After a gruesome June characterized by widespread declines, many cryptos started July on a positive note. From the support at $63,000, Bitcoin reached $63,000 before correcting in search of more liquidity. Select cryptocurrencies to buy like Chainlink (LINK) and Floki are putting up a stronger recovery fight, hinting at a potential altcoin season.
As investors beam with the hope of a bull run in H2 of the year, it is important to identify cryptocurrencies to buy showing potential to grow exponentially and reach new all-time highs in price and market capitalization.
For many crypto projects, reaching the coveted top ten tier is not a small feat. Such an achievement often signifies commendable network growth, ecosystem expansion, and high competitiveness.
Seeking exposure to such cryptocurrencies to buy opens investors to tremendous gains including portfolio growth. In this article, CoinGape commits to exploring 2 unique digital assets; Chainlink (LINK) and Floki.
1. Cryptocurrencies To Buy – Chainlink
With renewed buying interest among whales, the Chainlink price rebounded by 16.2% from a multi-month support zone at $12.63, reaching $14.678. This surge suggests that the LINK coin could sustain above the 38.2% Fibonacci retracement level— a healthy correction level for buyers to counterattack.
During the June correction, the Chainlink coin experienced significant outflows, with its price plummeting from $19.2 to $12.6, resulting in a 34.2% decline. The $12.6 low accompanied by a 32.8% FIB level and 100W EMA creates a high area of interest (AOI) for buyers.
In the last six months, the LINK price rebounded support times from the aforementioned support indicating the buyers are aggressively defending this level to prevent prolonged correction. The recent reversal from bottom support has propelled the LINK price to $14.5, while the market cap jumped to $8.85 Billion.
Recent on-chain data analysis from Lookonchain reveals that whales and institutions are accumulating Chainlink (LINK). Over the past seven days, 54 fresh wallets have withdrawn a total of 2.08 million LINK, valued at approximately $30.28 million, from Binance.
The support trendline on the daily chart, which has been in place since June 2023, underpins the current recovery. Buyers must maintain this level to carry a prolonged bull run.
2. Floki
According to data from CoinMarketCap, the current market cap has risen to approximately $1.66 billion, marking an increase of 2.80%. Notably, the trading volume has spiked by 47% in the past 24 hours, reaching $226 million, underscoring the increasing investor interest and market activity surrounding this cryptocurrency.
Over the last week, Floki has enjoyed a 4% increase in value. Currently, the coin fluctuates within a narrow price range of $0.00016 to $0.00018, marking a notable appreciation in its market price.
FLOKI could encounter a major obstacle if it surpasses the $0.00018 mark, with a strong resistance point at $0.0002. If it sustain above this threshold, the path could open for an upward move toward $0.0003. A continued rally might even take it to $0.0005.
On the flip side, a decline below $0.00017 might send FLOKI down to its lower support trendline at $0.00016. Further market downturns could pressure it to a support level of $0.00015. This could indicate a bearish trend for the coin.
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Frequently Asked Questions (FAQs)
This is a period where cryptocurrencies other than Bitcoin rally achieving new highs and market capitalisations.
No. However, LINK has the potential to become a top 10 crypto in 2024. It currently ranks #17 on CoinGecko.
High net worth individuals are investing in the crypto market. They buy and sell tokens in large volumes often impacting prices.
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