A question arose after a recent drop witnessed in the crypto market: is this the best time to buy in this dip? Most investors are seeking it as an opportunity to buy; however, some of the traders opened short positions, expecting the market to make more deep corrections.
The market encountered a dip after the United States Bureau of Labor Statistics shared a report showing the employment rate rose unexpectedly in May and the inflation rate rose by 0.1%. A total of $1.4 billion in short trades opened on different exchanges after the crypto market witnessed a dip.
To make a profit out of this dip, BTCProNews has shortlisted some coins that are capable of making a profit in this volatile market.
WIF
MATIC
GALA
SHIB
Dogwifhat
WIF stands at # 42 rank among the cryptocurrencies, with a market cap of $2.7 billion. After employment news hit the market, WIF experienced a price drop of 15.69% and is currently trading at a price of $2.74. The current circulation supply of this token is 998.93 million, and its 24-hour trading volume stands at $886.9 million.
After experiencing a price drop, most users anticipate that it is the end of the Bull run, but a crypto trader Kaleo claimed in a post on X that “The real bull market hasn’t even started yet,”
On March 31, WIF managed to reach its all-time high by touching a milestone of $4.8 per token, and now the crypto experts assume it will break its previous records and make a new all-time high.
The crypto market can spike if the United States inflation rate stands below the mark of 3.3%.
Traders are now observing the immediate support level of WIF to jump in the pool and make a profit out of their investment.
Source: CoinMarketCap
WIF experienced a drop of 15.69% in price Source: CoinMarketCap
MATIC
Polygon MATIC was launched in October 2017 and is ranked as the #17 token in the crypto market. It is famous for its transaction speed and low fee structure. Currently, MATIC has dropped its price by 9.20% and changed hands at $0.6531.
Source: CoinMarketCap
The current market supply of MATIC is 9.8 billion, with a market cap of $6.4 billion. On Feb 20, 2023, Matich touched the mark of $1.48 per token and is now on its way to breaking that resistance.
In a four-hour graph, the 50-day moving average indicates a downward slope; however, the 200-day moving average reflects an upward movement, which indicates that the trend is strong. It is expected by the crypto expert that Polygon MATIC will regain its price in some upcoming days and will reflect a strong bullish trend in the market.
GALA
Gala is a gaming coin that was launched in December 2021. According to the current data collected from CoinMarketCap, Gala is ranked at #73 in the entire crypto ecosystem. The current supply of This coin is 31.6 billion, with a market cap of 35,818,461,711 GALA. The price of Gala dropped to 0.03845 and encountered a drop of 13.51% after the U.S. announced employment report.
Source: CoinMarketCap
After witnessing a major drop in price, analysts predict it as a start before a bull run, as they said it has much potential to break all previous records and emerge as the most profitable coin of 2024.
Analysts predict its price to reach $0.095 by the end of 2024.
SHIB
A Dog-themed meme coin is famous for the unique creation of its blockchain, which is working on a proof-of-stake mechanism. Currently, SHIB is ranked as #11 among all cryptocurrencies, with a market cap of $13.7 billion and a total circulation of 589.27T SHIB. During a recent drop experienced by the crypto market, SHIB dropped its price by 7.05% and traded at the price of $0.000023 per SHIB token.
Source: CoinMarketCap
In the previous year, the ROI provided by this token was 192.60%. According to TradingView data, SHIB’s price has been relatively stable with moderate ups and downs this month. It tends to stay around $0.000023 for support and hits resistance at $0.000027, struggling to go higher.
Volume trends show a few noticeable increases, but these are much lower than in previous periods like March. Lower trading volume suggests less activity, often seen during consolidation phases, which usually happens before significant price changes as traders expect a breakout.
On June 5, SHIB peaked at $0.00002633 after passing the $0.000025 level and the 50-day EMA. This boosted mid-term bullish momentum, helped by Bitcoin’s comeback and a general market uptrend.
Analysts strongly suggest buying this dip, as this can be the last dip for SHIB.
Disclaimer: Cryptocurrencies are a high-risk asset class. This article is intended for informational purposes only and should not be considered as investment advice. It is not advisable to invest, as there is always the possibility of losing all the money that has been invested.
