After a gruesome week marred with frequent bloodbaths, the crypto market is calm again. However, there’s a long road to profitability. As things stand, investors are heavily battered. Therefore, they are likely to be cautious with the decisions they take going forward. Despite the dilapidated market structure, identifying which among the best altcoins to buy today January 19, could create a wedge between the winners and the losers. Tokens like Injective (INJ), and Chainlink (LINK) have shown resilience not to mention the rally to $45 and $2.4.

On the other hand, Shiba Inu, being the largest meme coin in the Ethereum ecosystem put it at an advantage over other meme tokens in the ecosystem. Since Shiba Inu performed remarkably during the previous bull run in 2021, it exhibits the potential to mirror the same gains or even better in the upcoming crypto rally for the best crypto to buy.

Is Shiba Inu (SHIB) The Best Crypto To Buy For 2024?

The path of least resistance is gradually changing with Shiba Inu price respecting support at $0.0000092. Although not strongly bullish, the second most prominent meme coin climbed to $0.00000092 during US business hours on Friday. If traders heed key buy signals and enter new long positions in SHIB, this uptick could carry on into the weekend, paving the way for a breakout above the pivotal $0.00001 mark.

As for Shiba Inu, a break above the immediate resistance highlighted by the 20 Exponential Moving Average (EMA) at $0.0000094 is required to affirm the bullish grip.

Such a move would also increase the chances of a buy signal from the Moving Average Convergence Divergence (MACD) indicator. A buy signal materializes when the blue MACD line crosses above the red signal line while red histograms turn green.

Shiba Inu price chart | Tradingview

Accepting Shiba Inu price above the pivotal level at $0.00001 is the single most important development for the bulls in the short term. The move would not only call upon more traders to bet on SHIB rallying higher but also increase confidence in the bullish thesis.

Injective (INJ) Eyes Comeback From $30 Support

INJ is struggling to sustain support at $35 but the current technical structure appears to paint a grim picture likely to result in a sweep through liquidity at $30. Although the past few months were remarkable for the digital asset, the ongoing bearish outlook is the ultimate litmus test.

Will Injective recover to explode past $50 or are sellers likely to emerge winners and trigger a massive sell-off? Despite the ongoing volatility, there is a sense of growing optimism regarding its short-term potential.

A crucial juncture awaits Injective as it approaches the critical $40 resistance level. Overcoming this barrier might lead to substantial gains, potentially setting the stage for a rally towards $50. Once past this threshold, the digital asset could aim for the $55 resistance if the bullish trend continues. However, if the bearish pressure persists, a fall to the $30 support level, followed by a further drop to $25, is possible.

Injective Price Prediction

The daily technical analysis reveals a potentially bullish trajectory for INJ despite a minor downturn observed recently. The Relative Strength Index (RSI), presently at a neutral 48, hints at an impending shift towards overbought conditions fueled by expected bullish momentum. The Chaikin Money Flow(CMF) stands affirmatively at 0.01, indicating a bullish trend.

Chainlink (LINK) Flaunts Bullish Inverse H&S Pattern

The 14th largest cryptocurrency by market cap, Chainlink has made a quick recovery from the crypto market sell-off on Thursday. While the BTC price plunged below $42000 and major altcoin prolonged their correction, the LINK price showcased sustainability above $14.2. With an intraday gain of 5%, the coin price is developing a bullish reversal pattern called an inverted head and shoulder pattern. Will the renowned buying pressure surge the Chainlink price past the $20 mark?

LINK price chart | Tradingview

With the renewed buying interest, the LINK price is 5% up and developing an inverted head and shoulder pattern. This bullish reversal pattern reflects a shift in market dynamics and an opportunity for buyers to lead significant recovery.

Currently trading at $15.2, the Chainlink price should breach the neckline resistance at $16.2. A potential breakout would bolster prolonged recovery to 15% to hit channel pattern resistance at $18.5. A breakout above this barrier is needed to get better confirmation of sustained uptrend.

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The post 3 Top Altcoins To Buy Today January 19: SHIB, INJ, LINK appeared first on CoinGape.

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