China will start its New Year celebrations this week. The transition to the new year may be a good period for many Chinese to start buying and selling digital coins.
China has already banned cryptocurrencies, with many mainstream exchanges not operating in the country. Still, it is estimated that the Chinese are some of the biggest crypto buyers, especially using decentralized exchanges (DEX).
DEX exchanges differ from CEX platforms, which require one to complete KYC verification before transacting. Instead, they only require one to connect their wallets to trade. So, here are some of the best altcoins to buy ahead of the Chinese New Year.
Summary of the best altcoins to buy
Some of the best crypto to buy ahead of the Chinese New Year are Conflux, Ontology, VeChain, and Algorand.
Conflux (CFX)
Conflux is a top Chinese cryptocurrency project that has become relatively undervalued in the past few months. It crashed from a high of $0.5490 in March 2024 to the current $0.1480.
The main catalyst for the Conflux coin is that the developers have made major partnerships, including with a leading telecom company in China.
It has also formed a triple-bottom chart pattern, which is shown in green above. That is a sign that investors are afraid of shorting the coin below that level. The neckline of this pattern is at $0.2700.
Therefore, the coin will likely rebound this year, with the next point to watch being at $0.2700, which is 85% above the current level.
Ontology (ONT)
Ontology is one of the top Chinese altcoins. Established in 2017, it aims to become a major player in the layer-1 industry. While this goal has yet to be achieved, based on its technicals, it is a good crypto to buy.
The daily chart shows that the ONT token has remained under pressure, falling from $0.400 in December to the current $0.2136.
It has also struggled to move below the ascending trendline that connects the lowest swing since August last year. That is also a sign that it has formed a triple-bottom chart pattern, which will lead to more gains.
Read more: Ontology (ONT) sees surge in on-chain activity amid growing decentralized identity adoption
VeChain (VET)
VeChain price has crashed in the past few months. It dropped from $0.080 in November to $0.043 today. It has also formed a bearish flag chart pattern, pointing to more downside in the near term.
On the positive side, the VET price has found a strong support at the 100-day moving average. It has also formed a cup and handle chart pattern, likely leading to more upside in the next few months.
VeChain is also known for pumps and dumps, with the current crash being a good opportunity to buy the dip.
Algorand (ALGO)
Algorand, unlike the other three, is not a Chinese crypto. It is one of the top crypto coins with a substantial potential to do well in the long term. One catalyst for the coin is that it has remained above the 50-day and 100-day Exponential Moving Averages (EMA), a sign that the uptrend is still intact.
The daily chart does not do enough justice to the Algorand price. The weekly chart shows that the coin has moved into the accumulation phase of the Wyckoff Theory. It has also moved into the second phase of the Elliot Wave chart pattern.
Therefore, there is a likelihood that the Algorand price will rebound later this year and possibly retest the key resistance point at $1.0.
Other crypto to buy ahead of China’s New Year
There are many other crypto to buy ahead of the Chinese New Year. The most notable ones are Solana, XRP, Ondo Finance, Stellar Lumens, and Hedera Hashgraph.
The post Altcoins to buy: 4 crypto to buy ahead of Chinese New Year appeared first on Invezz