Binance News: While the crypto money market is trying to recover with slow steps, cryptocurrencies that recover faster than other altcoins are on the agenda. Some have increased significantly over the past 7 days.
Regulatory concerns for Binance in the UK have not had a negative impact on the market as anticipated. Such news would often cause drastic drops in large-scale cryptocurrencies. However, Binance token BNB rose 8% after the news and touched the $300 level again.
5 cryptocurrencies with the potential to bounce back
We briefly touched on the 5 cryptocurrencies that have the potential to provide the best return as follows.
1- Ethereum (ETH)
Ethereum fell late and dropped significantly from its all-time high of $4600 in late April/early May. It broke the $2000 support level over the past few days and at one point it dropped as low as around $1750. It has recovered in the last 48 hours and it seems to be currently testing resistance above $2000 and $2200.
The price has increased by at least 10% overnight, so it looks like the recovery may be strong. If the $2200 resistance levels are broken, the price could easily rally to $2900 in a few days. This represents a 30-40% gain over the $1700 lows reached yesterday.
2- Dogecoin (DOGE)
The popular dog-themed cryptocurrency is in a tough spot these days. Earnings weren’t as good as expected, although it has rebounded slightly from its recent low of 15 cents. However, the price is now trading between $0.25 and $0.26, with a quick upside potential if the resistance is broken.
Theoretically, Doge’s next price point could be around $0.37 if bullish sentiment prevails in the market. Where this is on its way to test the recent late April/early May levels at $0.75, it could lead to another top high around $0.50. There could also be negative market sentiment that could pull the Doge down once again, but at this stage that seems highly unlikely.
3- IOTA (MIOTA)
IOTA is being touted by some commentators as the next cryptocurrency to explode in 2021. Although it has regressed significantly from its recent highs, the coin is still gaining around 300% in 2021. It is currently trading at $0.82 as of June. It is well below the low of $0.68 and the high of $2.50 recorded at the end of April.
It looks like MIOTA is on its way up and could easily retest the $1 level if it breaks the $0.85 resistance. There also seems to be confidence in the technology behind the project. However, recent crypto sentiment continues to be on the bearish side, so caution is needed. Still, IOTA could be a solid altcoin for those looking to continue accumulating their long-term portfolios.
4- Cardano (ADA)
Cardano is another cryptocurrency that has strong fundamentals and needs to launch a new offensive forward. Currently, ADA is trading around $1.32, which represents a full 30% gain above the recent $1 low. It ranks 5th in total with a market value exceeding $42 billion and continues to show significant potential.
ADA is currently about 50% down from $2.32, the highest recorded on May 18. It has recovered significantly from its low around $1 and is expected to continue to rise to around $1.50 in the medium term if current bullish levels are maintained.
5- Polygon (MATIC)
Polygon was one of the hardest hit by the crypto crash that broke at least 70% of its value from its all-time high. Still, it remains one of the Top 10 cryptocurrencies as YTD counts its gains over 6000%.
MATIC is currently trading at $1.15, up 5% in the last 24 hours. While this is a drop of over 60% from the May and April peaks of around $2.40, there is some bullish expectation for the cryptocurrency in the short to medium term.