In a whirlwind of extreme volatility, the cryptocurrency market weathered a substantial downturn over the last 24 hours, sending shockwaves through the industry as Bitcoin (BTC) plummeted below the $26,000 mark at one juncture within this period.
While this slump translated into considerable losses for investors, it simultaneously unveiled a silver lining by presenting enticing investment prospects among undervalued coins.
Having said that, an August 18 analysis by Finbold delves into the market, pinpointing five cryptocurrencies trading under $0.10 that may display promising potential for resurgence in the forthcoming bullish cycle.
Dogecoin (DOGE) has been garnering fresh attention among crypto investors lately after rumors began circulating that the meme coin could be accepted as a payment method on X, formerly known as Twitter.
The speculations emerged after Elon Musk added DOGE’s symbol to his X bio after the social media platform’s rebrand.
Amidst the latest crypto downswing, Dogecoin lost more than 6.8% over the past 24 hours and was trading at $0.06 at the time of writing. The meme cryptocurrency lost over 17% over the past week and around 8% on the monthly chart.
Hedera (HBAR), the decentralized public blockchain that uses a consensus algorithm to achieve fast and secure transactions, has witnessed a significant surge in social activity lately, with engagements surging beyond 30.6 million earlier this week.
According to LunarCrush, HBAR’s three recent price pushes have all been preceded by surging social engagement numbers.
At press time, the HBAR was changing hands at $0.06, down 5.4% on the day, losing a notable portion of its recent gains. The cryptocurrency remained relatively flat over the past week, while its monthly returns stand at over 7%.
Meanwhile, VeChain (VET), one of the highly regarded blockchain networks, has been continuously developing its recently launched VORJ – “The ‘Web3-as-a-Service’ Platform Eliminating Barriers to Blockchain Adoption.”
At the time of writing, VET was trading at $0.02, down 4.38% in the past 24 hours. The cryptocurrency fell by more than 12% and 17% on weekly and monthly charts, respectively.
Ankr (ANKR) hasn’t been standing still either when it comes to growing its technology. The blockchain network, which claims to be “the fastest Web3 infrastructure,” recently added support for Scroll, a zkEVM-based zkRollup on Ethereum (ETH) that enables native compatibility for existing Ethereum applications.
At the time of publication, ANKR was trading at $0.02, down 7% in the last 24 hours. The crypto asset fell by more than 19% over the week and 21% on a monthly basis.
Given its Relative Strength Index (RSI) of 20, ANKR appears to be oversold, which could indicate a possible opportunity for a price rebound or a period of consolidation.
Tron (TRX) is undeniably among the cryptocurrency projects that have garnered extensive recognition within the market.
Both its assets and parent company have made impressive strides in terms of adoption and on-chain metrics.
A recent analysis conducted by Messari has brought to the forefront Tron’s advancements during the last quarter. Particularly noteworthy is the report’s emphasis on substantial upswings in TRON’s daily average active accounts, new accounts, and transactions.
These figures have demonstrated growth rates of 14%, 13.4%, and 28.9% respectively.
TRX was down by 2.6% at $0.07 at the time of writing, while losing over 5% and 8.4% on the weekly and monthly charts, respectively.
While the aforementioned cryptocurrencies have faced recent challenges, it’s crucial to bear in mind the dynamic nature of the digital asset landscape. Given the rapid pace of change, it shouldn’t be unexpected for any of these assets to potentially make a surprising and significant move.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.