Smart Money Has An Eye For 2 Crypto To Buy For 10X-50X Potential In 2024

The ardent investor in the cryptocurrency market knows exactly when to buy and when to sell, carefully timing the bull market. Following similar patterns can allow novice investors to achieve results they would have otherwise dreamed of if they followed untested methods. Such strategies can transform an ordinary crypto portfolio to unprecedented levels with the potential crypto to buy, eyed by smart money in 2024 for between 10x and 50x profit.

Why Focus On 2 Crypto To Buy In May

May is expected to allow for the stabilization of prices following a rollercoaster in April. From the first quarter, crypto prices surged – some hitting new all-time highs like the largest digital asset at $73,837, CoinGecko data shows.

The Bitcoin (BTC) price prediction reveals that the potential in 2024 is yet to be exhausted. If anything, BTC has been forecasted to break above $100,000 marking the post-halving parabolic rally.

Therefore, understanding market psychology could be the best way to approach investing in crypto to buy like the meme coin Bonk (BONK) and the top ten project Cardano (ADA).

Bitcoin hovered at $65,825 on Thursday, May 16. The uptick in the last 24 hours can be attributed to the release of softer CPI data in the US, suggesting that inflation is back on a downtrend after several months of a stubborn hike.

Despite this week’s rebounds, crypto prices remain generally sluggish. While the situation is the opposite of favorable to investors, this could be the time to dollar-cost average (DCA) and amass holdings before the trend reverses.

1. Bonk (BONK)

Bonk spent nearly four weeks oscillating between support at $0.00002 and resistance at $0.000028. An ascending trendline reinforced the support, allowing bulls to put up a strong fight and prevent further losses.

However, their efforts weakened on encountering the seller congestion at $0.000028, hence the doldrums.

BONK’s support on Bithumb comes at a time when Bitcoin price is breaking out towards $70,000. This means that investors are willing to take up more positions in altcoins, including volatile assets like meme coins.

Although retracing below $0.000025, Bonk still shows potential for a larger breakout in the coming sessions or a few days.

Bulls could also nurture a potential ascending triangle breakout. As a continuation pattern, the triangle on the chart allows for consolidation before the next move above resistance at $0.000028.

Traders anticipate a breakout target of at least 45% equal to the height of the pattern. Buy orders would be entered above the hurdle at $0.000028, paving the way for the majestic move to $0.000041. This move will fall short of the ATH of $0.000047 but may build FOMO to support a rally to new record highs.

2. Cardano (ADA)

Over the past week, the price of ADA has fluctuated between $0.42 and $0.46, with a slight surge of more than 1% after a bullish trend. However, over the past month, the ADA price has seen a slight decrease, reflecting the broader market trends and investor sentiment.

According to data from DeFiLlama, Cardano’s Total Value Locked (TVL) has reached $261.03 million. The TVL is a key metric that reflects the total amount of assets locked in the Cardano ecosystem, indicating the level of activity and investment within its decentralized finance (DeFi) space.

Stablecoins within the Cardano network have a market capitalization of $16.13 million, contributing to the overall TVL. The data highlights Cardano’s growing prominence in the DeFi sector as it continues to attract more assets and users.

If Cardano manages to break through the $0.5 resistance, a significant upward movement could follow. This momentum might push the cryptocurrency to $0.6 by the end of the week. Such a rise could lead to testing the crucial resistance level at $1.

Takeaway

The path to making a fortune in the cryptocurrency market starts with following tried-and-tested strategies and investment methods. Above all, narrowing down to the key crypto to buy like Bonk and Cardano could set ordinary portfolios for success, especially amid the expectations of a massive bull run in 2024.

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John is a seasoned crypto expert, renowned for his in-depth analysis and accurate price predictions in the digital asset market. As the Price Prediction Editor for Market Content at CoinGape Media, he is dedicated to delivering valuable insights on price trends and market forecasts. With his extensive experience in the crypto sphere, John has honed his skills in understanding on-chain data analytics, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), Centralized Finance (CeFi), and the dynamic metaverse landscape. Through his steadfast reporting, John keeps his audience informed and equipped to navigate the ever-changing crypto market.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.