Cryptocurrency to Buy Today: The Excitement towards spot Bitcoin ETFs is gradually turning to concern as the underlying asset BTC continues to plunge lower. In the last five, the coin price has fallen from a high of $49000 to the current trading price of $42789, registering 12.65%. 

With Bitcoin Fear and Greed dropping to neutral sentiment, the major altcoins are entering a new correction.

However, the asset management firm BlackRock continues to bolster $IBIT (Blackrock Bitcoin Spot ETF), this time with a new 2-minute ad released on January 11th. The advertisement showcases a key executive from BlackRock discussing the unique benefits of Bitcoin and the ways investors can gain access through their new ETF offering. 

Jay Jacobs, who leads the thematics and alternative ETFs division in the U.S. for BlackRock, highlights in the commercial that IBIT offers straightforward accessibility, efficiently alleviates operational complexities, and comes with the assurance and proficiency of BlackRock in the ETF domain.

The Bloomberg ETF analyst Eric Balchunas also expressed his supportive opinion of this ad in a tweet, stating:

This is how you market to rich boomers, folks. The calm disposition, easy to understand inv case, soft new age music, suit with no tie everything about it says “it’s ok now, the adults are here

Amid the uncertain sentiment in the market, the best cryptocurrency to buy today could be Chainlink (LINK), Toncoin (TON), and Ethereum Name Service (ENS) as they maintain their bullish setup amid the current correction sentiment.

Here’s How Chainlink (LINK) Price is Nearing a Breakout Rally to $30

Chainlink (LINK) Price| TradingView Chart

The positive market sentiment around spot Bitcoin ETF assisted, Chainlink (LINK) price found sustainability above the combined support of $12.83 and 38.2% Fibonacci Retracement level. 

Last week, the coin price managed to rebound from the above-mentioned support and surge 25.2% to currently trade at $15.6. However, the daily time frame chart shows the last correction that assisted this altcoin in developing a well-known bullish reversal pattern called Cup-and-Handle.

If the pattern holds true for market participants, the LINK price should rise another 12.8% to challenge the neckline resistance around $17.65. This potential breakout may intensify buying momentum and bolster buyers to chase a high of $30 mark.

The ADX slope at 15% indicates the last correction has assisted buyers in recuperating their strength.

Will Toncoin (TON) Price Recovery Extend to $4.2?

Toncoin (TON) Price| TradingView Chart

Despite recent market uncertainty, the Toncoin (TON) has shown notable stability, holding its ground above a key support level of $1.92. The anticipation surrounding the launch of the first spot Bitcoin ETF has sparked increased interest in TON, leading to a substantial 22.4% increase in its value, now trading at $2.36.

A closer examination of TON’s daily chart uncovers a bullish reversal formation known as the inverted head and shoulders pattern. This pattern suggests a growing trend of accumulation among investors and long entry opportunities for newcomers.

However, to complete this pattern, the buyers must surge the coin value by 14% to challenge the neckline resistance at $2.68. A successful breach above this barrier would signal a major trend reversal, paving the way to chase the $4.2 mark.

ENS Price Under Bullish Pattern Signals a 38% Rally Ahead

Since January 3rd, the Ethereum Name Service (ENS) governance token has experienced a significant rebound, largely attributed to a tweet from Ethereum co-founder Vitalik Buterin highlighting the critical role of the ENS service. 

This endorsement led to a noticeable rise in ENS’s value, enabling it to maintain stability above $8 and subsequently undergo a rapid increase. Within a fortnight, the token’s value soared by 202%, reaching a current trading price of $24.13.

During this upward trajectory, the ENS price successfully overcame the $20.38 neckline resistance of the double bottom pattern on its chart. This movement is seen as an early indication of a potential trend reversal, potentially encouraging more accumulation of the asset.

Amid the currency correction sentiment in the market, ENS recently revered from a high of $27.58 and is now approaching the previously breached $20.38 level. Should the token manage to hold above this newfound support, it could pave the way for a further 38% rally, potentially elevating its price to around $34.

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The post Which Cryptocurrency to Buy Today? LINK, TON, ENS appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am