Investing in the crypto market can be very lucrative to investors but the extremely volatile nature of the sector demands resilience, the ability to catch new trends in budget cryptos, and a wit to identify solid projects both for short-term and long-term goals.

This year started on a positive symphony amid the hype surrounding the spot ETF approval and launch.

However, as investors sold the news having bought the rumor in Q4, the enthusiasm driving the price high waned, leading to substantial corrections in January.

Now that prices are ranging with Bitcoin oscillating between $42,000 short-term support and $44,000 resistance, it might be the right time for investors to accumulate cryptos with the potential to rally in 2024.

XRP

XRP missed out big time on the previous bull run as investors and institutions deserted the token following the lawsuit the Securities and Exchange Commission (SEC) filed against the issuing company Ripple.

After bagging a partial win in July, investors may have fewer reversions not to back XRP’s potential growth journey. As discussed earlier this week, XRP price shows signs of bottoming out due to the primary support range between $0.45 and $0.5.

XRP price chart | Tradingview

A rebound from the range support would be a welcome gesture for investors to load up on XRP, perhaps one last time before the token ascends targeting $1. Movement above this coveted resistance will have the potential to trigger FOMO fuelling the next run.

Bonk

Bonk emerged as one of the biggest bullish contenders of Q4 last year, ascending from $0.00000058 in early November to $$0.000035. The meme coin’s debut on two of the leading exchanges Binance and Coinbase, not only kept BONK buoyant but on a sustained north-facing trajectory.

Although some may find BONK’s retracement to $0.00001 a setback, the drop opens up opportunities to buy the dip and capitalize on the next move.

The green band on the chart represents the immediate support and a potential buy area. A buy signal from the ranging Moving Average Convergence Divergence (MACD) indicator is required before going all-in on BONK.

Unless resistance in the yellow band paves the way for further upward movement, consolidation may extend.

Bonk price chart | Tradingview

Bonk is the largest meme coin in the Solana ecosystem boasting $616 million in market cap.

A slump in the trading volume to $46 million, as seen on CoinMarketCap, mirrors the general bearish outlook across the market and may not be cause for worry.

A cautious strategy allowing investors to dollar-cost-average in BONK could turn ordinary investment into million-dollar profits, especially if the meme coin hits highs above $1 in the next bull market.

ImmutableX

Layer2 protocols like ImmutableX continue to attract a lot of interest from investors, with many believing they will lead the next bull market. ImmutableX has been praised for doing away with the challenges Ethereum faces, including scalability, limited user and developer experience as well as high transaction fees.

IMX is up by a staggering 132% in the last year and most recently achieved a 13% and 20.5% increase in value to $2.23 in seven days and a fortnight, respectively.

Unlike many cryptos dealing with intense selling pressure, IMX holds above key bull market indicators including the 20-day Exponential Moving Average (EMA), the 50-day EMA, and the 200-day EMA.

ImmutableX price chart | Tradingview

A buy signal from the MACD backs the uptrend targeting $2.5, its recent peak. Climbing above this hurdle could mark what investors need to see to throw their weight behind IMX for a life-changing rally in 2024.

Despite the vivid bullish outlook, investors must research widely and invest only what they are willing to lose. Price increases in the volatile crypto market are not a guarantee hence the best risk management techniques will come in handy.

Related Articles

Solana Price Prediction: $120 Target In Sight After Holding $95 Support? 
Ethereum Price Prediction: 3 Pivotal Reasons Why ETH Will Keep Rising In 2024 
Crypto Price Analysis For February 7: DYM Up 16%, ETH and HBAR Dips 

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