3 Undervalued Blue Chip Altcoins Under $1 with 100x Potential (2024)

The crypto market initiated the fourth week of May with a bang as the US SEC approved the long-awaited spot Ethereum ETFs. While the early week saw a notable upswing for most of the major altcoins, the end days are witnessing uncertainty as the ETF issuers need their S-1 registration statements to become effective before they can start trading.

However, the investor can utilize this breather to accumulate blue chip altcoins like XRP Polygon and MATIC and consider dollar-cost averaging before the broader trend resumes on the prevailing rally.

The anticipated rally triggers bullish sentiment among investors who desire to make the most profits during the bull run. However, narrowing down to the right altcoins to buy is an uphill battle for many.

The select altcoins highlighted in this article are affordable but also have the potential to rally alongside major crypto to buy like BTC and ETH. Nevertheless, investors must carry out due diligence before buying into any of these coins with the potential to turn a $1,000 investment into $100,000 in 2024.

1. Blue Chip Altcoins To Buy – XRP

XRP price reclaimed support at $0.5 followed by a remarkable spike to $0.54 before the correction on Wednesday took precedence. The impressive performance piggybacked on the news surrounding the spot Ethereum ETFs. As reported in theEthereum price forecast, ETF analysts revised the chances of approval by the Securities and Exchange Commission (SEC) from 25% to 75%.

Although bullish sentiment surrounding the ETF still lingers, XRP faces resounding volatility. This could explain a 3% correction in 24 hours to $0.5313, CoinGeckodata shows.

An ETF for XRP could contribute to the coin’s anticipated rally in 2024 and 2025. Analysts project XRP priceto hit a new all-time high and even close the gap to $10 in the bull run.

Meanwhile, a daily close above the 50-day EMA in red at $0.536 might boost the bullish structure in the current and next sessions. As the Bollinger Bands tighten further, they increase the chance and magnitude of the breakout.

ShouldXRPstep above the 200-day EMA in purple, FOMO might ignite a big move narrowing the gap to $1. Key milestones XRP price must bag to validate the long-term uptrend include resistance levels $0.6, $0.7, and $0.8.

2. 5th Scape

5th Scape is on a mission to change the way people communicate, play games, and do anything involving audio and visual features. Since the development of AR and VR technologies, there has been no burgeoning organization that has taken on the responsibility of revolutionizing the domain like 5th scape did. By seamlessly blending these technologies with blockchain, 5th Scape has created a robust play-to-earn platform that’s attracting the attention of the crypto community due to its timely focus on the widespread popularity of virtual games. Moreover, it highlights its high potential for return on investment for buyers. All of this will give 5th scape a monopoly on the market. 5th scape is on the verge of finishing up the presale. It has already raised $6,175,136. Its current price is $0.00327.

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3. Polygon (MATIC)

Polygon’s MATIC, a cryptocurrency token native to one of Ethereum’s leading layer 2 blockchains witnessed a renewed demand pressure since mid-May showcasing a V-shaped reversal from $0.643. This recovery uplifted the asset value by 11.8% to currently trade at $0.718.

Over the past six weeks, the price ofPolygon (MATIC) has been oscillating between two horizontal levels at $0.768 and $0.643. During this period, the price has bounced multiple times off both levels, suggesting a lack of dominance from buyers and sellers. However, a closer examination of the daily chart reveals the formation of higher lows through candle wicks, which indicates a gradual increase in buyer influence over the asset.

Should theMATIC pricebreak out successfully, it could surpass the $0.85 mark and aim for $0.95, potentially yielding a gain of 24%.

4. Pepe Coin

Pepe pricehas risen by 24.65%, reaching $0.00001383. This increase has propelled its market cap to $5.82 billion, placing it at rank #21 among cryptocurrencies. Investors seem to have turned to PEPE, while divesting from older meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB).

The trading volume in the last 24 hours has also shown a substantial jump, climbing 89.75% to $4.43 billion, which accounts for 76.14% of its market cap. The circulating supply remains at 420.69 trillion PEPE, which is the total and maximum supply of the memecoin.

Many long positions are emerging, pointing to a bullish trend. Concurrently, speculations about the possible approval of spotEthereum exchange-traded funds(ETFs) in the United States are fueling optimism in the market. These developments hint at a positive sentiment among crypto investors.

The current bullish trend has propelled Pepe coin past the $0.000015 resistance level, hinting at a potential upward trajectory. If the bullish momentum continues, Pepe could aim for targets of $0.00003 and even $0.00005.

Bottom Line

Investing in blue chip altcoins requires a lot of resilience. However, after identifying the right coins to buy, all that’s left is portfolio management. For altcoins to buy like XRP, DOGE, and PEPE, it might be prudent to buy as prices correct from the current levels intending to maximize gains in the bull market.

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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.