Key Insights
- This article examines some of the top cryptocurrencies to consider buying this week, despite the ongoing market downturn.
- Zcash and Dash are good investments due to their strong momentum.
- The Ethereum price has formed a bullish flag pattern, indicating further gains in the coming weeks.
The cryptocurrency market has been dominated by red this week, with Bitcoin tumbling below the $104,000 mark. This led altcoins like Solana, Hyperliquid, and Chainlink to shed over 20% of their value in just seven days.
While fear grips many investors, seasoned traders know that volatility breeds opportunity. Here, we highlight the top crypto to buy during the dip.
Best Crypto to Buy this Week
The crypto news of the market crash could be a good entry point for some of the best tokens. Amid this crisis, the best crypto to buy this week are Zcash (ZEC), Dash (DASH), and Ethereum (ETH).
Zcash (ZEC)
Zcash is a top cryptocurrency in the privacy industry, where it helps users send money in discrete ways that cannot be discovered.
Zcash achieves this by having two payment options. One of them is the normal transaction, where transaction details are posted in a public ledger.
On the other hand, it has shielded transactions, where details like the sending and recipient addresses and the amount remain hidden. Recent data shows that the number of these transactions has continued rising in the past few months.
Zcash price has surged in the past few weeks, moving from the year-to-date low of below $40 to $455 today, bringing its market capitalization to over $7.5 billion. This surge has pushed it above Monero in terms of its market capitalization.
Zcash price has soared because of the recently launched Grayscale Zcash Trust, a fund that has accumulated over $200 million in assets now.
The main reason why the Zcash price may continue rising is that it has become a momentum play that has diverged from other cryptocurrencies. For example, it continued rising this week as the crypto market crash accelerated
Technicals suggest that the Zcash price has more upside to go in the coming weeks. For example, the Average Directional Index (ADX) has jumped to 54, while the momentum indicator has continued rising.
Still, there is a risk that the ZEC price may pull back as it moves to the distribution phase of the Wyckoff Theory.
Ethereum (ETH)
Ethereum is another top crypto to buy today as it has formed a bullish chart pattern on the daily chart. It has formed a bullish flag pattern, which consists of a vertical line and a descending channel. It has now moved to the lower side of the channel, meaning that a bullish breakout is possible
The other bullish aspect is that the token has bottomed at the 200-day Exponential Moving Average (EMA), which has provided it with substantial support in the past few months.
Most importantly, the coin is in the process of forming the second section of the Elliot Wave pattern, which is usually a corrective one. This phase is then followed by the third phase, which is usually the longest one.
Ethereum price has other catalysts, including the ongoing accumulation by treasury companies like BitMine and SharpLink. These treasury companies now hold over 3 million tokens, a figure that continues to grow.
Therefore, Ethereum price will likely resume its uptrend as investors buy the dip. If this happens, the next key resistance level to watch will be $5,000.
Dash (DASH)
Dash is another top crypto to buy this week as its parabolic move accelerates. It jumped to a high of $149.36 today, up by 690% from its lowest level in September.
Dash token has jumped because of the ongoing Zcash price surge, which has pushed investors to privacy tokens. Other top privacy coins like Decred, Horizen, and Monero have also jumped.
Technicals suggest that the Dash price has more upside in the coming weeks as it has a strong momentum, with top oscillators like the Relative Strength Index (RSI) and the Average Directional Index (ADX) continuing their uptrend.
Like Zcash, the main risk for investing in Dash is that it may move from the markup phase of the Wyckoff Theory to the distribution and markdown.
Some of the other top cryptocurrencies to buy this week are XRP, Solana, Hedera Hashgraph, and Chainlink.
The post TheMarketPeriodical’s Best Crypto to Buy this week appeared first on The Market Periodical.
