The cryptocurrency market has regained some lost ground after yesterday’s rout. At $1.78 trillion, its total cap has risen by 6.6% in the past 24 hours. This follows the relative mildness of sanctions against Russia for its military intervention in Ukraine, with markets semi-reassured that the situation won’t be too contagious for the rest of the world. And assuming that things don’t descend further in the coming hours and days, there’s a possibility that the cryptocurrency market may rebound further. In the event of this happening, here’s our pick of the 5 cryptocurrency to buy for a price boom this weekend.
5 Cryptocurrency to Buy for Price Boom This Weekend
1. Lucky Block (LBLOCK)
LBLOCK is up by a substantial 31% in the past 24 hours, recovering from a big loss yesterday. At $0.00591299, it’s 35% down in the past week, but 11% up in the past 14 days. It has also risen by over 1,000% since becoming tradable on January 27.
LBLOCK is the native token of the Lucky Block lottery platform, which runs on the Binance Smart Chain. It has now accumulated 39,000 holders, having launched only a month ago.
Users can enter Lucky Block lottery draws by purchasing tickets using LBLOCK. Ticket holders have the chance to win 70% of each lottery’s jackpot fund, while 10% of each fund will be shared equally among all LBLOCK holders. This is regardless of whether they formally enter a draw.
While Lucky Block isn’t due to hold its first draw until March 25th, it’s already generating a significant buzz for such a new altcoin. In fact, Lucky Block recently proclaimed it the “fastest-growing cryptocurrency in history,” based on the fact that it has reached a $1 billion market cap within three weeks.
— Lucky Block ? (@luckyblockcoin) February 21, 2022
LBLOCK is currently listed on PancakeSwap and LBANK Exchange, with more listings to come soon.
Check out our blog article about Lucky Block v2!
— Lucky Block ? (@luckyblockcoin) February 24, 2022
2. Bitcoin (BTC)
BTC is up by 9% today, at $38,716. This means it’s also 4% in the past week and by 11% in the past fortnight.
BTC is pretty volatile at the moment. Its relative strength index (in purple above) has gone from under 30 to 60 to under 30 again and back up to 60 in a few short days. Its 30-day moving average (in red) has also sunk below its 200-day average (in blue), indicating a downtrend. However, normally, 30-day averages don’t stay below 200-day averages for too long, suggesting that BTC could rally soon.
We’re almost tired of repeating this now, but bitcoin remains a relatively safe bet within the cryptocurrency market, if only because the market doesn’t rally with BTC rallying first. This is what happened in 2017 and it’s also what happened in 2020 and 2021. So if you’re expecting the market to enjoy a big jump anytime soon, you may as well allocate some of your portfolio to BTC.
And make no mistake, plenty of analysts think BTC is primed for big things once the macroeconomic and political situation stabilises. Research firm FSInsight released an investor note at the start of this month predicting that it could end the year at $200,000. Likewise, Bloomberg analyst Mike McGlone has long predicted a level of $100,000 for BTC.
Digital-asset stalwarts #Bitcoin, #Ethereum and the proliferation of crypto dollars may find a firm foundation in 2022 on elevated inflation and asset prices, along with tension surrounding #Russia and #Ukraine. The No. 1 crypto is showing divergent strength vs. equities. pic.twitter.com/6SO3WPzxCg
— Mike McGlone (@mikemcglone11) February 17, 2022
It’s also worth pointing out that BTC now commands $58.8 billion in institutional investment, significantly more than any other coin. The size of its market provides it with a firm foundation for making bigger gains in the future, which is why it’s one of our 5 cryptocurrency to buy for a price boom this weekend.
3. Terra (LUNA)
LUNA is up by an impressive 25% in the past 24 hours, reaching $65.31. It’s also up by 30% in the past week and by 25% in the last 14 days, as well as by 4% in the past month.
LUNA’s indicators suggest that a breakout may have begun. Its RSI has climbed to 70, revealing strong momentum. At the same time, its 30-day average has formed a golden cross with its 200-day. This could signal that it’s rising to new support and resistance levels.
LUNA has been rallying largely because Terra conducted a private sale of its UST stablecoin. Raising $1 billion, this sale will help create a reserve for Terra denominated in bitcoin, allowing it to support the value of UST. This has instilled market confidence in UST and Terra more generally, with LUNA rising as a result.
1/ The long awaited [REDACTED] ?3 is here!
— Terra (UST) ? Powered by LUNA ? (@terra_money) February 22, 2022
Terra is now one of the biggest DeFi ecosystems in the market, accounting for $18.3 billion in total value locked. It’s arguable that such a size gives it strong network effects that will help it grow even further. And with the Terra protocol burning LUNA every time new UST is minted, LUNA could rise in price much higher in the near future.
4. Maker (MKR)
At $1,876, MKR is up by 22.5% in the past 24 hours. This price represents a 5% drop in the last seven days, and an 11% fall in the last 14.
MKR’s chart shows promise that the altcoin could be about to spark a recovery. Its RSI has shot up to 60. Meanwhile, its 30-day average has pointed upwards and is about to overtake its 200-day.
Indeed, MKR remains 70% down on its all-time high of $6,292, set back in May. So it has plenty of space to rise upwards, particularly when numerous analysts have predicted 2022 will be the “year of the DAO.”
One of the main reasons why MKR is rallying right now is that Maker has rolled out ZK-rollups for its platform. This will make Dai — the stablecoin operated by MakerDAO — more affordable to use. And by extension, it should increase demand for MKR, which is used to stabilise the price of DAI.
Dai will be affordable for everyone, again.
— Maker (@MakerDAO) February 22, 2022
5. The Sandbox (SAND)
SAND is up by 10% today, having risen to $3.00. It is, however, down by 20% in the past week and by 32% in the last 14 days.
SAND is seriously oversold right now, as indicated by its 20% drop in the past week and by its indicators. Its RSI has spent much of this week below 30, while its 30-day average looks as though it can’t really sink much lower in relation to its 200-day.
In other words, a big rebound is likely to arrive sooner or later. Particularly when SAND is the native token of, the Sandbox, one of the most promising ‘metaverse’ platforms in the market. The Sandbox had a strong 2021, selling one plot of land for $4.3 million at the start of December. It also turned over $86 million in land sales in the last week of November alone, indicating its potential once the market fully recovers.
More recently, it announced a partnership this month with major game publisher Ubisoft. Ubisoft will be brining its IP to the platform, beginning with the Rabbids. This is one of many partnerships the Sandbox has announced recently, with a tie-in with rapper Snoop Dogg being another notable example.
#TheSandbox LAND map is growing! ?️
You could be neighbours with ?
Tell us where you would place your LAND? ? pic.twitter.com/6pZ0Whc4Zd
— The Sandbox (@TheSandboxGame) February 22, 2022
If that weren’t enough, its parent company, Animoca Brands, raised a whopping $358 million last month. This comes in addition to the $93 million it raised from major VC fund SoftBank at the beginning of November. This is why it’s one of our 5 cryptocurrency to buy for a price boom this weekend.
Capital at risk