Cryptocurrencies are digital assets that have gained popularity and value in recent years. However, not all cryptocurrencies are created equal.
In this article, we will explore some of the best penny cryptocurrency under $1 that could have a good upside potential for summer 2023.
Table of Contents
Dogecoin (DOGE) Price Analysis
The most popular and well-known penny cryptocurrency under $2. The coin has gained a huge fan base and support from celebrities like Elon Musk. As a result, Dogecoin has a loyal community that uses it for tipping, donations, and online transactions.
It also has a fast and scalable network that can handle giant volume of transactions. Dogecoin is trading at around $0.075 and has a market cap of $10.6 billion.
Some analysts believe Dogecoin could reach around $1 or more by 2024, especially if it gets more adoption and integration with mainstream platforms.
In a 4-hour time frame, the price is moving inside the Symmetrical triangle. we have to wait for a successful breakout or breakdown to confirm its next direction.
Ripple (XRP) Price Analysis
Ripple is another well-established penny cryptocurrency under $1 that aims to provide fast, cheap, and secure cross-border payments.
Ripple partners with over 300 customers across 40 countries, including American Express, MoneyGram, and Santander.
Ripple is trading at around $0.46 and has a market cap of over $24 billion. Some experts predict that Ripple could reach $2 or more by 2024, especially if it wins its ongoing lawsuit with the SEC and clears its regulatory hurdles.
In a 12-hour time frame, the price is trying to break its resistance trendline of the descending channel. if it breaks its resistance trendline with a successful retest, then it can go further upward. On the other hand, it may drop from here.
Cardano (ADA) Price Analysis
Cardano is an innovative contract platform that competes with Ethereum and other blockchain networks. Cardano claims to offer a more scalable, secure, and sustainable solution for decentralized applications (DApps) and digital assets.
In addition, Cardano uses a proof-of-stake consensus mechanism that reduces energy consumption and rewards holders for staking their coins.
Cardano is trading at around $0.38 and has a market cap of $12.7 billion. Some analysts forecast that this penny crypto could reach $8 or more by 2024, especially if it successfully launches its smart contract functionality and attracts more developers and users.
In a 2D time frame, the price is consolidated inside the Ascending triangle. we have to wait for a successful breakout or breakdown to confirm its next movement.
VeChain (VET) Price Analysis
VeChain is a blockchain platform penny crypto focusing on supply chain management and business processes. VeChain uses its native token, VET, and a second token, VeThor (VTHO), to power its network and enable transactions.
VeChain aims to provide transparency, traceability, and efficiency for various industries like logistics, agriculture, healthcare, and luxury goods. VeChain partners with prominent companies, such as Walmart China, BMW, and LVMH.
VeChain is currently trading at around $0.0191 and has a market cap of over $1 billion. However, some experts estimate that VeChain could reach $0.5 or more by 2024 if it expands its use cases and adoption.
In a 4-hour time frame, the price has broken the Ascending channel. Currently, the price is moving above the horizontal S/R zone. we have to wait for further Price action.
Stellar Lumens (XLM) Price Analysis
Stellar Lumens is another penny cryptocurrency under $1 that aims to facilitate low-cost and fast cross-border payments. Stellar Lumens uses its blockchain network and native token XLM to connect different currencies, payment systems, and financial institutions.
Stellar Lumens partners with notable organizations, such as IBM, Deloitte, and the World Bank.
Stellar Lumens is trading at around $0.09 and has a market cap of over $2 billion. Some analysts project that Stellar Lumens could reach $1 or more by 2023, especially if it gains more traction in the remittance and cross-border payment market.
In a 4-hour time frame, the price is consolidating inside the long downward channel. we have to wait for a successful breakout or breakdown.
Penny Cryptocurrency Conclusion :
These are some of the best penny cryptocurrency under $1 could have good upside potential for summer 2023, based on the research.
However, please remember that cryptocurrency investing is risky and volatile, and you should research before making any decisions. Nevertheless, I hope this information was helpful to you.
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