Crypto prices held steady on Tuesday morning as concerns about a potential US recession grew. Bitcoin rose to $84,500, while the broader crypto market cap jumped to over $2.76 trillion. Other top altcoins like PancakeSwap, Pepe, and BinaryX were some of the top gainers. This article looks at some of the top altcoins to buy.
Altcoins To Buy as US Recession Odds Rise
Market analysts anticipate a US recession will occur this year. According to Kalshi, the odds that a recession will happen this year stand at 38%, higher than the year-to-date low of 17%. Another poll by PolyMarket places the odds at 41%, showing a rising trend.
A recession could act as a catalyst for Bitcoin and other altcoins, as it might compel the Federal Reserve to cut interest rates sooner than anticipated. The crypto market performs well when the Fed is cutting interest rates. Thus, some of the best altcoins to buy are Pepe (PEPE), Cardano (ADA), and Binance Coin (BNB).
Pepe (PEPE)
Pepe, a popular meme coin, is an attractive altcoin to buy as US recession odds rise. The main reason for buying PEPE is that, as shown above, it has formed an inverse head and shoulders pattern on the four-hour chart, which is one of the most bullish reversal patterns in technical analysis.
This pattern, along with the falling wedge and bullish divergence on the daily chart, supports the outlook. It also formed a double-bottom pattern on the daily chart at $0.0000051.
Therefore, the coin will likely have a strong bullish breakout in the coming days and possibly rise to $0.000015.
Cardano (ADA)
Cardano is another altcoin to consider in case of a US recession. Despite its weak fundamentals and reputation as a ghost chain, Cardano is forming an Elliott Wave pattern. This pattern consists of five waves, with the first being bullish and the second bearish.
The Cardano price will likely move into the third phase of the Elliott Wave soon, a move that may see it surge to the 61.8% Fibonacci Retracement level at $2, which is about 185% above the current level. Even a move to last year’s high of $1.3240 would mean a 90% surge from the current level.
Binance Coin (BNB)
BNB coin is another top altcoin to buy due to its strong technicals and fundamentals. As BanklessTimes reported on Monday, the BNB price has formed a cup-and-handle pattern on the weekly chart, signaling that it may rebound to over $1000 in the near term.
BNB has strong fundamentals, including its rising DEX volume, which surpassed those of Ethereum and Solana this week. It also plans to execute the Pascal hard fork on March 20, followed by two other upgrades later this year. Its goal is to be the best alternative to Solana and Ethereum, which are facing major challenges.
Other Altcoins To Buy
In the event of a US recession that triggers Federal Reserve cuts, many other promising altcoins to consider include Popcat, Dogwifhat, Hedera Hashgraph, and Chainlink.
READ MORE: Berachain, Sonic, Sei: DeFi’s New Titans Outpace Ethereum, Solana, BSC
