The cryptocurrency market extended its slump yesterday. Its total cap now stands at about $2.5 trillion, down from $3 trillion less than two weeks ago. This is a 16.6% drop, with major coins such as bitcoin (BTC) and ethereum (ETH) falling by similar amounts since BTC hit an all-time high on November 10. However, despite the decline, a number of smaller altcoins are actually rallying. Better yet, many of them remain fairly cheap, so we’ve put together a list of the 5 best cryptocurrency to buy at low prices. This covers coins with both good short-term or long-term potential.
۵ Best Cryptocurrency to Buy at Low Prices
۱. Sandbox (SAND)
Bucking the overall trend, SAND has continued its rally from the past week. Its price is now $5.44, representing a 37% rise over the past 24 hours. Impressively, it’s also up by 93% in a week and by 600% in a month.
Under normal circumstances, we advise staying away from SAND right now. Its technical indicators suggest that its market is overcooked, with its relative strength index (in purple above) veering into ‘overbought’ territory. However, it seems that, with the overall market continuing to stagnate, traders are increasingly congregating to SAND for gains.
And out of all the smaller altcoins rallying at the moment, SAND remains one of the more fundamentally sound. It’s the native token of NFT-based open-world game The Sandbox, which attracted a $93 million investment from SoftBank and other VC funds at the start of the month.
Such an investment is a big vote of confidence in the Sandbox, which has been growing over the past year. It boasted $144 million in total transaction volumes at the time of its round, although this total is now likely to be much higher given its surge over the past few weeks. It also claimed 40 million app downloads back in 2020, testifying to its growth prior to today’s ‘metaverse-mania.’
This all suggests that, while it’s current rally may be getting a little out of hand, SAND has good long-term appeal.
۲. Gala (GALA)
Continuing the blockchain-based gaming theme, GALA is up by 7.7% in the past 24 hours. At $0.398440, it’s also up by an eye-watering 230% in the past week and by 370% in the past month.
GALA is one of the past month’s biggest movers. That said, anyone who may have wanted to buy it before it became too expensive may be encouraged by the mini-fall it experienced after reaching an ATH of $0.483648 on November 21. Since this comedown, its RSI has declined to more sensible levels, suggesting that now may be a good time once again to enter its market.
As with SAND, GALA appears to be benefitting from the same two factors: 1) interest in ‘metaverse’ or gaming coins; and 2) the slump major coins are experiencing right now. It’s the native token of Gala Games, another NFT-based gaming platform. It’s based on the Ethereum blockchain, and can be used to build blockchain-based games.
Given how ridiculously quickly it has risen, it’s hard to say whether GALA’s rally is about to end. That said, with the wider market dormant right now, it’s likely to continue rising in the short-term.
۳. Cardano (ADA)
In contrast to the two coins above, ADA looks like it’s in hibernation. At $1.79, it’s down by 1% in the past 24 hours, and by 12% in the last week. It’s down by 42% compared to its ATH of $3.09, set back in September.
ADA’s all-time high was set at a time when hype surrounding Cardano’s development and growth was at its highest (to date). Now, that hype has subsided, leaving ADA as a very cheap coin to buy. Its RSI also suggests that it’s relatively oversold, while its 30-day moving average (in red above) has sunk well below its 200-day average (in blue), indicating that it may be nearing a bottom.
Excitement surrounding the launch of smart contracts on Cardano was the main reason behind its rally in September. Now that smart contracts have been rolled out, Cardano has been steadily continuing the development that will allow its smart contracts to be widely used.
Mid-week repo update: #Cardano code forges continue to burn bright with 3,385 GitHub commits this week & counting… 💪
— Input Output (@InputOutputHK) November 17, 2021
For example, Input Output Hong Kong introduced the beta version of the Plutus Application Backend (PAB) on November 5. This is a suite of tools enabling developers to create and test dapps. Soon enough, this will help give birth to Cardano’s ecosystem, and in turn will increase demand for ADA.
— Input Output (@InputOutputHK) November 5, 2021
Basically, Cardano is gradually working towards a point where demand for ADA will be big. This is why its current price is likely to be an undervaluation of Cardano’s future worth. It’s also why we’ve added ADA to this list of 5 best cryptocurrency to buy at low prices.
۴. Iota (IOTA)
IOTA is an interesting cryptocurrency. It hasn’t fallen hard like other long-established coins, but it also isn’t going off-the-charts crazy, which is a good thing. At $1.39, it’s down by 6.5% in the past 24 hours but up by 4.6% in the past week. It’s also up by 5% in the past month.
IOTA’s technicals indicate a good time to enter, with its RSI hovering around 40. Its 30-day average is also calming down, potentially before a renewed surge.
Interest in Iota was renewed on November 16, when the platform launched staking. This sparked its recent rally, with the coin rising and then falling, and then rising again.
Today we officially unveil #IOTA Staking! 🚀
— IOTA (@iota) November 16, 2021
More generally, Iota is one of those platforms that has been steadily growing in the background, as more hyped projects gain the lion’s share of attention. It has recently been developing smart contracts on its platform, while it continues to announce new partnerships, with those with Fetch.ai and the European Blockchain Services Infrastructure’s (EBSI) blockchain project being two of the most notable this year.
۵. Polygon (MATIC)
At $1.60, MATIC is up by 2.4% in the past hours. It is, however, down by 6% in the past week and by 15.5% in the past fortnight.
MATIC is a seriously undervalued cryptocurrency. Its RSI is middling around 50, while its 30-day average is under its 200-day. More interestingly, data on CoinGecko reveals that its market cap-to-total value locked in ratio is only 1.12. By contrast, the same ratio for Loopring (another layer-two scaling solution for Ethereum) stands at 5.32. What this means is that Loopring’s market value is more than five times greater that its total value locked. Or to put it different, Loopring is grossly overvalued, while Polygon isn’t.
Looking at the bigger picture, Polygon now accounts for $4.6 billion in total value locked in. On top of this, it continues to rollout new platforms and updates. This includes new rollups, development tools, and dapp launches.
This is why, despite being forgotten, MATIC is one of our 5 best cryptocurrency to buy at low prices right now.
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