After recording its first monthly decline in April, the crypto market faced strong headwinds, ending a seven-month bull run. After he reached a record of $73,837 based on CoinGecko data, Bitcoin (BTC) price Last week, it plummeted to $56,500, causing a significant drop in altcoins as well. An investor expecting a 100x return in 2024 can consider his two cryptocurrencies to purchase TONCoin (TON) and Litecoin (LTC).
Why should you buy these cryptocurrencies?
Starting a new crypto portfolio or rebalancing your portfolio takes a lot of effort. Some investors are right on target, while others are completely off the mark. However, with the right guidance, you can narrow down the best cryptocurrencies to buy and diversify your portfolio to minimize risk and maximize profits.
Features of most cryptocurrency portfolios Bitcoin and Ethereum As an anchor digital asset. Still, investors should consider buying major cryptocurrencies such as TON and LTC to maximize their potential.
Litecoin is one of the oldest cryptocurrencies. The company has survived several bull markets and crypto winters while remaining resilient. Toncoin, on the other hand, is a cryptocurrency that can be purchased with the help of Telegram, one of the largest social media platforms.
1. Litecoin (LTC)
Litecoin remained at $81, increasing its value by only 0.1% in 24 hours. CoinGecko The data has been revealed. A notable 6% decrease in trading volume indicates a lack of interest among traders. LTC has a market capitalization of $6.1 billion, ranking 19th among all cryptocurrencies.
On the other hand, a position above the middle boundary of the Bollinger Bands confirms a sideways trading structure. However, the overall contraction in this indicator suggests a possible rise or fall. Often, the tighter the stenosis, the greater the potential breakout.
A bullish outcome is very likely as the Relative Strength Index (RSI) is above the midline after falling into oversold territory earlier this month.
RSI needs to sustain uptrend towards overbought territory to maintain bullish theory LTC price Verified. In the short term, a daily close above $82 will strengthen the bullish momentum and increase the likelihood of a test of the big fundamental wall near $90.
2.Toncoin (TON)
Toncoin has rapidly risen in the rankings of cryptocurrencies and currently ranks 9th in the world with a market capitalization of $20.95 million. Toncoin's trading volume increased by 24% from the previous day to reach $221 million, demonstrating strong investor interest and confidence in future growth.
This impressive performance has established the company as a market leader. This trend indicates growing investor confidence and a bullish future for cryptocurrencies in the coming days.
If this uptrend continues, we expect the cryptocurrency to break through the $7 resistance level soon. If it succeeds in maintaining this momentum, its value could rise to around $10, or even more, with a potential target set at $20.
Conversely, if market sentiment reverses, Toncoin could find stable ground at the $5.95 support level. A decline beyond this point could push the price down to $5, indicating a bearish outlook.
conclusion
Investing in cryptocurrencies like LTC and TON could generate huge profits in 2024, especially if investors are focused on the post-Bitcoin halving rally. However, it is of utmost importance to do your research and make a final decision on which digital assets to include in your crypto portfolio.
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