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FTX filed for Chapter 11 bankruptcy on November 11, and its implosion created a ripple effect across the crypto industry. The crash of FTX has had a major impact on the crypto market and exchanges that use it.
Assets on these exchanges are dropping, and so is the exchange’s bank balance. There have been a lot of discussions lately about FTX and its effects on the crypto market. Below are some cryptocurrencies that have proved to be relatively safe to invest in as they recover from this instability:
TRON (TRX)
Tron is a digital platform that hosts entertainment apps without needing credits or tokens. It has its own in-mouth cryptocurrency, called TRX. TRX ranks in the top 50 cryptocurrencies by market capitalization.
Tron’s basic goal is to connect users & content creators to make transactions peer-to-peer. Tron’s acquisition of BitTorrent earlier this year was a strategic move. Tron’s all-time low in price movement was in September 2017, when it dropped below $0.001. In contrast, the token’s greatest price to date was $0.30 in January 2018.
In the 4H timeframe, the Price action of $TRX/USDT has broken the support trendline of the ascending channel. Currently, the price is retesting the support trendline. A downward movement is expected from here.
Polygon (MATIC)
MATIC is a blockchain innovator committed to furthering the adoption of applications on the blockchain. With MATIC, Polygon’s native token, you can be sure that your transactions are secure and seamless. According to Polygon’s price prediction for December 18, 2022, we predict it will have a negative value of -6% and be worth $ 0.85. Current sentiment is evenly split between Neutral and Fear & Greed Index
Polygon is a platform for Ethereum-compatible projects to connect and grow. MATIC tokens are used to govern & secure the Polygon network, and token holders can receive dividends from dapps on the platform. Polychains will be using the MATIC platform for all of their transactions. The more projects that sign up to use Polygons scaling solution, the higher demand for MATIC there will be
In the 1D timeframe, the Price action of $MATIC/USDT is getting rejected from the horizontal resistance zone. If the price breakdown its mid-trendline, then further, it can go downwards.
IMMOPET Token (IMPT)
IMPT is a new cryptocurrency, but it’s still seen as one of the best investments because it has a high potential for big gains. Another advantage is that it doesn’t have a big community behind it since its use is limited (largely due to its uniqueness).
Investors who are environmentally aware may find it beneficial to invest in IMPT since this coin has been developed using blockchain technology which reduces greenhouse gas emissions. IMPT’s features, including a fixed supply designed to be deflationary, make it a green cryptocurrency for all intents and purposes. In the long run, IMPT may experience a price growth of 50%.
ApeCoin (APE)
APE is an Ethereum-based token that operates on the principles of a DAO. By owning APE, you can influence how power is dispersed, and development happens. Additionally, holding onto APE tokens gives you access to our many services.
ApeCoin, an Ethereum-based token created for the Bored Ape Yacht Club ecosystem, has seen a significant increase in price over the past few weeks ahead of the staking launch. CoinGecko reports that it’s risen nearly 32% since then.
In the 1D timeframe, the Price action of $APE/USDT is moving below the horizontal resistance zone. We have to wait for further price action. A downward movement is expected from here.
Cardano (ADA)
The Cardano blockchain can be used to build smart contracts and decentralized applications. This allows the ability to send and receive funds instantly for minimal fees, which is useful in many situations outside the financial industry.
ADA is a volatile cryptocurrency but has been popularized by the team behind it. They worked on Ethereum and are deemed reputable in the blockchain space. The founder is Charles Hoskinson, who was one of Ethereum’s co-founders. Some experts predict that ADA’s price could experience huge growth in the near future or even see a price of $3.6 by the end of 2024.
In the 4H timeframe, the Price action of $ADA/USDT is moving above the horizontal support zone. A bounce is expected from here. If the price breakdown its horizontal support zone, it can go downwards.
Closing Thoughts
According to the above analysis, the coins we discussed might prove to be profitable if other market conditions prevail favorably. We suggest you engage in adequate research before investing in any digital assets.
For any time, on-demand analysis on any coin, you can join our Telegram channel.
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