Key Insights:
- With crypto volatility still ravaging, TheMarketPeriodical emphasized the importance of risk management in trading.
- The historic crypto liquidation has triggered a quest for new positions by traders.
- Top altcoins to buy include Ethena, Zcash, and Hyperliquid.
The digital currency ecosystem is dynamic, and this piece outlines the best crypto to buy after a historical liquidation event in the market. With most altcoins now significantly down from their Year-to-Date (YTD) highs, traders are curious about what’s next.
Based on what has been visible over the past year, the market has decoupled from the 4-year cycle pattern of the past. This gives many altcoins a level playing field to recover amid intense leverage wipeout.
Here are the top three best cryptos to buy this week;
Ethena (ENA)
Ethena has proven to be a major outlier in the market thus far this year. The altcoin is currently trading at $0.4197, down 24.39% in the past 24 hours.
ENA price on longer timeframes is no different, as the coin has now suffered a 30.81% drawdown in the past 30 days.
This setup is ideal for entry into Ethena, as its Relative Strength Index has a reading of 28 over the past 24 hours. The coin is also at the lowest level of its Bollinger Bands, with a possible rebound now staged.
This overselling is the right signal for Ethena with a possible uptick now in the horizon. The fundamentals around Ethena are optimal, with ENA whales stacking up as reported earlier by The Market Periodical.
For now, the short-term price target is pegged at $0.5 with a longer-term outlook set at $1.
ZCash (ZEC)
Zcash has a lot of reasons to stage an epic rebound in the broader market. Despite the massive selloff drawdown that the market recorded, Zcash printed a massive decoupling.
While Bitcoin price fell by over 10% in 24 hours, Zcash rallied by 18.82% as of writing. The coin is now changing hands for $276.24, compounding its more than 97% 7-day uptick.
The current price chart for ZEC shows mild overbuying on multiple timeframes.
The ZEC/USDT chart shows an RSI of 85 on the daily chart. While this shows a cautious positioning, the M.A. Cross is maintaining the golden cross setup.
Zcash has more potential for a long-term uptick, drawing on its reputation as a privacy coin.
Different countries are beginning to crack down on privacy, with Zcash considered as a safeguard by Naval Ravikant.
Zcash has experienced its worst-case scenario in terms of price drawdown. However, the ongoing rally has proven that altcoins with good fundamentals can decouple from generally unfavorable market conditions.
Hyperliquid (HYPE)
Hyperliquid presents itself as a major third force in today’s crypto ecosystem. As one of the leading perpetual decentralized exchanges (DEXs), Hyperliquid survived the crypto market onslaught.
As the exchange revealed on the social media platform X, its systems acted as designed amid the market liquidation event.
During the recent market volatility, the Hyperliquid blockchain experienced zero downtime and latency issues, despite record traffic and volumes. HyperBFT consensus and execution handled the spike in throughput gracefully.’
This strength is likely to be transferred to its native token, HYPE. As of writing, the HYPE token is facing a knee-jerk reaction, down 13% in 24 hours to $39.12.
Considering it is not the only altcoin impacted by the intense selloff, HYPE has a relatively high growth of 48% Year-to-Date (YTD).
This growth outlook is likely to anchor its growth rebound streak in the coming days. As one of the best cryptos to buy this week, HYPE can easily reclaim its short-term target of $50.
Conclusion on Best Crypto to Buy
The market is largely oversold, and a short-term rebound is likely. However, market sentiment is difficult to predict, and timelines may vary depending on macroeconomic trends.
According to TheMarketPeriodical, Ethena (ENA), Zcash (ZEC), and Hyperliquid (HYPE) stand out as altcoins with strong recovery potential. With prudent risk management, these assets could offer strategic entry opportunities in a volatile market.
Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey’s articles has been featured on Cryptonews and Coingape, among others.
