2021-5-20 17:33 |
If you have been considering venturing into the cryptocurrency universe this year, this might be the perfect chance to pick up several coins at more attractive prices. If you are looking to buy cryptocurrencies today, there are three strong blockchain projects worth your attention.
Polygon (MATIC)This is a project that intends to scale Ethereum, and that’s a big deal. The high demand for space on the blockchain has led to extremely high transactions, and these fees will decrease tremendously on the Polygon Layer 2 chain while still retaining all of the security as well as decentralization.
This is an astronomical leap that is bound to gather a lot of attention.
Should I buy Polygon MATIC/USD today?
On May 18, MATIC was valued at $2,45 and has dipped to $2,08 on May 20. That is a decrease of 17.8%, and it can only go up from here. Ideally, you should buy MATIC due to the fact that it is one of the most unique Ethereum based projects out there that will, over time make changes and go even higher in value.
However, we’d recommend buying MATIC under the $2.10 mark with a tight stop-loss of around $2.00 as near-term volatility has not yet eased. If the $2.00 level fails to hold, you might want to sell and keep your eye out for a better re-entry point.
Uniswap (UNI)Uniswap is one of the largest cryptocurrency decentralized exchanges that is built on the Ethereum network, and it even allows users to exchange Ethereum-based cryptocurrencies on a peer-to-peer basis. As such, it has managed to revolutionize the liquidity market with its concentrated liquidity provision.
Should I buy Uniswap UNI/USD today?
On May 3, UNI had a value of $43.48 and has lost more than 35% to trade at around $27.77. Investors should consider buying at current levels given the long-term prospects of Uniswap. But similar to MATIC, prudent risk management strategies are required and if you see it drop below $25 then it is a sign to cut losses and wait for a better re-entry point in the future.
Cardano (ADA)Cardano is a competitor to Ethereum and a smart contract-based blockchain that was created by one of Ethereum’s co-founders, Charles Hoskinson. This DeFi ecosystem will surely push the chain forward when they introduce their proof of stake smart contracts throughout the year.
Should I buy Cardano ADA/USD today?
On May 16, ADA was valued at $2.30 and has now dipped to $1.85. This is a decrease of 19.6% and marks an excellent entry point for newcomers that want to invest. It has slowly started climbing up, and if you manage to get it under $2.00 it could be a smart investment; however, you should avoid it if you see it drop under $1.50 as it could see even further downside potential, perhaps even re-testing the $1 level as was the case on two occasions in late April.
Moving ForwardGenerally speaking, MATIC, ADA, and UNI are all smart investments, and each one of them are benefiting from buying momentum on Thursday.
If you are a genuine believer of the Ethereum blockchain, or just want to see some competition like in the case of Cardano, you are not alone, and a lot of investors might agree with you and invest in these currencies, so buy them during the dip.
The post 3 cryptocurrencies to buy after Wednesday’s dip appeared first on Invezz.
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