The cryptocurrency market is experiencing bearish sentiments in the short term, primarily driven by Bitcoin (BTC), which is presently struggling to sustain its valuation above the $41,000 mark. Despite this, there is a consensus that a potential rally may occur.
As a result, various cryptocurrencies are viewed as investment prospects, driven by the positive sentiment surrounding them. Against this backdrop, here are three cryptocurrencies priced below $1 that merit consideration for investment in the coming week.
Polygon (MATIC)
Polygon (MATIC) remains an attractive cryptocurrency investment option, aiming to address Ethereum (ETH) challenges, particularly high fees. As a layer two blockchain built on Ethereum, Polygon’s primary objective is to assist blockchains in overcoming issues like high transaction fees and sluggish processing times.
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The ongoing partnerships complement the prospects of Polygon. For instance, over the past year, major companies like Starbucks (NASDAQ: SBUX) have utilized Polygon’s blockchain. The blockchain platform continues to attract interest, recently partnering with Fox Corporation to authenticate news content accuracy.
Despite these positive developments, the price of MATIC has mirrored the general trend in the cryptocurrency market, experiencing a decline. MATIC is grappling to maintain levels above a crucial support zone of $0.70.
A potential upswing in the overall cryptocurrency market will likely assist MATIC in reclaiming the $0.80 resistance zone. By press time, MATIC was trading at $0.78, reflecting weekly losses of approximately 11%.
XRP
XRP remains a focal point for investors, particularly amidst ongoing developments in the Ripple and Securities Exchange Commission (SEC) case. In a recent update, Ripple has taken a stance against the SEC’s motion, pushing back on the request for the blockchain company’s financial statements and information related to institutional sales.
Despite the prolonged legal proceedings, XRP boasts other fundamentals that position it as a compelling investment opportunity. The company continues to leverage Ripple’s underlying technology, which facilitates cross-border transactions, as a key driver for potential price rallies.
At the same time, recent market trends revealed a significant influx of $2.2 million into XRP-related products as of January 16, a substantial increase from the previous week’s $900,000. This surge aligns with speculations that XRP may secure the next exchange-traded fund (ETF) after Bitcoin (BTC), introducing an additional layer of potential growth.
While short-term indicators suggest bearish sentiments for XRP, analysts remain optimistic about future rallies. In a post on X (formerly Twitter), crypto analyst Crypto Rover highlighted technical analyses pointing to a significant rally for XRP in the next eight weeks.
As of the latest update, XRP is trading at $0.55, reflecting a nearly 5% drop in the past seven days.
Cardano (ADA)
Amid a recent bearish trend that has impacted the cryptocurrency market, Cardano (ADA), currently holding the eighth position by market cap, is emerging as a potential investment opportunity for the upcoming week.
Despite experiencing a period of consolidation, various factors, including network developments and technical analysis, suggest that ADA could witness a significant upswing in the near future.
For instance, cryptocurrency analysts like Ali Martinez have drawn attention to the parallels between Cardano’s current consolidation phase and its behavior in late 2020. Martinez suggested that ADA could resume its upward trend around April if history repeats itself. This pattern continuation might lead to a noteworthy upswing, with potential price targets reaching $0.80, a brief correction to $0.60, and potentially surging to $7.
Cardano’s resilience during the recent market selloff is also attributed to several major developments that could reignite demand for ADA. The upcoming Chang hard fork, designed to enable community governance, is significant.
Founder Charles Hoskinson has also set an optimistic tone for Cardano, referring to 2024 as the “Mithril Age,” anticipating a smooth-running network where node bootstrapping takes under 20 minutes.
This forward-looking vision, coupled with a 250% surge in development activity on Cardano at the beginning of the year, reflects the dedication of developers to the project.
By press time, Cardano was trading at $0.51 with daily gains of almost 3%, while on the weekly chart, ADA was down over 7%.
Typically, the highlighted cryptocurrencies, despite possessing significant fundamentals, heavily depend on the overall market’s prospects.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
