Diwali- the festival of lights, is one the most popular festivals of Hinduism and celebrated throughout the country. Thus, to strengthen their bond with their loved ones and bring good luck, people often buy gold and gifts during this occasion. Therefore, in this article, we will show the top 3 cryptocurrencies that could be an equally amazing gift for your family and friends.
Also read- Diwali 2022: Gold Coin vs Bitcoin Which Should You Invest This Year for Better Return
Buying Opportunities Spotted In Major Altcoins.
Ethereum(ETH)
Source-WazirX
The list starts with the second-largest cryptocurrency Ethereum. Amid the ongoing downtrend, the Ethereum price has discounted 71% down from its All-time High of $384460. Moreover, the coin prices currently trade at the $111264 mark and follow an inverted pennant pattern. This bearish pattern aligned with ongoing negative sentiment should plunge the prices another 30% to hit the ₹80000 psychological support.
However, a bullish divergence from the weekly RSI chart shows a high possibility of reversal from ₹80000. Thus, a retest of this support could offer a long entry opportunity with a potential target above ₹160000.
Ripple(XRP)
Source-WazirX
Ripple coin has been in a long legal fight with the US regulator Securities and Exchange Commission. However, as the case gradually inclined in Ripple’s favor, the altcoin has caught the eyes of many investors and whales. Therefore, this development makes XRP one of the major cryptocurrencies for exceptional future gains.
The XRP daily chart shows the formation of a cup and handle pattern. The altcoin currently trades at ₹40 and is stuck in a consolidation phase between ₹46.4 and ₹37.4. However, the short-range is reflected as the handle portion of the pattern and should encourage buyers for a 16.3% rally to hit the neckline resistance of ₹46.4.
A bullish breakout from the aforementioned level will further prolong the bullish growth.
Shiba Inu(SHIB)
Source-WazirX
The technical chart shows that Shiba Inu has been in a steady downtrend for over a year. Moreover, a descending trendline guiding this downfall acts as dynamic resistance for the meme coin. As of now, the SHIBA/INR par trades at ₹0.000835 mark and still struggles to surpass the overhead trendline. Thus, until the aforementioned trendline is intact, the SHIB holders count witness a prolonged downfall.
However, the daily-RSI chart shows an evident bullish divergence indicating the buying activity is rising at lower support. With its increasing adaptation, the Shiba Inu coin is one of the favorite memecoin among crypto investors and holds a huge potential price recovery.
Thus, a bullish breakout from the forbidden resistance trendline will replenish the bullish momentum and provide an early entry opportunity for a price recovery. This development should offer a near target of ₹0.00133
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
