The crypto market just took a BIG dive. If you are in it for the long haul, I hope you did not even think of selling. If you are REALLY in it for the long haul, I hope you took this opportunity to buy more. Crypto will always have big swings, it is important to not panic. What I do myself is either take my crypto apps off my home page or delete the entirely so I don’t panic and check them constantly. Nonetheless, this dip has created what we can only hope is the bottom. The next cryptos I discuss are strictly my opinion, there are no strong facts to make me right. Only facts that can make me feel strongly about these coins themselves. These are what I believe to be the best cryptocurrencies under $5.
Cardano ($ADA), $1.83
Cardano is a major player for the Polkadot blockchains. The vast majority of altcoins are on either the Bitcoin, Ethereum, or Polkadot chain. The best way I can describe Cardano’s use case is, “quick transactions”. If all goes well for Cardano, you will one day be using it to buy your cup of coffee in the morning. The major hurdle for crypto currencies such as Bitcoin is it takes almost 10 minutes usually for it to transfer from wallet to wallet. If it takes 10 minutes for your barista to know for sure they have received your payment, everyone’s time is wasted. Cardano aims to make this transaction drastically faster, which is what I believe makes it currently one of the best cryptocurrencies under $5.
The chart for Cardano looks extremely strong, even with the market drop today. Last week it ripped up from $1.25 to $2.49 in a matter of days. What I believe was so strong about this chart was how Cardano did not immediately nose dive when the market first started slipping a few days ago, it held above $2.00 for more than a day. It could not hold forever though, but it still settled back above the start of its run last week, a very strong sign. Out of all the coins I mention, this is the one I am most comfortable investing in at this very moment.
Phala Network ($PHA), $0.90
We have written about Phala multiple times before, when we first found it.
In this post TJ does a great job of explaining the use case for Phala. The smart contracts of blockchains are an incredible concept for decentralized finance to keep transactions secure. But I bet the majority of people would like if their personal transactions are still private. TJ explains in his post how Phala Network plans to make these transactions private. With this and Facebook’s plan to use Phala Network’s technology to create their own crypto coin, Phala could potentially be a steal while it is still under $1.
Phala completed a several month long wedge pattern at the end of last week, and shot up last Friday, reach an ATH of $1.41 on Coinbase. Despite a major market slide over the course of this week, Phala has managed to hover around .90 cents. If it can hold this level until the rebound of the slide is confirmed, I think it is one of the best cryptocurrencies under $5.
VeChain ($VET), $0.10
The low price of VeChain may look extremely attractive, but investors still be weary, this just means less movement is needed for your investment to disappear. However I believe the technology of VeChain is very unique. VeChain plans to revamp supply chains in terms of efficiency and transparency, while reducing costs. Supply chain is one of the industries that has experienced very minimal change over the decades, and Vechain has the potential to disrupt the industry. Making changes in this industry alone will make VeChain’s technology a need for every company. With most of their partnerships based out of China, VeChain has plenty of expanding to do.
Ripple ($XRP), $0.99
XRP… it has made many headlines in the past year, most notably for its U.S. ban. Yes, if you are in the United States you cannot buy or sell XRP. I will keep this short as the large majority of our readers cannot even act on this coin for now. But XRP will make transactions lightning fast and make transfer fees a thing of the past. A strong ability to scale also makes XRP attractive. Keep an eye out for XRP once its trading resumes in the U.S., it is currently almost a dollar below its ATH.
VIDT Datalink ($VIDT), $0.49
The last coin I will discuss is VIDT, a verification coin that also has NFT capabilities. NFTs are Non-Fungible Tokens and are a new way for artists to make digital art their own. The creation of NFTs has become very popular as investors see it as a way to create art and sell it right away, with technology made by VIDT. VIDT also is working to make a verification system that can use blockchain data to verify documents, and verify changes to that document while constantly preserving the original. All these verifications will keep document integrity at 100% forever.
My support line for VIDT stems back to the very inception of the coin, and it has VIDT finding support at $0.84. This recent market slide is an excuse for it to break support. If it can climb to $0.84 before the end of next week, I think that will be a safe point to buy into VIDT.
Ask Questions
As always, don’t listen to statements blindly. Do your own research and ask us questions before you dive in head first. This crash is a great time to buy, but make sure you are buying smart! Act soon though, you don’t want to waste time with the best cryptocurrencies under $5!
The Common Trader 