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3 cryptocurrencies under $1 to consider buying next week 

3 cryptocurrencies under $1 to consider buying next week 

The cryptocurrency market presents a vast array of opportunities. While the spotlight often shines on major cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH), there are hidden gems trading below the $1 mark. These lesser-known altcoins, despite their lower value, hold significant growth potential. However, it’s essential to acknowledge that they come with a higher level of risk.

For investors who have a higher risk tolerance, allocating 10% to 20% of their investment capital into these altcoins could offer an exciting opportunity to diversify their portfolio and position themselves for significant gains in the upcoming bull market.

Polygon (MATIC)

Ethereum is widely recognized as the go-to platform for smart contracts, but its popularity has led to high gas fees for users. This is where Polygon (MATIC) comes into play –  it functions as an Ethereum Layer 2 scaling solution. For those new to the world of cryptocurrency, a Layer 2 crypto is built on top of an existing blockchain. In this instance, Ethereum serves as the Layer 1 crypto, while Polygon operates as the Layer 2.

(MATIC last 7 days performance. Source: Finbold.com)

Polygon’s primary purpose is to enhance the scalability and functionality of the Ethereum network. It has gained significant traction, particularly among DeFi platforms. Notably, the network claims the capability to process thousands of transactions per second (TPS), which is a substantial improvement compared to Ethereum’s TPS rate of approximately 15.

Polygon’s MATIC is currently trading at $0.5757, marking a 3.52% increase in the past day. It touched a high of $0.5468 and a low of $0.5143. The 24-hour trading volume for MATIC is 58,645,182.60 units. (MATIC last 7 days performance. Source: Finbold.com)

In June 2022, there was a distinct and robust V-shaped bottom, and as we progress into June-October 2023, we are witnessing the formation of an emerging Adam & Eve bottom pattern.

(MATIC last 7 days performance. Source: Finbold.com)

Stellar (XLM)

Stellar (XLM) is currently valued at $0.1083, showing a slight 48-hour increase of +4.8%. Yesterday, it reached its highest point of $0.1100 but dipped to a low of $0.1073. The trading volume for XLM over the past 24 hours amounted to 58,479,936.00 units, equivalent to 6,338,245.41 USDT in trading volume.

(XLM last 7 days performance. Source: Finbold.com)

The price has been oscillating around the 61.8% Fibonacci Retracement level, which has served as a robust support since August 17. Despite this support, persistent selling pressure has repeatedly pushed the price back to this level, presenting a concerning sign for bullish traders. 

While the overall outlook for this asset remains optimistic for the medium to long term, if we don’t observe a series of consecutive green candles in the near future, there’s a possibility that the price will test the 78.6% retracement level. 

(XLM trading chart from the beginning of the year. Source: TradingView)

What distinguishes Stellar from other projects is its mission to connect financial institutions and lower transfer costs. With an increasing number of businesses searching for efficient payment solutions, Stellar’s platform has the potential to gain significant traction in the financial sector.

Dogecoin (DOGE)

Dogecoin (DOGE) is a risky asset, like most cryptocurrencies, but unlike many other projects, it has only limited utility. 

It remains to be seen if Dogecoin will ever get back to its prior peak. That said, buying the dip can be an effective short-term strategy which will allow you to diversify your portfolio. Dogecoin is considered by many as the de-facto, biggest and best meme coin. This means that it doesn’t have any identifiable use cases or utility – instead, most people buy Dogecoin purely in the hope of making money. 

(DOGE last 7 days performance. Source: Finbold.com)

Dogecoin has one of the largest communities of followers in the cryptocurrency space and has over four million token holders, showcasing that investors have an appetite for meme coins. Over on Reddit, the r/dogecoin subreddit group is home to more than 2.4 million subscribers. Then there’s the wave of celebrities and public figures that have openly endorsed Dogecoin – in addition to Elon Musk, who famously helped pump the coin in 2021, this includes Gene Simmons and Snoop Dogg.

DOGE, currently priced at $0.060, has experienced a 3.4% increase in the past 24 hours. It reached a high of $0.060 and a low of $0.058 during this period. The current market cap of DOGE is $8.51B, and its 24-hour trading volume is $ 162.32M.

There’s solid support holding at the $0.030 mark, and this suggests the potential for a price surge, but it’s challenging to predict the future price as it’s heavily influenced by the news cycle.

(XLM trading chart from the last 8 years. Source: TradingView)

Dogecoin is the riskiest cryptocurrency out of the three because its price may decline and not rebound, primarily due to its lack of utility.

Dogecoin can be a good asset for trading, but being a successful trader requires unique skills. Investing in Dogecoin for the long term might not be a prudent strategy at this stage, as it may not provide the same level of long-term value and utility as other cryptocurrencies.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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