The cryptocurrency space witnessed a momentous week, highlighted by the historic launch of the first-ever Bitcoin exchange-traded fund (ETF) in the United States. This development is expected to have a generally bullish impact on the sector.
Following this product launch, the overall market experienced short-term price fluctuations primarily led by Bitcoin (BTC). While Bitcoin captures the spotlight, other undervalued cryptocurrencies are worth considering for investment in the upcoming week.
In this context, Finbold has identified three cryptocurrencies valued below $1 that present potential buying opportunities for the next week.
Picks for you
Polygon (MATIC)
Polygon (MATIC) has had a good start to 2024, with the crypto mainly trading in the green zone. Notably, the token rallied recently, coinciding with news around Bitcoin ETF and growth in onchain metrics.
Notably, December 2023 was a key month for Polygon as its zkEVM network activity increased. Daily active addresses on Polygon’s zkEVM had grown by 202%. Daily transactions also increased by 130%, indicating a growing interest in Polygon’s zkEVM. The token reclaimed the $1 in the same month but corrected afterward.
In 2024, Polygon remains in the spotlight, securing significant partnerships. One notable collaboration is with Fox Corporation, where Polygon is utilized in the Verify program to authenticate news content accuracy. Publishers can register their content on the Polygon blockchain, enabling users to verify accurate and legitimate sources through this tool.
At the same time, on January 9, Polygon co-founder Sandeep Nailwal revealed that Polygon POS reached a higher trading volume than Ethereum by approximately $93,000.
Regarding price movement, MATIC is targeting the $1 mark. By press time, the token was trading at $0.87 with daily losses of about 5%. On the weekly chart, the token is also up over 5%.
Cardano (ADA)
Cardano (ADA) has often been considered a potential Ethereum (ETH) killer, addressing some of ETH’s shortcomings. Notably, ADA’s growth prospects depend on the overall market trajectory and the development of its sustained network.
A growing user base also supports the platform’s potential. For instance, on January 8, Santiment reported a 38% surge in ADA wallets holding more than zero coins in the past year, totaling 4.5 million wallets. This growth outpaces other notable cryptocurrencies, with a 26% increase for XRP, 22% for DOGE, and 32% for Bitcoin in wallet numbers.
Simultaneously, Cardano’s total value locked in the past year surged to $375.64 million, reflecting a remarkable year-over-year growth of over 450%.
Regarding price movement, crypto analyst Crypto ZX observed positive trends in ADA, identifying potential accumulation opportunities. The upcoming Bitcoin halving and institutional preparations are cited as factors with potential positive effects on ADA.
Concerning ADA’s historical cycles, Crypto ZX emphasized the significance of the 78.6 Fibonacci Retracement level, suggesting a possible consolidation period before significant price movements and advising patience.
By press time, ADA was valued at $0.55, experiencing daily losses of about 5%, while the token has rallied by almost 6% in the last seven days.
XRP
The value of XRP has been unable to break past key resistance, extending the consolidation phase that has characterized the token in recent months. Despite partial legal clarity declaring it not a security, XRP’s next price target remains the $1 mark.
However, the ongoing Securities Exchange Commission (SEC) case still influences the token’s prospects, which is considered pivotal in its price trajectory. In the latest update on January 11, the SEC sought to compel Ripple to provide financial documents and information related to its XRP sales, framing this action as crucial for determining necessary remedies.
Amidst this, XRP lost the $0.60 support zone following news of Ripple’s plan to buy back $285 million worth of XRP. Although initially sparking a positive reaction, the value has dropped, aligning with overall market sentiments.
Notably, crypto analyst EGRAG CRYPTO on X (formerly Twitter) predicted that XRP could reach an all-time high of $5 within the next 90 days, marking the beginning of an extended bull market expected to span several months. In a previous forecast, the analyst suggested an even more ambitious scenario with XRP’s value potentially jumping to $220.
As of press time, XRP was trading at $0.57, experiencing daily losses of over 3% with weekly gains of 1.5%.
Overall, while the highlighted cryptocurrencies have strong fundamentals, their price trajectory will also be increasingly influenced by overall market sentiments.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
