Euphoria evaporated faster than a trader’s profits, as the crypto fear & greed index plummeted from 70 last month to a sobering 55. The once-optimistic anticipation surrounding the first US Bitcoin ETFs has morphed into nervous uncertainty, leaving investors reeling in the wake of a nerve-wracking sell-off.
The green light for ETFs once hailed as a launchpad for stratospheric gains, now casts a long shadow over a market where Bitcoin price has nosedived to $40,000. Top altcoins, like Aptos (APT), Celestia (TIA), and Lido DAO (LDO), haven’t escaped the carnage, bleeding profusely as the market sentiment sours.
Crypto fear & greed index
On the other hand, some crypto majors like Shiba Inu (SHIB) and XRP are among the best crypto to buy investors might want to consider adding to the crypto portfolio for speculation purposes.
BRC-20 tokens like Ordinals (ORDI) have shown commendable resilience in the past and might still offer significant gains in the next recovery phase.
This article seeks to dissect these three altcoins, aiming to identify key entry positions, considering the ongoing retracement for investors to capitalize on the future bullish trend as opposed to sitting on the sidelines overshadowed by anxiety.
Recommended: Crypto Price Prediction For January 22: BTC, ADA, SC
Can XRP price bounce back if investors buy the dip?
The token backing one of the biggest digital cross-border money transfer networks globally, XRP has lost over 7% of its value to $0.53. Before this downturn, the sixth-largest crypto with $28 billion in current market value surged to $0.7, courtesy of the optimism that preceded the launch of ETFs.
Like the rest of the market, XRP is bleeding profusely with no immediate signs of a bounce back.
However, amid this sell-off, investors can find opportunities to buy the dip. The four-hour Moving Average Convergence Divergence (MACD) indicator paints a grim picture implying that XRP could dive to test support at $0.52 or $0.5.
XRP price chart | Tradingview
The signal to start buying XRP would occur with the MACD line in blue crossing above the red signal line with key milestones like breaking above the 50 EMA, the 200 EMA, and the descending trendline. From here, XRP price could be looking at a mind-blowing rally above $1 with ATH at $3.4 coming within reachable limits.
Shiba Inu: Is SHIB a top altcoin to buy in January?
Investors piquing interest in Shiba Inu should realize that the pullback seems far from over. Support at the 200-day EMA (purple) around $0.000009 being tested at the time of this analysis could determine the direction SHIB takes.
An incoming bearish crossover due to the 20-day EMA flipping below the 50-day EMA is likely to keep the markets depressed and stand in the way of an immediate rebound.
A break and hold below the support areas could mean that Shiba Inu price dives to $0.000008 to seek support and liquidity. If push comes to shove, the meme coin might slide to the next solid anchor at $0.000007.
SHIB price chart
On the other hand, holding above the 200-day EMA could start shaping SHIB for a recovery trajectory aiming for highs beyond $0.00001. Such a move would imply Shiba Inu being accepted back into the expanding cone pattern.
Ordinals (ORDI) investors back on the drawing board?
Ordinals embarked on the ongoing retreat after hitting a new all-time high at $90. Attempts to make recovery meaningful have failed miserably, with ORDI sliding to $60.
If bulls uphold the support shown in the purple band, traders might start gaining confidence in the BRC-20 token. However, there’s a high probability of ORDI exploring the lower range between $50 and $60.
ORDI price chart | Tradingview
While it might not be the best time to buy ORDI at the moment, looking out for potential bounce-back areas could separate winners from losers. Besides, this token has a history of recouping lost gains.
Therefore, a breakout to $100 is still on the cards with investors likely to start cashing out at $80 and $90, respectively.
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