The crypto market is noticeably lethargic on Monday amid heightened anticipation for the Securities and Exchange Commission (SEC) to approve spot Bitcoin exchange-traded funds (ETFs). As discussed in the Solana price prediction article, altcoins suffered the biggest setback last week, as uncertainty clouded the market about the ETF. However, with the right entries, investors can identify the top altcoins to buy for 2024 featuring tokens like Cardano (ADA), Dogecoin (DOGE), and Arbitrum (ARB).
Cardano Price Prediction As ADA Stands Out Among Top Altcoins To Buy
Cardano is buoyant above $0.5 after rebounding from the weekend support at $0.46. Further, northbound movement is expected to gain momentum steadied by key indicators like the Moving Average Convergence Divergence (MACD) indicator.
Investors will continue to enter new positions in Cardano as long as the momentum indicator rallies in support of the uptrend. The buy signal in the four-hour timeframe reveals that buyers have the reins.
A four-hour candle close above $0.5 is necessary to sustain the bullish thesis. Besides, it may be prudent to wait until ADA climbs above the 20 Exponential Moving Average (EMA) (in blue) before firing the buy orders.
There is growing potential for a V-shaped recovery — one that could blast Cardano price above resistance at $0.65 and bring the token closer to the medium-term goal of climbing above $1.
Investors entering positions in ADA have an opportunity to incorporate a dollar-cost average (DCA) strategy to reap maximum benefits as crypto prices rally due to the approval of the spot Bitcoin ETF this week and the halving in April.
Can Dogecoin Price Hit $1 In 2024?
Dogecoin rolled back from highs recorded in December at $0.105. The sell-off to the support at $0.075 can partly be attributed to traders cashing out to lock in the gains and widespread headwinds in the market due to the BTC ETF jitters.
Currently, Dogecoin price holds above a confluence S/R created by the 200-day Exponential Moving Average (EMA) (in purple) and the lower ascending trendline around $0.0771.
Changing the trend back to bullish from this support would put bulls back on the reins. However, DOGE must rise above the dotted trendlines to validate a long-term bullish theory.
Some investors may want to ascertain that the MACD indicator has flashed another buy signal before going all-in on Dogecoin. Such a call to action would manifest with the blue MACD line crossing above the red signal line.
The potential return past resistance at $0.1 would create FOMO speculators envisioning DOGE above $1. With capital inflow in the crypto market increasing with the ETF approval, an altcoin season is on the horizon which could make the $1 prediction conservative.
Arbitrum Price Forecast As Wedge Breakout Eye 14% Move
Arbitrum slowed down the uptrend after hitting a new all-time high at $2.11. Although ARB extended the price discovery mode in January’s first week, sellers soon caught up with it, culminating in a retracement to $1.6.
The price consolidated within two falling trendlines connecting a series of lower highs and lower points. As the short-term falling wedge pattern formed, bulls started pushing for a potential breakout.
Traders should be ready to enter new buy positions backed by an incoming buy signal from the MACD and a wedge pattern breakout. A four-hour candle close above the wedge and S/R at $1.8 or the 20 EMA (in blue) would suggest that buyers have the upper hand.
In that case, investors would anticipate a 14% move with Artbitrum buoyant slightly above $2. However, the wedge pattern breakout might be invalidated if ARB fails to close the day above $1.8. Hence, the need to keep support at $1.6 in mind despite the bullish narrative implying that a larger breakout is beckoning.
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The post Top Altcoins To Buy January 8 With Spot BTC ETF Beckoning: ADA, DOGE, ARB appeared first on CoinGape.
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