As an experienced analyst, I believe that Chainlink (LINK) and Floki are two promising cryptocurrencies to buy in July 2024 based on their recent price movements, network growth, and ecosystem expansion.
In July, cryptocurrencies demonstrated a determined effort to turn around the downturn experienced in June. Bitcoin surged above $60,000, sparking enthusiasm among altcoins, which not only mimicked Ethereum‘s recovery over $3,400 but recorded impressive price jumps. Notable cryptocurrencies such as Solana (SOL), Dogecoin, and Cardano saw upward momentum fueled by increasing optimism regarding the approval of spot Bitcoin ETFs in the United States.
From a research perspective, as I look ahead to the potential for strong market performance in the second half of the year, it becomes crucial for investors to pinpoint cryptocurrencies exhibiting significant growth potential. These digital assets should ideally be capable of experiencing exponential price increases and hitting new all-time highs in terms of market capitalization.
Reaching the esteemed top ten rank among cryptocurrency projects is no simple task. This milestone typically indicates impressive network development, extended ecosystems, and robust competition.
Investors stand to reap significant profits by getting acquainted with the following cryptocurrencies: Chainlink (LINK) and Floki. In this piece, CoinGape will delve into the distinct features of these two digital currencies.
1. Cryptocurrencies To Buy – Chainlink
As a researcher studying the cryptocurrency market, I’ve noticed an uptick in whale activity leading to a 16.2% price increase for Chainlink (LINK), which rose from a support zone at $12.63 to reach $14.678. This significant surge indicates that LINK may be able to hold above the 38.2% Fibonacci retracement level – an attractive correction point for buyers looking to regain control in the market.
In the correction that occurred in June, Chainlink’s coin underwent substantial withdrawals, causing its value to drop from $19.2 to $12.6, translating into a 34.2% decrease. The price level of $12.6 intersects with a 32.8% Fibonacci resistance and a 100-week Exponential Moving Average (EMA), making it an intriguing spot for potential buyers.
Over the past six months, the LINK price has bounced back several times from the mentioned support level, showing that buyers are actively protecting this price point and preventing a prolonged correction. This defensive action has pushed the LINK price up to $14.5, while its market capitalization has grown significantly to reach $8.85 billion.
According to recent findings from Lookonchain’s on-chain analysis, there has been a notable increase in Chainlink (LINK) acquisitions by both whales and institutions. Over the last week, a total of 54 new wallets have withdrawn 2.08 million LINK tokens, equivalent to around $30.28 million, from Binance.
Since June 2023, the daily chart has featured a trendline that serves as crucial support for the ongoing market recovery. For an extended bullish trend to continue, investors need to keep prices above this key level.
2. Floki
As a crypto investor, I’ve noticed an exciting development in the market according to CoinMarketCap data. The current market capitalization has surged to around $1.66 billion, representing a noteworthy 2.80% growth. Moreover, the trading volume has experienced a significant jump of over 47% within the last 24 hours, reaching an impressive $226 million. This substantial increase highlights the rising investor enthusiasm and dynamic market activity surrounding this cryptocurrency.
In the past week, Floki has experienced a 4% rise in worth. At present, its value oscillates between $0.00016 and $0.00018, indicating a significant gain in its market price.
As a researcher studying the price trend of FLOKI, I’ve identified a significant resistance level at $0.0002 if the token surpasses the $0.00018 mark. If FLOKI manages to sustain above this threshold, it could pave the way for an upward move towards $0.0003. A persistent rally may even propel it further up to $0.0005.
From another perspective, if the price of FLOKI falls below the threshold of $0.00017, it may slide down towards its lower trendline at $0.00016. In the event of more market declines, this cryptocurrency could be pushed to a support level of $0.00015. Such a development might suggest a bearish outlook for FLOKI.
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2024-07-02 21:44