It is hard to tell if the crypto market is done correcting and whether the current pullback is temporary. Bitcoin’s rise above $43,000 on Tuesday, saw investor optimism improve significantly. Crypto to buy like Solana (SOL) flipped bullish in tandem, climbing to $100. XRP and Shiba Inu (SHIB) achieved modest gains before another bearish wave started slashing the same gains.
Investors looking forward to building a crypto portfolio must consider adjusting their portfolios to include tokens with a history or performing better. However, some relatively newer tokens have also returned handsome gains — the likes of SEI and SUI.
According to analysts at Rekt Capital, Bitcoin price recently corrected from a lower high, implying the potential to resume the uptrend. The post on X added that before the rally, BTC was “still going to be range-bound for the foreseeable future.”
#BTC
Bitcoin has indeed formed that Lower High
Still going to be range-bound for the foreseeable future$BTC #Crypto #Bitcoin https://t.co/f5KYbfK089 pic.twitter.com/C0x98wcL3n
— Rekt Capital (@rektcapital) January 31, 2024
If applied professionally, a dollar-cost averaging method would allow investors to capitalize on dips in XRP, SOL, SHIB, and other select coins to make the most out of the soon-to-be rebound.
1. Is XRP The Best Crypto To Buy On The Last Day Of January 2024?
The world’s most prominent cross-border money remittance token is back in the red following modest gains on Monday and Tuesday. XRP briefly spiked to $0.54 but due to negative market forces, it had trimmed to $0.5 during US business hours Wednesday.
Holding below all three applied moving averages including the 20-day Exponential Moving Average (EMA) (in blue), the 50-day EMA (in red) and the 200-day EMA (in purple) suggests that sellers hold the reins now.
XRP price chart | Tradingview
The movement of the Relative Strength Index (RSI) under the falling trendline reinforces the bearish grip, further shuttering all glimmers of hope for an immediate rebound. This also means that investors could prepare to buy XRP below $0.5 with potential support areas at $0.45 and $0.4.
Recommended: XRP Price Eyes Lift Off TO $2.2 In Feb As Bulls Navigate Market Volatility
2. Will SOL Hold Onto To $100?
Solana is struggling to hold onto the $100 level amid fresh losses across the crypto market. Altcoins started giving back the gains accrued since late last week after SOL bounced back from $80 to $106.
If bulls let go of the $100 mark, Solana will likely be accepted back into the falling channel.
SOL price chart | Tradingview
The RSI currently heading to 50 in the neutral region underscores the building selling pressure. Traders can also prepare for short-term rebounds at the 100-day EMA ($94.93) and the 50-day EMA ($89.77) where they can DCA anticipate another rebound.
In the absence of a stronger move above $100 with $125 — December’s peak as a short-term target, Solana price might settle and consolidate between $80 and $100.
Shiba Inu (SHIB) Becoming Bullish?
The second-largest meme coin by market cap, Shiba Inu shows signs of a potential trend reversal with the formation of a falling wedge pattern on the daily chart.
Trading at $0.000009 at the time of writing, SHIB holds above the 200-day EMA. If this support stays intact, a break above the upper trendline would affirm the wedge pattern and trigger new long positions to back the next breakout above $0.00001.
SHIB price chart | Tradingview
Despite the push and pull between sellers and buyers at $0.00009 a bullish outcome has a higher chance as the RSI consolidates between 40 and 50. Investors can start buying again with the RSI rising above 50 and SHIB breaking out of the wedge.
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