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5 Best Cryptocurrency to Buy on Low Prices February 2022 Week 1

02/01/2022
Bitcoin Ethereum News

The cryptocurrency market has regathered some steam after a bad few weeks. At $1.85 trillion, its total cap has risen by 6% in the past 24 hours. Major coins have risen by similar amounts in the same timeframe, with ethereum (ETH) jumping by an impressive 10%. However, some of the biggest gains in the past day and week have been posted by smaller altcoins. Accordingly, we’ve compiled the 5 best cryptocurrency to buy on low prices right now. This covers coins worth $100 or less.

5 Best Cryptocurrency to Buy on Low Prices

1. Terra (LUNA)

LUNA has risen by 16% in the past 24 hours, to $52.60. After falling hard in the past week or so it was due a rebound, although it remains 20% down in the past week. It’s also 42.6% down in the past 30 days and by 48% compared to its all-time high of $103.34, set on December 27.

Terra (LUNA) price chart - 5 best cryptocurrency to buy on low prices.

LUNA’s technical indicators show a strong recovery may be in the works. Its relative strength index (in purple above) has jumped from just under 30 to just over 60 in a couple of days. Meanwhile, its 30-day moving average (in red) has stopped falling and is now beginning to rise. If it overtakes its 200-day average (in blue) in the next few days, we could see a strong rally.

And LUNA’s prospects of a strong rally are very good. Terra, its native platform, burns the altcoin whenever minting new stablecoins (such as terraUSD), while it has a fixed supply of 1 billion. So with the supply of terraUSD (UST) increasing by around 300% in the past three months, LUNA’s circulating supply has decreased significantly. On top of this, the use of LUNA for staking has also accelerated this decline.

In the long run, a falling supply will likely push LUNA’s price upwards. And with the Terra ecosystem growing to $13.67 billion in TVL, LUNA has a bright future ahead of it. This is why it’s one of our 5 best cryptocurrency to buy on low prices.

2. Gala (GALA)

GALA is a coin that, having fallen worse than others during the current downturn, is due a bigger rebound. It has risen to $0.207143 in the past 24 hours, a jump of 11%. It’s also up by 12% in the past week, but down by 55.3% in the last 30 days.

Gala (GALA) price chart - 5 best cryptocurrency to buy on low prices.

GALA is also down by 75% since reaching a record high of $0.824837 in November. Its technicals suggest that it may have turned a corner in the long journey to recovering such lost ground. Its RSI has neared 70, while its 30-day average is on the cusp of forming a golden cross with its 200-day. This could signal a breakout.

GALA is the native token of the of Gala Games platform, it can still have a very good 2022. Running on the Ethereum blockchain, Gala enables developers to build blockchain- and NFT-based games. Towards the end of last year, it announced plans to spend around $1 billion on the development of its ecosystem. This indicates that it could grow considerably this year.

According to Gala Games’ website, 1.3 million active users and has now racked up around 26,000 NFT sales. And with the company launching a new, $100m development fund in December, its prospects of expanding look even better this year.

3. Decentraland (MANA)

Continuing with the NFT-based gaming theme, MANA is up by 6% in the past 24 hours. At $2.78, it’s also up by 32% in the past week, but down by 17.5% in the last 30 days.

Decentraland (MANA) price chart.

MANA’s indicators show that it has begun something of a rebound, having fallen by 52% since its ATH of $5.85 in November. Its 30-day average has formed a golden cross, having overtaken its 200-day average. Similarly, its RSI is hovering around 60, having passed 70 yesterday. This signals some very strong momentum.

As with GALA, MANA has the fundamentals to suggest very good growth this year. Not least when its 2021 was so good, with Facebook sparking a metaverse mania from November onwards.

Aside from riding hype for the metaverse, Decentraland has also benefitted from a growing number of partnerships and link-ups. Most notably, Samsung started this year by announcing the launch of its own store on Decentraland.

Samsung’s arrival in Decentraland is a massive seal of approval, and shows why MANA is one of our 5 best cryptocurrency to buy on low prices.

4. Polkadot (DOT)

DOT is up by 9.5%, reaching $19.38. This represents a 7% rise in the past week, with DOT still down by 32% in the last month.

Polkadot (DOT) price chart.

DOT’s chart shows that it has suffered for long enough. Fortunately, its 30-day average has not only stabilised, but has also just overtaken its 200-day. At the same time, its RSI is at 60, showing good strength.

DOT is long overdue a big rally. Its native platform, Polkadot, famously initiated auctions at the end of last year for slots on its network. These are still ongoing, with DeFi platform Centrifuge recently winning the eighth slot.

Such auctions are significant because they’re giving rise to a Polkadot DeFi ecosystem. This means more activity on Polkadot and more demand for DOT. In other words, the chances of DOT experiencing a rally increase with every new parachain added to the Polkadot network.

Indeed, months after virtual non-existence, Polkadot has finally registered a total value locked in. At the moment, this sum is incredibly modest, but it shows that the network is indeed finally growing, after months of hype.

5. Ripple (XRP)

At $0.617643, XRP is up by nearly 5% today. However, it’s flat over the past week and down by 27.4% in the past month.

Ripple (XRP) price chart.

XRP is now the eighth-biggest cryptocurrency in terms of market cap, and it remains something of a gamble. This is because of Ripple’s ongoing case with the Securities and Exchange Commission, which currently remains in the discovery period.

The outcome of this case is uncertain, although Ripple remains confident that it will secure a favourable settlement. Most notably, it recently bought back its own shares at a valuation of $15bn, which it had sold in its 2019 Series C round. This could indicate that it’s preparing for an IPO, once the case concludes, as stated by CEO Brad Garlinghouse back in 2021.

It also seems that the wider cryptocurrency community is becoming increasingly convinced Ripple will do well with the case. Evidence continues to emerge which makes its case look stronger and the SEC’s look weaker, including a video in which former SEC chair Jay Clayton appears to describe the view that ethereum isn’t a security as official SEC policy.

However, traders looking to take a punt on Ripple emerging unscathed from the case will have to wait a while longer. A recent ruling extended the discovery period until March, so we may not see a settlement until the middle of the year.

Still, if Ripple does gain a good settlement, there’s little doubt that XRP will surge overnight. This is why it’s one of our 5 best cryptocurrency to buy on low prices.

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Source: https://insidebitcoins.com/news/5-best-cryptocurrency-to-buy-on-low-prices-february-2022-week-1