Best Altcoins to Buy This Dip: Top Crypto Investment Strategies for December 2024

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As a seasoned crypto investor with over a decade of experience in this dynamic market, I have learned to navigate through the volatility and seize opportunities that present themselves during market dips. The current bearish trend, while concerning to some, presents an excellent opportunity for strategic investors like myself.

Cryptocurrencies other than Bitcoin (altcoins) are experiencing a steep decline due to the ongoing uncertainty in both the US and global markets, casting a gloomy outlook over the crypto sector. The drop in Bitcoin’s price below $100K and its loss of a $2 trillion market valuation has given momentum to the bears, making them the dominant players in the market.

Although it might worry others, considering these circumstances as a chance for tactical investors is crucial. In the face of fluctuating and unpredictable market conditions, undervalued altcoins offer attractive chances for investment to individuals aiming to profit from their potential future expansion.

In this piece, we delve into potential top altcoins to purchase amidst the current downturn, providing an effective investment approach for December 2024, with optimistic expectations for an uptrend in 2025.

Dogecoin (DOGE)

As the first meme coin in the cryptocurrency market and holding the largest market capitalization, Dogecoin (DOGE) stands among the top 10 digital currencies. At the moment of publishing this article, it is trading for $0.28 with a 24-hour volume of approximately $15.42 billion and a 24-hour volatility rate of 17.5%. The market capitalization stands at around $43.88 billion.

Although Dogecoin dropped by 20% over the past day, its recent surge of 8.69% within the last hour indicates that investors are finding support at lower prices. Over the past five days, it has consistently formed bearish candlesticks, resulting in a decline of approximately 30%.

After dropping below the significant $0.30 level, the price didn’t continue falling and instead halted at the 100-day Exponential Moving Average (EMA) line at $0.2794, preventing a bearish close. If the overall market rallies again, Dogecoin might experience a quick recovery and potentially rebound to reach around $0.40.

Even though there’s a possibility that Dogecoin won’t reach a fresh yearly peak in the near future, it could potentially surge back up to around $0.50 by early 2025. Given this optimistic outlook for 2025, it’s wise to consider adding Dogecoin to your cryptocurrency investments.

Solana (SOL)

The Solana price, denoted by SOL and currently standing at $175, has dipped for the first time since October 11. This represents a significant occurrence as it now rests near a crucial support level following several months.

As I delve deeper into my study, it’s clear that the descending channel pattern signals a potential downtrend, reinforced by a triple black candlestick setup predicting a 18% plunge within just three days. Currently, Solana is valued at $184, and its recent rejection of lower prices near the 200-day Exponential Moving Average line suggests a bearish outlook.

As a researcher, I’ve noticed that this price drop could indicate a possible rebound from a crucial support level. Moreover, the Relative Strength Index (RSI) touching the oversold zone suggests an intense surge in supply demand. However, it also hints at potential recovery if the market recovers, given that there seems to be room for it to bounce back.

In the world of Decentralized Finance (DeFi), Solana has been making waves, potentially setting the stage for further growth. In fact, its decentralized exchange volume has consistently outperformed that of Ethereum and Binance Smart Chain on numerous occasions. As the market finds equilibrium, it’s reasonable to expect a surge in demand for Solana.

If Solana’s price manages to surpass the $200 significant level, it seems probable that the upward trend will approach the resistance trendline around $227.

Mantra (OM)

Despite Friday’s 10.5% plunge, the horizontal trajectory of the Mantra token ($3.73) persists. Even with the increased volatility of 7.8%, the bullish trend at $3.421 appears to be maintaining the OM price, demonstrating its resilience against the surge in supply.

While there’s no strong bullish signal from the daily Relative Strength Index (RSI) as it doesn’t show divergence, it still suggests caution. On the other hand, the daily chart continues to display a bullish flag pattern, indicating a sideways trend that may potentially continue.

Additionally, it’s worth noting that the significant resistance point lies at approximately 4.1301, which represents the 23.60% Fibonacci level. Given that the recent market correction has concluded a bearish trend, there’s a high probability of a bullish turnaround towards this resistance level in the near future.

If there’s a breakout in a bullish trend, the Fibonacci levels could indicate possible prices rising to approximately $5.27 or hitting the 61.80% Fibonacci level. Given this upward potential of around 45%, Mantra is one of the notable altcoins you might consider purchasing for a bullish outlook in December 2024. This could help build a robust portfolio for 2025.

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2024-12-20 17:51