Which Altcoins to Buy for January 27: BNB, ADA, SUI
Altcoins to Buy: The cryptocurrency market is likely to conclude the week with bullish sentiment, following the Bitcoin price recovery from a sharp sell-off and its stable performance above the $40,000 mark. This resilience has provided a foundation for most major altcoins, which have found robust support, sparking a fresh relief rally across the market.
Having said that, this correction could revive and exhaust bullish momentum as the BTC price is anticipated to experience a rebound from this level, bolstered by the prevailing liquidity and macroeconomic conditions.
The report also highlights a waning interest in a Bitcoin spot ETF among traditional finance (TradeFi) sectors, contrary to initial expectations. Additionally, it points out that investors in the Grayscale Bitcoin Trust (GBTC) are currently realizing their profits.
A January 26 Matrixport research report predicted that Bitcoin will fall to the support level of $36,739, and the price will rebound from this support level, as the overall liquidity and macro environment remain supportive. It noted that TradeFi’s interest in a Bitcoin spot ETF…
— Wu Blockchain (@WuBlockchain) January 26, 2024
Consequently, if the current trend of retracement persists, the best crypto to buy are Binance Coin (BNB), Cardano (ADA), and Conflux (CFX).
Binance Coin Price Hints A Last pullback Before 15% Upsurge
Amid the January downturn in the crypto market, the BNB price witnessed a notable correction from $338 to $287, registering a 15% loss. The retracement showcases an uncertain price behavior resonating within two downsloping trendlines which developed into a bullish flag pattern.
In theory, this pattern leads to a post-rally correction to recuperate the exhausted bullish momentum. Amid the renewed buying interest in the market, the Binance coin price is 0.63% up and currently trading at $304.
For a bullish entry opportunity, the BNB price should breach the pattern’s upper trendline to signal the end of the correction trend. The post-breakout rally may surge the altcoin 14.7% to hit $360.
Why is the Cardano Price Poised for a 30% Surge?
ADA, the native cryptocurrency of the Cardano ecosystem, has been experiencing a downward trend since last month. This decline led to a significant drop in its value, falling from $0.677 to the current trading price of $0.46, which equates to a 3% decrease.
Amid the broader market’s recent upturn, the ADA price has managed to stabilize, holding steady above the crucial support level of $0.46 and the 50% Fibonacci retracement level.
This stabilization, combined with increased buying interest, has led to a second rebound from the $0.46 support zone, laying the groundwork for a bullish pattern known as a double bottom.
If this pattern continues to evolve, the Cardano price could potentially rise to challenge the neckline resistance at $0.61. A successful breach of this resistance level would signal a more sustainable recovery for ADA.
Conflux Price Analysis: Bullish Pattern Points to Change In Market Trend
For nearly two months, the Conflux coin price has been trading sideways, reflecting no initiation from buyers or sellers toward this asset. However, a look at the daily time frame chart showed this consolidation as part of the largest bullish reversal pattern called inverted head and shoulder.
On January 26th, the CFX price witnessed a massive inflow which led to a decisive breakout from the pattern’s neckline resistance near $0.215. If the coin price shows sustainability above the newfound support, the buyers may drive a 58% rally to hit the potential target at the $0.36 mark.
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Sahil Mahadik
CoinGape
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