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2 Cryptocurrencies to Buy Propelling into the Top 10
After a horrible June characterized by widespread declines, many cryptos started July on a positive note. From support at $63,000, Bitcoin surged to $63,000 before correcting in search of more liquidity. Select cryptocurrencies to buy as well as Chainlink (LINK) and Floki are experiencing a stronger recovery, suggesting a potential altcoin season.
As investors get excited about the prospect of a second-half rally, it’s important to identify cryptocurrencies to buy that show the potential to grow exponentially and reach new all-time highs in price and market cap.
For many crypto projects, reaching the coveted top ten is no small feat. Such an achievement usually signifies commendable network growth, ecosystem expansion, and high competitiveness.
Seeking exposure to such cryptocurrencies Buying opens investors up to tremendous gains, including portfolio growth. In this article, CoinGape undertakes to explore 2 unique digital assets; Chainlink (LINK) and Floki.
1. Cryptocurrencies to buy – Chainlink
With renewed buying interest among whales, Chainlink price rebounded by 16.2% from a multi-month support zone at $12.63 to reach $14.678. This surge suggests that the LINK coin could sustain above the 38.2% Fibonacci retracement level — a healthy correction level for buyers to counterattack.
Chainlink Price Chart | CoinGecko
During the June correction, the Chain link The coin has seen significant outflows, with its price plummeting from $19.2 to $12.6, resulting in a 34.2% decline. The low of $12.6 accompanied by a 32.8% FIB level and 100W EMA creates a bullish area of interest (AOI) for buyers.
Over the past six months, LINK price has bounced off the aforementioned support levels, indicating that buyers are aggressively defending this level to avoid a prolonged correction. The recent reversal from the lower support pushed LINK price to $14.5, while the market cap jumped to $8.85 billion.
Recent analysis of on-chain data from Lookonchain reveals that whales and institutions are accumulating Chainlink (LINK). Over the past seven days, 54 new wallets have withdrawn a total of 2.08 million LINK, valued at approximately $30.28 million, from Binance.
The support trendline on the daily chart, which has been in place since June 2023, underpins the current recovery. Buyers must hold this level to carry an extended bull run.
2. Floki
According to data from CoinMarketCapthe current market cap has increased to approximately $1.66 billion, marking a 2.80% increase. Notably, trading volume has soared by 47% in the last 24 hours to reach $226 million, underscoring the growing investor interest and market activity surrounding this cryptocurrency.
Floki Price Chart | CoinGecko
Last week, Floki has seen a 4% increase in value. Currently, the coin fluctuates within a narrow price range of $0.00016 to $0.00018, marking a notable appreciation in its market price.
FLOKI could face a major hurdle if it breaks above the $0.00018 mark, with a strong resistance point at $0.0002. If it holds above this threshold, the path could open for an upward movement towards $0.0003. A continued rally could even take it to $0.0005.
On the other hand, a decline below $0.00017 could send FLOKI towards its lower support trendline at $0.00016. Further market declines could push it towards a support level of $0.00015. This could indicate a bearish trend for the coin.
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Frequently Asked Questions (FAQs)
This is a period when cryptocurrencies other than Bitcoin recover, reaching new highs and market capitalizations.
No. However, LINK has the potential to become a top 10 cryptocurrency by 2024. It is currently ranked 17th on CoinGecko.
High net worth individuals are investing in the cryptocurrency market. They buy and sell tokens in large volumes, often impacting prices.