2022 hasn’t started all that well for crypto investors. The market appears to continue the downtrend we say at the tail end of 2021. With no signs of sentiment improving in the coming days, it is likely the decline we have seen at the start of the year will continue well into January. But can you actually buy this dip? Here are some highlights first:
Nearly all major top ten coins by market cap have been trading in the red over the last seven days or so.
The downward price pressure has largely been triggered by a hawkish fed and potential rate hikes this year.
There are still a lot of downside risks for people who want to buy this dip right now.
Nonetheless, there are some cryptocurrencies that have been discounted thanks to this downward price action. And since they still have decent fundamentals, this would be the right time to buy. Here are two of the main ones:
Terra (LUNA)
Terra (LUNA) was one of the top performers in 2021. The coin had also surged quite impressively at the tail end of the year. However, the crypto winter at the start of 2022 has sent LUNA on a downward spiral.&
Data Source: Tradingview.com&
At the time of writing, the coin was trading at $66.15, down nearly 8% in 24 hours. Most importantly, LUNA is also down by nearly 30% over the last 7 days. This gives investors who have always wanted to get into LUNA a huge discount on the price.
Gala (GALA)
Gala (GALA) is a blockchain-based gaming ecosystem. We can all agree that blockchain gaming is going to be huge in the future. Also, GALA is one of the most promising projects in this space.&
Despite showing exemplary performance last year, the GALA token is now 35% down in 7 days. For folks who want some exposure in crypto gaming, this is the time to get GALA.
The post Best cryptocurrencies to buy during the January Dip appeared first on Coin Journal.
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