The crypto market had a rough start of the year, declining by more than 20% due to the hawkish Federal reserve statements…
Cryptocurrencies that will explode soon
2022-06-22 • Updated
Every investor knows that the best time to buy is now. Moreover, every trader knows that it’s much more profitable to buy at the dip and get the best possible reward because of the vast movement. FBS analysts want to get the best of both worlds, so they analyzed hundreds of charts and picked the three most promising cryptos for you to look at.
Polkadot (DOT) has a 55% upside potential
The first coin on the list is Polkadot. It’s a Web 3.0 blockchain (a data-driven Internet that operates with machine learning). It’s working long enough to get an enormously big fan base. It’s among the top-15 coins by trending search on Binance exchange and has almost 3000 contributors on GitHub.
The last number means there are 3000 developers worldwide working on improving DOT’s blockchain. Polkadot often promotes itself with various contests and events. It even has a venture fund called “Polkastarter.” It helps new projects raise money for the faster development of new technologies. Industry-leading creators take part in the fund and expand DOT’s network. Kindly notice that you can get fresh news on cryptocurrencies, stocks, forex, and many more on the FBS website; it is easy to use and completely free.
Speaking about the DOT chart, the price is forming an inversed head and shoulders pattern on a daily timeframe. If to buy DOT near the support trendline at $16.00, you may catch an 80% bullish movement. Entering the trade slightly above $17.00 and waiting for an upside breakout may give you more than 55% of profit.
DOT daily chart
Support: 15.80, 10.50
Resistance: 24.00, 28.00, 33.00
Dogecoin (DOGE) can double your money
Dogecoin started as a joke but is now one of the biggest cryptocurrencies. It’s not just a meme coin, and it’s way bigger than you might think. What is more, Elon Musk is in love with DOGE. He even bought himself a Shiba-Inu dog. Musk suggests people who subscribe to Twitter Blue (a premium version of Twitter) should be able to pay with dogecoin.
Even if the coin is treated as a joke, it may move vastly. There’s a massive falling wedge on a daily chart. The support at 0.1100 may work once again. Thus, DOGE is likely to explode and jump to 0.2100, almost 100% movement. Watch closely after the reaction to 0.1100 and 0.0850 levels, as they are perfect for mid-term long trades. Also, it’s convenient to use the FBS Trader application, where you can trade DOGE and hundreds of other cryptos from anywhere, anytime, with favorable conditions.
DOGE daily chart
Resistance: 0.1800, 0.2100
Support: 0.1100, 0.0850
Solana (SOL) may start a bull run
As the NFT market hype dropped, many coins became bland due to their faceless ecosystem. Around 95% of cryptocurrencies are worthless not because they have bad people in charge but because their technologies are not good enough to withstand the market. Solana is different. It’s the fastest chain and offers the lowest gas fee compared to other NFT platforms. More and more projects use SOL as their main blockchain. Metaverses, crypto games, and NFT collections benefit from fast and cheap transactions in the Solana network. It may be the very best moment to buy Solana for mid and long-term gains.
Chart confirms our point. The coin broke through a bullish wedge and gained 83% in three weeks. Now it’s wise to split your order into two pieces. You may open part of your trade right now, and the second part is for the $90.00-95.00 touch. Then, we need to wait for a retest of the $144.00 resistance level, which is a 58% bullish movement. If no signs of reversal occur, Solana may fly to its historical highs at $260.00 per coin. Finally, if you are a novice and want to get involved in trading with no risks, try trading on a demo crypto account. Here you will get all the market movements and no risks.
Solana daily chart
Resistance: 120.00, 144.00, 160.00
Support: 90.00, 78.00
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