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5 Cryptocurrency to Buy for Price Boom This Weekend – June 2022 Week 2

06/10/2022
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The cryptocurrency market continues to experience turbulent conditions. Having enjoyed a little jump earlier in the week, the market’s total cap is now down again. It dropped by 0.9% in the past 24 hours, to $1.29 trillion, and is down by 14% in the past month. Most coins are down by similar percentages, although some have bucked the trend a little and posted gains. This article rounds them up in a list of 5 cryptocurrency to buy for a price boom this weekend.

5 Cryptocurrency to Buy for Price Boom This Weekend

1. Lucky Block (LBLOCK)

LBLOCK is down by 6% in the past 24 hours, dropping to $0.00129411. It’s also down by 21% in a week and by 41% in the last 14 days.

Lucky Block (LBLOCK) price chart - 5 Cryptocurrency to Buy for Price Boom This Weekend.

LBLOCK remains 200% up since launching at the end of January. More importantly, it has now entered a position where it could begin regaining lost ground. This is because the Lucky Block lottery platform has begun holding its daily draws.

Based on Binance Smart Chain, Lucky Block’s first ever draw saw one lucky individual winning $1 million, which will be paid in regular instalments. Subsequent winners are promised a guaranteed minimum prize fund of at least $10,000.

The successful execution of the first daily draws boosts the bull case for LBLOCK, but other important developments are also on the horizon. For one, Lucky Block is planning an Ethereum-based ERC-20 version of the LBLOCK token, something which will increase access to — and demand for — the coin. Secondly, it’s also in the process of rolling out a number of other features, with raffles also being planned to complement prize draws.

And with Lucky Block also working behind the scenes to gain more exchange listings, the market for LBLOCK could grow steeply soon. This is why it’s on the list of 5 cryptocurrency to buy for a price boom this weekend.

2. Polygon (MATIC)

MATIC is $0.644031 at the moment, representing a 3% rise in the past 24 hours. It’s also up by 4% in the past week and by 7% in the past fortnight. That said, it’s down by 27% in the last 30 days, in line with the rest of the market.

Polygon (MATIC) price chart - 5 Cryptocurrency to Buy for Price Boom This Weekend.

MATIC’s indicators suggest that it has recently hit a bottom and begun rising up again. Its relative strength index (in purple) hit almost 20 in mid-May and is now steadily rising. At the same time, its 30-day moving average (in red) has stopped its recent declines. Its gains today may therefore signal a longer term recovery.

Fundamentally, MATIC remains a strong altcoin. It’s the native token of layer-two scaling solution Polygon, which is Ethereum’s biggest layer-two network. With a total value locked in of $2.46 billion, it’s also the sixth biggest platform in general.

And it continues to grow: in May, Facebook’s parent company Meta announced that it’s launching digital collectibles via Polygon’s platform.

Yesterday, TV network Nickelodeon announced the launch of its own NFTs, hosted on the layer-two platform. Again, the fact that companies are choosing to go to Polygon — rather than Ethereum itself — is a very bullish sign.

It’s important to note that Polygon is also likely to see growing use even when Ethereum shifts to proof-of-stake. This is because the ‘Merge’ won’t initially make Ethereum much more scalable, so increased demand for Ethereum will increase demand for capacity on Polygon.

3. Helium (HNT)

HNT is up by 2% in the past 24 hours, reaching $11.74. It has also appreciated by 35% in the past week, and by a very impressive 64% in the last 14 days.

Helium (HNT) price chart.

HNT’s chart shows it regaining momentum quickly. From just under 30 at the start of the month, its RSI has jumped to 60. Meanwhile, its 30-day average is turning upwards and may be in for a big rise.

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A blockchain network for the Internet of Things and mobile/wirless communications, Helium is rising as a result of a variety of launches. This includes the launch of its official Helium mobile app for iOS and Android, something which expands its sphere of access considerably.

Helium is also seeing the growth of its network, with the launch of MosoLabs being another piece of good news. MosoLabs is a new California-based company that will build and supply hardware so that users can participate in Helium’s blockchain-based communications network. And with Helium already counting just over 834,000 hotspots, it could therefore reach one million soon.

4. Polkadot (DOT)

DOT is selling at $9.08 at the moment, representing a fall of 2% in the past 24 hours. It’s also down by 8% in the past week and by 20% in the past month.

Polygon (DOT) price chart.

DOT is a massively undervalued cryptocurrency, and its chart supports this view. Its 30-day average has remained below its 200-day for several months, signalling that a rebound is long overdue.

Its native platform, Polkadot, a highly scalable layer-one blockchain platform that has been patiently growing its network in recent months. It’s designed as the central hub of separate interconnected and cross-communication blockchains, known as ‘parachains’ in its parlance. In recent months, it has been holding auctions for parachain slots, with the 18th such auction recently finishing.

As part of its development, Polkadot also launched its XCM messaging system in May. This is a key component of its multi-chain architecture, and shows that it’s close to reaching a critical mass. Given such development, it’s hard to shake the conclusion that DOT is distinctly undervalued and due a surge. This is why it’s one of our 5 cryptocurrency to buy for a price boom this weekend.

5. Bitcoin (BTC)

BTC is down by 2% in the past 24 hours. At $30,000, it’s also down by 1.6% in the past week and by 3% in the past month.

Bitcoin (BTC) price chart.

BTC’s charts are also depressed, with a surge becoming likelier the longer its RSI and 30-day average remain down. That said, BTC remains a comparatively safer option during the current bear market, with its dominance slowly creeping up as investors flee to its relative safety.

Indeed, bitcoin’s dominance has risen from around 40% in mid-May to 46% today. And with it reaching as high as 70% the last time crypto had a sustained bear market (e.g. 2019-20), it will probably continue increasing.

Not only is this because Bitcoin is the original cryptocurrency, with strong network effects and high security, but because it has enjoyed more real-world use than its rivals. Institutions hold around $40 billion in BTC, while banks have been slowly increasing their involvement with the cryptocurrency in recent months.

And as we’ve said before, if the crypto market as a whole is to start a new bull market, it needs BTC to kick things off. That’s why it’s one of our 5 best cryptocurrency to buy for a price boom.

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Source: https://insidebitcoins.com/news/5-cryptocurrency-to-buy-for-price-boom-this-weekend-june-2022-week-2