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5 Best Cheap Cryptocurrency to Buy May 2022 Week 1

05/03/2022
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The cryptocurrency market continues to face a difficult, uncertain period. Its total cap today is $1.84 trillion. This represents a 0.5% drop in the past 24 hours, as well as a 19% fall in the last 30 days. Pretty much every major coin, from BTC to ETH, has fallen by similar percentages in the same timeframe. However, this medium-term correction is potentially setting the stage for a big upturn. It’s also arguable that it will be the smaller altcoins that will enjoy the biggest surges when the time comes. As such, we’ve put together a list of the 5 best cheap cryptocurrency to buy right now.

5 Best Cheap Cryptocurrency to Buy

1. Lucky Block (LBLOCK)

LBLOCK is by 21% today, reaching $0.00175956 in the past 24 hours. It’s also by a modest 1% in the past week, but down by 12% and 33% in the last 14 and 30 days, respectively.

Lucky Block (LBLOCK) price chart - 5 best cryptocurrency to buy.

LBLOCK is showing signs that it could be coming back to life after some consistent declines. It’s down by 81% against its all-time high of $0.00974554, set in mid-February. This might seem like a discouraging fall, but it’s arguable that it gives LBLOCK plenty of room to recover.

Indeed, LBLOCK has strong potential as a new altcoin. It’s the native token of the Lucky Block crypto games platform, which runs on the Binance Smart Chain. Lucky Block is due to hold its first prize draw this month, giving people who spend LBLOCK to buy tickets the chance to win 70% of the draw’s fund. From this point on, the platform will hold regular draws, with all holders of LBLOCK receiving an equal share of 10% of each draw’s jackpot fund.

Lucky Block is very close to launching. Its web app launched on its servers last week, while its iOS and Android apps are going through testing.

Beyond that, the speed with which LBLOCK grew in its first few weeks shows that the market will take to it again once it does begin holding its regular draws. It now boasts 52,000 holders, and in February proclaimed itself the fastest coin to reach a $1 billion market cap.

This growth indicates what is in store for LBLOCK once Lucky Block actually holders its first draw. This is why the altcoin is one of our 5 best cheap cryptocurrency to buy.

2. Algorand (ALGO)

ALGO is another rare big mover today. It has risen by 20% in the past day, to $0.716366. This represents a 1.8% rise in the past week, although the altcoin is down by 20% in the last 30 days.

Algorand (ALGO) price chart - 5 Best Cheap Cryptocurrency to Buy.

ALGO’s indicators suggest a big rally is underway. Its relative strength index (in purple above) has shot up to 80. Meanwhile, its 30-day moving average (in red) has turned upwards, and will likely overtake its 200-day average (in blue). If it does this, the rally could become more than a one- or two-day blip.

Algorand is a proof-of-stake layer-one blockchain that currently has $175 million in total value locked in. It’s designed to be more scalable than proof-of-work chains such as Ethereum (although the latter is moving to PoS), and it hosts a variety of DeFi and TradFi (traditional finance) apps.

ALGO is rallying today for one simple reason: Algorand has just announced a partnership with FIFA. The world’s governing body for football/soccer has made Algorand its official blockchain partner. Needless to say, this could result in significant usage and adoption of Algorand.

It’s also worth pointing out that ALGO is 80% below its ATH of $3.56, set back in June 2019. This new partnership could therefore be the catalyst that sends it back to old heights.

3. The Graph (GRT)

At $0.328571, GRT is up by 5% in the past 24 hours. It is, however, down by 8% in the past week, and by 35% in the past month.

The Graph (GRT) price chart - 5 best cheap cryptocurrency to buy.

GRT is also showing early signs of an incipient rally. Its RSI has gone from sub-30 to over 60 in a couple of days, while its 30-day moving average is beginning to turn upwards.

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GRT is the native token of the Graph, a layer-one blockchain for Web3 applications and data. The Graph has been undertaking a migration of Ethereum-based data to its own network. What this means is that growing quantities of Ethereum blockchain data are now accessible directly via the Graph. This data can be queried by applications and users without having to rely on a centralised service provider, something which is essential if Web3 is to be decentralised.

This migration means that more and more dapps have their data live on the Graph’s network. This includes the Orca Protocol, which is a platform for building decentralised autonomous organisations (DAOs). It also includes Rocket Pool, which is a decentralised staking protocol for Ethereum (once it switches to proof-of-stake).

Given growing usage of the Graph, and given increasing hype surrounding Web3, we expect GRT to continue doing well this year. This is why it’s one of our 5 best cheap cryptocurrency to buy.

4. Cardano (ADA)

ADA is $0.790007 today, representing a minor 0.3% rise in the past 24 hours. It’s also down by 12% in the past week, and by 31% in the past month.

Cardano (ADA) price chart.

ADA has been down for nearly a whole month now. So if you were going solely by charts and cycles, it’s due an upsurge sooner or later. This is reinforced by its RSI and 30-day average, both of which have been down for too long.

Importantly, ADA has good fundamentals. Its total value locked in may be insignificant compared to Ethereum’s, but it’s growing its future potential steadily. For instance, its ecosystem of dapps now counts some 925 platforms and applications as building on Cardano. Once most of these are live, you would expect demand for ADA to increase proportionately.

Indeed, Cardano’s total transactions increased by three million in April, a rise of around 8.5%. This reinforces the picture of a network that’s steadily building out its capacity.

5. Polygon (MATIC)

MATIC is up by 1.5% in the past 24 hours, at $1.10. This is an 18% fall in the past week, and a 33% drop in the last 30 days.

Polygon (MATIC) price chart.

MATIC is also on a downswing that should correct itself soon. Its RSI and 30-day average both look like they’re nearing a bottom.

More generally, Polygon is the biggest layer-two scaling solution for Ethereum in the sector. It has $3.6 billion in total value locked in, which is more than many layer-one blockchains. It’s this usage that has made Polygon a target of venture capitalist and other big investors.

Polygon is also likely to see growing use even when Ethereum shifts to proof-of-stake. This is because the ‘Merge’ won’t initially do much to make Ethereum much more scalable, while increased demand for Ethereum will by extension increase demand for capacity on Polygon. On top of this, Polygon has increasingly been pivoting to Web3 in recent weeks, something which should also increase its adoption. This is why it’s one of our 5 best cheap cryptocurrency to buy right now.

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Source: https://insidebitcoins.com/news/5-best-cheap-cryptocurrency-to-buy-may-2022-week-1