The price of Bitcoin hit its lowest since 2020 on 12th May 2022 and crashed to $26000. This major crypto crash has hit Metaverse coins the hardest, making them the biggest gainers amongst other digital assets.
Coins to Buy in the Dip
After this week’s market crash, five metaverse coins have bounced the hardest, namely, MANA, GALA, APE, SAND and ENJ. They are currently the most promising coins to invest in the dip. They are available for trading on eToro with just a minimum investment of $10.
Best Coin to Buy
The best coins to buy in this dip are MANA and Sandbox. MANA’s price crashed around 37% and is currently trading at a price of $1.07 (51% up). Sandbox’s price crashed 18% and is currently trading at $1.27 (6% up). They are available on eToro Platform.
Metaverse coins have a promising future irrespective of the performance of the cryptocurrency market. With an increasing demand for virtual reality, the performance of Metaverse coins is expected to improve over time.
Why Buy Dips?
The price chart of every stock including digital assets moves in up and down patterns. The price moves in a combination of uptrend, downtrend and sideways trend. Before every major rally, there is a dip and vice versa.
The price of assets never moves in a straight line because the market is highly determined by investors’ sentiments.
Several Metaverse coins that could be bought on eToro Platform
Buying the dip is based on the principle “buy low, sell high”. Investors can get the stock at a discounted price to have a higher ROI when the price goes up. But not every dip results in profits, as some stocks or assets go down for good. Background research is always required to ascertain the reason behind the dips to make sure it is not a dead end.
Your capital is at risk.
The Right Time to Buy the Dip
Can the market crash anymore? Some experts predict BTC to crash to a level of $20000, which could be a better time to buy the dip. However, a short-term movement in price is also expected, which may hit $38000.
It is the right time to buy the dip provided proper stop loss measures are undertaken to avoid huge losses if the market crashes even more. It is advised to place limit orders and book profits in small percentages. Long-term positions should be avoided. Traders should resort to swing trading.
How to Buy the Dip Safely?
There are two essential requisites to be considered before buying the dip. Firstly, a sharp price decline. Secondly, a strong indication that the price will rally. Traders should look for these two factors before jumping in to avoid huge losses.
Wait for a high time frame candle to close green. This is a strong indicator of a potential rally. Other technical tools can also be used such as Fib retracements, to identify the percentage of dip. Retracement levels indicate the dominant force in the market.
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Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.