DOGE), and Toncoin (TON)
The recent sell-off in the crypto market, triggered by imbalanced order books, profit taking, and miners offloading BTC at its previous all-time high, has created an opportunity for investors to buy cryptocurrencies at discounted prices. While Bitcoin and Ethereum experienced significant drops to $59,323 and $3,324 respectively, there are three cryptocurrencies that stand out as potential gems for investors looking to grow their portfolios: Cardano (ADA), Dogecoin (DOGE), and Toncoin (TON).
💳 1. Cardano (ADA)
Cardano’s blockchain platform, known for its robust proof-of-stake (PoS) mechanism, has been showing remarkable strength in the cryptocurrency sector. ADA, Cardano’s native token, has seen a surge of 40% over the last month. Although there has been a minor setback in the past 24 hours with ADA’s price retreating by over 7% to $0.7166, there is still potential for a surge in momentum.
✅ Bullish Scenario:
– If bulls take charge and push ADA’s value above the resistance level of $0.71, ADA could witness a surge towards the key $1 mark.
– Testing its strength at this level could propel ADA further upward.
🔴 Bearish Scenario:
– If the market fails to gather necessary vigor, ADA could see a decline.
– It might retreat to its support at approximately $0.68.
– Further bearish pressures may lead to a lower support point at $0.65.
🐶 2. Dogecoin (DOGE)
Dogecoin is a unique and playful cryptocurrency that originated from an internet meme featuring a Shiba Inu dog. Initially intended as a joke, Dogecoin has gained significant attention recently and experienced a 110% jump in price from $0.077 to $0.16 within a month.
✅ Bullish Scenario:
– The current market cap of Dogecoin is at $23.3 billion, with an intraday jump of 7% and a trading volume of $2 billion.
– If the rising Dogecoin price continues, it may face overhead resistance at $0.2 and $0.22.
– A potential pullback may find support at $0.15 and $0.105.
💎 3. Toncoin (TON)
Despite the acute volatility triggered by Bitcoin’s flash drop below $60,000 on March 5, Toncoin, the token powering the TON Blockchain, has shown resilience with a modest 32% increase in the past 30 days. After experiencing a nosedive to sweep liquidity at $2.28, Toncoin bounced back to trade at $2.72 during US business hours on Wednesday.
✅ Bullish Scenario:
– With a market capitalization of $9.3 billion and a commendable 77% surge in the 24-hour trading volume to $185 million, Toncoin shows growing investor interest.
– It sits on top of all three key bull market indicators: the 20-day Exponential Moving Average (EMA), the 50-day EMA, and the 200-day EMA.
– Traders should anticipate some delays in the uptrend due to a barrier shown in red on the chart, but with the Moving Average Convergence Divergence (MACD) almost sending a buy signal, a breakout toward the all-time high of $5.3 could happen sooner than expected.
🔥 Hot Take: Opportunities Amidst Market Volatility
The recent sell-off in the crypto market has presented investors with opportunities to buy cryptocurrencies at discounted prices. While Bitcoin and Ethereum experienced significant drops, Cardano, Dogecoin, and Toncoin stand out as potential gems for investors looking to grow their portfolios. Cardano’s strong proof-of-stake mechanism and recent surge in price make it an attractive option. Dogecoin’s playful nature and recent meme surge have led to a significant increase in its price. Toncoin has shown resilience despite market volatility and is poised for a potential breakout toward its all-time high. Investors should consider these three cryptocurrencies as part of their investment strategy.
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