After a bullish momentum that saw most cryptocurrencies experience significant gains, the cryptocurrency market appears to be entering a consolidation phase.
Altcoins are the most vulnerable in this period as they endure significant price corrections, often reaching their support zones and offering an opportunity to invest during the dip phase.
Finbold carefully examined the cryptocurrency market to create a list of three digital assets that have recently stood out due to price fluctuations, heightened investor attention, or noteworthy development initiatives. These selections offer appealing investment prospects for this week, particularly for investors searching for a cost-effective entry point below $1 per token.
XRP (XRP)
Given the persistent regulatory ambiguity concerning Ripple and the Securities and Exchange Commission (SEC), the trajectory of XRP’s (XRP) value remains uncertain and subject to speculation. Notably, investors are closely monitoring the asset, as it has primarily experienced a period of consolidation.
XRP holders are advised to monitor the charts closely, especially on the monthly time frame, as a critical threshold is still to be surpassed and yet to achieve a monthly candle closure above $1.2, with observations noting the presence of body candles but underscoring the absence of a complete body candle.
Once XRP successfully achieves a monthly candle closure with an entire body above $1.2, it is poised to trigger a substantial surge to $2, as per a post on X from EGRAG CRYPTO on December 10.
At the time of press, XRP was trading at $0.6202, which marks a decrease of -6.07% in the past 24 hours, with -2.07% lost in the past 7 days and a -5.73% decrease in the previous 30 days, as per information obtained on December 11.
Cardano (ADA)
After experiencing significant gains in the previous 30 days, Cardano (ADA) has slowed down and entered a consolidation phase, bringing a decrease in price and an opportunity to enter for investors.
Despite this, this year has been strongly positive for Cardano as it has recently surpassed a threshold of $370 million in total value locked (TVL), an increase of 520% since the start of 2023. This milestone has allowed ADA to enter the list of top 10 cryptocurrencies by TVL, according to the data obtained from DefiLlama on December 11.
At the time of publication, ADA is changing hands at $0.5536, showcasing a decrease of -5.18% in the previous day, contrary to the gains made over the past week, which amount to a 35.35% price increase, adding to the 46.70% positive change in value in the previous month.
Dogecoin (DOGE)
Posting a substantial number in the previous month hasn’t protected Dogecoin (DOGE) from the ongoing pullback that cryptos are experiencing, with some investors claiming that it experienced a flash crash in the previous 24 hours.
However, when the weekly price chart is analyzed, this flash crash, which usually occurs over the span of days rather than hours, looks like a weekly pullback that propels a further rise in price, according to the post from crypto analyst The Coach on December 11.
At the time of writing, DOGE was trading at $0.0983, highlighting a dip in the price of -0.08%, which contrasts the gains made in the past 7 days, which amounted to 8.45%, and a monthly increase in the price of 26.13%.
As these digital assets undergo a price dip, an opportunity emerges for potential investment. Nonetheless, it’s crucial to recognize the inherent volatility of the crypto market, and investors are strongly advised to conduct a thorough analysis before allocating their resources.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
