3 Cryptocurrencies Under $1 You Might Consider Buying Next Week!
The cryptocurrency market offers a wide variety of opportunities and it is possible to trade not only major cryptocurrencies such as Bitcoin and Ethereum, but also low-value altcoins. Low-cost altcoins sometimes have great growth potential, but these opportunities often come with higher risks.
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Investing in undervalued altcoins to have a higher risk tolerance can be noteworthy as a way to diversify the portfolio. However, this type of investment strategy should be approached carefully and some important aspects should be taken into account
Polygon (MATIC)
Although Ethereum is a preferred platform for smart contracts, its growing popularity and user explosion has led to high gas fees on the Ethereum network. This high transaction savings occurs due to heavy usage on the Ethereum network. This is where Polygon (MATIC) comes into play:
Polygon serves as Ethereum’s Layer 2 scaling solution. Layer 2 is a second layer built on top of an existing blockchain (layer 1), allowing for faster and lower transaction processing. Polygon bridges the Ethereum network and offers smaller transaction sizes.
Polygon (MATIC) is a Layer 2 solution built to increase the scalability of the Ethereum network and provide faster and lower transaction options for applications such as DeFi platforms. This has been an attractive alternative for Ethereum, especially those looking to combat high gas consumption and network congestion. Additionally, the Polygon network appears to have significantly surpassed Ethereum’s transaction content, claiming thousands of transactions are aggregated.
MATIC’s price and performance are visible over time, and it is difficult to make a prediction about MATIC’s price based on available information. However, technical analysis and chart patterns can help you gain insight into price movements.
Stellar (XLM)
Stellar (XLM) is a digital asset traded as cryptocurrency. As you stated, you provide some information about the price and trading volume of XLM:
- Current price of XLM: $0.1083
- Price change in the last 48 hours: 4.8% increase
- Highest price (in 24 hours): $0.1100
- Lowest price (in last 24 hours): $0.1073
Trading volume in the last 24 hours: 58,479,936.00 units (equivalent to 6,338,245.41 USDT transaction volume)
Cryptocurrency prices are quite volatile and can change quickly. Therefore, it is important to keep track of price changes and trading volume, as well as the specific current price. You should also do your own research and consider the risks before investing in any cryptocurrency.
Fibonacci levels are widely used tools to see price movements of cryptocurrency markets. Fibonacci retracement levels are used to determine if a price retracement or decline has occurred. The 61.8% Fibonacci retracement level is generally considered a strong support or resistance level.
The currency’s price break around this level could be an important observation for technical analysts. If the price persistently encounters resistance with this determination and no consecutive green candles are observed, it may continue or reverse its rise. Additionally, the 78.6% Fibonacci retracement level is another important level that could test the price.
Stellar (XLM) is a cryptocurrency platform built with the mission of distributing real-time payments and covering financial rules. Stellar’s focus is to make the financial system faster, low-growth and globally accessible.
Dogecoin (DOGE)
Dogecoin (DOGE) is an asset like most cryptocurrencies, but unlike many others it has only limited utility.
Dogecoin, the cryptocurrency, has a unique reach and price movements are often based on speculation. Many people consider Dogecoin a “meme coin” or a joke cryptocurrency and often buy it for that reason. Such assets can be interesting for storing short-term profits, but such investments carry high risk.
The scalable size of Dogecoin (DOGE) and its support for a variety of people are one of the important features of the popularity of this cryptocurrency. Here’s a look at these topics in more detail:
Huge Community Support: Dogecoin has a large and active community. The r/dogecoin subreddit group on Reddit specializes in this and has over 2.4 million subscribers. The community comes together to support Dogecoin, following news and posting on social media to promote the project.
Support from Public Figures: Many celebrities have openly supported Dogecoin and promoted this cryptocurrency publicly. Celebrities such as Elon Musk, Gene Simmons and Snoop Dogg are people who are interested in and support Dogecoin. This increases the popularity of Dogecoin.
Meme Coin Fame: Dogecoin has a logo that was originally created as a joke and features the face of a Shiba Inu dog. This is considered a “meme coin” and is often used to make jokes within communities.
Social Media Engagement: Dogecoin’s popularity has also grown through interaction on social media platforms. There are posts and hashtags about Dogecoin on Twitter and other social media platforms.
DOGE, currently priced at $0.060, has experienced a 3.4% increase in the last 24 hours. During this period, it reached the highest at 0.060 and the lowest at 0.058. DOGE’s current market value is $8.51 billion and its 24-hour trading volume is $162.32 million.
There is solid support at $0.030, indicating price upside potential, but it is difficult to predict its price as it is heavily influenced by the news topic.
Since Dogecoin is the most cryptocurrency among these three cryptocurrencies, its price may drop and not recover mainly due to loss of utility.
Dogecoin can be a good asset for trading, but being a successful trader requires unique skills. Long-term investing in Dogecoin may not provide the same level of long-term value and benefits as other cryptocurrencies as it may not be a prudent strategy at this stage.
