Navigating the calm yet tumultuous seas of the cryptocurrency market, investors explore the best cryptos to purchase in the enduring bear market. Bitcoin has experienced a whopping 50% fall from its historical high in November 2021, serving as a stark reminder of the volatility and challenges faced by the sector. At the same time, some aspects provide a silver lining – global governments, traditional institutional investors and institutions such as BlackRock are showing increased interest in crypto, with the former recently applying to introduce Bitcoin exchange-traded funds (ETFs).
However, Bitcoin’s price remains somewhat stubborn, leading some to characterize the current state as a ‘bear market modus’ due to the consistent decline over the past two years. On the brighter side, some crypto assets are showing promising fundamentals and bullish technical analysis, such as THORChain, Wall Street Memes, dYdX, Sonik Coin, and Bitcoin SV.
Taking a closer look at THORChain (RUNE), we see a stellar performance over the past month. The asset has rallied over 116% but has recently retraced almost 30% from its peak demonstrating its dual-natured performance within the market. The 20-day EMA indicates immediate support for the price level. A successful breakout above a resistant level could signal to the continuation of the uptrend.
Wall Street Memes ($WSM) is another coin safeguarding its impressive feat amid market turbulence. Not just hyped celebrity endorsements, $WSM combines a robust token distribution plan with staking features to ensure richer yields. It’s the upcoming listing on major exchanges clubbed with a $50,000 airdrop that potentially boosts its allure and future stake amidst the prevailing uncertainties.
Moreover, dYdX has been observed in a sideways trading phase but multiple technical indicators suggest a potential breakout. DYDX remains above key Exponential Moving Averages (EMA) signalling an overall bullish trend, although the market trend may still consolidate before stepping up the ladder.
On the other hand, Sonik Coin seeks to differentiate itself using a unique staking rewards system that provides holders with a high APY. A potentially future-proof strategy to survive competition amidst all other meme coins. The coin holds a promising future, provided its successful launch and diligent execution of plans.
Another major contender is Bitcoin SV (BSV), hovering at a breakthrough point, which may kick up a bullish trend or continue its bearish trend; the decision hinges on whether BSV can surpass the resistance at crucial levels.
In conclusion, it’s essential to remember that cryptocurrency is a high-risk asset class. While the probability of gaining manifolds is attractive, the risk of losing your investment is equally present. As the cryptocurrency market trends continue to oscillate between bullish and bearish phases, seasoned and novice investors should strive for a balanced approach, factoring in the strengths, weaknesses and potential growth of their chosen cryptocurrencies. Onwards and upwards on this thrilling roller coaster ride!
Source: Cryptonews
