There are plenty of chances in the cryptocurrency market for those who are prepared to take on risk and travel a tumultuous path toward value asymmetry.
Consider Dogecoin (DOGE) and Shiba Inu (SHIB), two well-known instances of cryptocurrency that have experienced significant growth in the past. Remarkably, their market capitalizations increased from less than $1 billion to their respective all-time highs of $249.83 billion and $98.47 billion in 2021.
Specifically, two memecoins that greatly profited from the backing of well-known individuals such as Elon Musk are DOGE and SHIB. They were pumped during the bull market of the previous cycle, and it will be difficult for new enterprises to match their success.
Investors can still find profitable cryptocurrency investing options, though. On this financial trip, technical and fundamental assessments are invaluable allies.
Investors can still find profitable cryptocurrency investing options, though. On this financial trip, technical and fundamental assessments are invaluable allies.
VeChain (VET) opportunity at $.03
Remarkably, on February 14, prominent trader Ali Martinez used technical analysis to identify a cryptocurrency opportunity on VeChain (VET).
According to Martinez:
“If history repeats itself, VET could be looking at a move to $0.054 this week, a brief correction until June, and then a bull run to $0.70 by November!”
– Ali Martinez (@ali_charts)
In this scenario, a run to $0.70 would provide investors with profits of 1,900% before the end of 2024. The trader bases his analysis on historical VeChain pricing movements in 2021. There are no assurances that this will happen, though.
In essence, the mix of an asset's supply and demand determines its price. During a period of extreme excitement and massive money inflow into the cryptocurrency market, VET hit its all-time high.
VeChain can only be a good opportunity, then, if there is sufficient demand for the cryptocurrency. Significant increases in demand typically depend on strong fundamentals for existing projects or high levels of anticipation for future ones.
The cryptocurrency market may be a very turbulent and unpredictable place. As a result, those searching for the next great "crypto opportunity" need to prepare for disappointment by setting reasonable expectations and exercising sound risk management.
The cryptocurrency market may be a very turbulent and unpredictable place. As a result, those searching for the next great "crypto opportunity" need to prepare for disappointment by setting reasonable expectations and exercising sound risk management.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
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