16.3 C
New York

5 Best Penny Cryptocurrency to Buy January 2022

Date:



The cryptocurrency market continues to have a disappointing January. At $$2.07 trillion, its total cap has dropped by around 1.7% in the past 24 hours. This includes coins such as ethereum (ETH), cardano (ADA) and solana (SOL), which have slipped by 1.9%, 6.9% and 1.6%, respectively. However, a number of smaller altcoins have done well over the past day and week, including coins under $1. As such, here’s our list of the 5 best penny cryptocurrency to buy right now.

5 Best Penny Cryptocurrency to Buy

1. ECOMI (OMI)

OMI is up by 5% in the past 24 hours, rising to $0.00771619. This represents a 21% jump in the last seven days and a 23% rise in the last 30.

ECOMI (OMI) price chart - 5 best penny cryptocurrency to buy.

OMI’s 30-day moving (in red above) continues to rise above its 200-day average (in blue). This indicates that it’s on an uptrend and may be moving to a higher stable level. Likewise, its relative strength index (in purple) peaked at 80 yesterday, revealing very strong momentum. However, it has since calmed to 50, suggesting that its market isn’t being overcooked.

OMI is the native token of ECOMI, a marketplace for digital collectibles. It has been rallying in fits and spurts ever since December, when it commenced the next phase of its migration over to Immutable, a layer-two scaling solution for Ethereum.

This migration will make the platform more scalable and efficient, enabling it to serve more users. And in turn, this should increase demand for OMI, with the coin still 42.5% below its all-time high of $0.01343572. This was set back in March, with OMI having plenty of room for further rises.

2. Theta Fuel (TFUEL)

At $0.199619, TFUEL has risen by 15% in a day. Its rises over the past fortnight and month are more modest, however, suggesting that the coin’s rally is only just getting started.

Theta Fuel (TFUEL) price chart.

TFUEL’s chart and indicators reinforce this suspicion that its rally is only just beginning. Its 30-day moving average had been sinking since November, but has just risen above its 200-day average. Likewise, its RSI has jumped from 30 (meaning undersold) to 65 in a matter of hours.

Theta is a blockchain-based video-streaming platform. It has begun rallying for a couple of reasons. Firstly, it has welcomed a number of important collaborations and launch, with its link-up with the Curate NFT marketplace being the most recent.

Secondly, it also has a big launch of its own on the horizon. On February 1, its much-anticipated ThetaDrop NTF marketplace will launch, with an airdrop taking place to coincide with the release. Investors can participate by staking TFUEL, with the supply of new TDROP governance tokens being distributed gradually over time.

In other words, demand for TFUEL will increase as we approach the launch, with people wanting to acquire TFUEL in order to stake it. This is why the coin is one of our 5 best penny cryptocurrency to buy.

3. Ripple (XRP)

XRP’s price is currently $0.733157, having fallen by 2% in the past 24 hours. It has also fallen by 5% in the past week and by 12% in the past month.

Ripple (XRP) price chart - 5 best penny cryptocurrency to buy.

XRP has suffered a long decline. Its price and averages have been steadily slipping since November, while its RSI has enjoyed few periods where it reached 70 or higher.

However, for traders interested in buying coins on the cheap, XRP may be one of the best bets on the market. Combined with the ongoing market-wide downturn, its case with the SEC means that it remains unloved. Also, recent developments with this case means that we won’t see any kind of decision for another few months.

Despite further delays, crypto-specialised lawyers believe that Ripple has a strong case against the SEC. So when the time eventually does come, there’s a good chance Ripple will gain a favourable outcome. By extension, expect XRP to rise substantially.

4. Dogecoin (DOGE)

At $0.161787, DOGE has fallen by 3% in the past 24 hours. On the other hand, it’s up by 5.3% in the past week, while down by 4.8% in the last 30 days.

Dogecoin (DOGE) price chart.

DOGE’s technicals largely reflect the bear market we’re currently experiencing, although both its 30-day average and RSI displayed a noticeable spike a couple of days ago.

This was caused by Tesla launching DOGE payments for a selection of its merchandise. Such merchandise could be bought only with DOGE, causing the famous meme coin to rise considerably.

Of course, the ensuing rally has since subsided. The point is, however, that you can never count DOGE out from experiencing similar rallies in the not-too distant future, especially with Musk and Tesla supporting it. This is why it’s one of the 5 best penny cryptocurrency to buy.

5. Stellar (XLM)

XLM is down by 3% in the past 24 hours, having dropped to $0.247828. It’s also down by 6% in the past week and by 11.5% in the past fortnight.

Stellar (XLM) price chart.

XLM’s technicals are almost entirely reflective of the wider market, suggesting that traders probably shouldn’t expect it to pick up until the market itself does.

However, there are fundamental reasons to be optimistic about XLM. Its native platform, Stellar, continues to steadily build out its functionality and capabilities. For instance, it recently revealed its own layer-two scaling solution, Starlight, which will make its blockchain even more scalable.

It also rolled out a new type of account this month. Called Muxed, these new accounts allow services to map a single Stellar address to multiple users, something which will make Stellar more user-friendly and efficient. Such upgrades may be relatively modest, but they show why XLM is one of the 5 best penny cryptocurrency to buy right now.

Capital at risk

Read more:


Web3 Reimagined. Data Intelligence Amplified. Click here to access.

Source: https://insidebitcoins.com/news/5-best-penny-cryptocurrency-to-buy-january-2022

Related articles

spot_img

Recent articles

spot_img