MATIC, ENJ, WAVES offer great dip buying opportunities

Along with the US stock market, the crypto market had a difficult start to the week. The S&P 500 index fell as low as 4,305 points on Monday while Bitcoin fell below $ 42,500.

Prices continued to stagnate on Tuesday and the broader crypto market is also trading in the red. Falling prices and buying behavior often go hand in hand. Currently, a handful of Altcoins are viewed as attractive purchase options at the time of writing.

MATIC

MATIC’s price rose more than 24% between September 13th and 19th. However, the altcoin failed to break out of the general downtrend on Monday and hovered as low as $ 1.09.

Source: TradingView

Regardless of the ongoing consolidation phase, the status of the on-chain indicators has so far been quite good. Network usage is increasing, of course, as the number of transactions on the network skyrockets from 4k to 5k frames.

Number of transactions | The source: Dune analysis

During the 45-day period from May to mid-June, the number of transactions continued to hit new daily highs, with the MATIC rate rising by more than 240% over the same period. Similarly, as the number of trades increased in August, MATIC captured the higher targets on the price chart.

Additionally, the Total Value Locked (TVL) on Polygon’s ERC 20 bridge is currently $ 2.23 billion, which is 30% of the total TVL across all Ethereum bridges. Thus, it is clear that network growth and adoption have played an important role in supporting the token’s price hike so far. Given the positive status of the indicators, adding this altcoin to your portfolio wouldn’t be a bad choice.

ENJ

Source: TradingView

The next coin on the “Buy Dip” list is ENJ. The Enjin network is essentially a social gaming platform that allows users to create websites and host virtual item stores. As such, Enjin enables developers to tokenize in-game items on the Ethereum blockchain, and its native ERC-20 token – ENJ can be used to support digital assets issued on the platform.

Total number of addresses | The source: IntoTheBlock

The growing number of addresses with balances is evidence of the growth and acceptance of this network. Despite the presence of competitors like Decentraland (MANA), Enjin still has a good track record. In addition to retaining existing users, successful networks welcome more people over time. Since the beginning of the year, the number of active addresses has risen from 65,000 to 133,000.

As the number of addresses plummeted between March and April, the price rose 285% from $ 0.7 to $ 2.7. Hence, the recent surge could trigger an escalation in the coming days. After all, HODLers will be the ones who enjoy it right away.

WAVES

WAVES ‘price movement over the past 3 months has been quite exceptional, rising from a low of $ 12.7 to a high of $ 33. However, the last week has been pretty brutal when the price fell to $ 22.5.

Source: TradingView

This multipurpose blockchain platform supports a wide variety of use cases such as decentralized application development and smart contract execution. Over time, network adoption has also increased significantly, as demonstrated by the Network Value to Transaction Ratio (NVT).

The above key figure evaluates the relationship between market capitalization and transfer volume. Whenever the NVT is high, this indicates that the network value is greater than the value transmitted in the network.

The graphic below shows that NVT has reached higher highs in the past year. In such favorable environments, prices often go up.

WAVES adjusted NVT rate | The source: Messari

HODL coin participants with strong fundamentals seldom care about the general downtrend in the market knowing that the long term prospects of such coins are protected. Hence, adding these three altcoins to your portfolio at the current stage will likely improve long-term returns.

You can see the coin prices here.

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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

Minh Anh

According to AMBCrypto

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