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5 Cheap Cryptocurrency to Buy for Short-Term Profits – May 2022

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best 'buy the dip' cryptocurrency to invest in now
best 'buy the dip' cryptocurrency to invest in now

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Investors trying to diversify their portfolios are flocking to the leading cryptocurrencies. However, now that many developing businesses are embracing cryptocurrencies as valid forms of payment, this is an excellent time to invest in less expensive cryptocurrencies with respect to your financial budget. Read this guide to discover 5 cheap cryptocurrency to buy for short-term profits.

1. Lucky Block (LBLOCK)

Lucky Block’s token, LBLOCK, is our recommended cheap cryptocurrency to buy for short-term profits.

LBLOCK Price ChartAt press time, the digital asset trades at $0.001026, a rise of 28.16% in the last 24 hours. However, LBLOCK has seen a downtrend of 27.83% in the past 7 days. Despite declining since achieving an all-time high of $0.01 on February 17, LBLOCK has grown by 587% since its launch on January 27. As a result, the digital asset was dubbed the fastest cryptocurrency to reach a market cap of $1 billion. This growth makes it a valuable crypto asset for short-term gains.

The Binance Smart Chain (BSC) network hosts Lucky Block, a cutting-edge game-centric crypto platform. Lucky Block intends to encourage gaming transparency and fairness by building a gaming system that gives all players a good opportunity to win. In addition, the platform intends to contribute to the community and provide token holders with a suitable investment plan.

Lucky Block allows for many draws per day, giving players more opportunities to win while lowering their gaming costs. Additionally, the platform utilises distributed ledger technology (DLT) to provide faster payouts and complete documentation and verification.

Token holders can compete in the daily jackpot by locking in their tokens. Then, when the game is drawn, one person receives 70% of the jackpot, 10% is donated to charity, 10% is spent on promotion, and 10% is dispersed to all LBLOCK token holders according to the tokens they own.

Lucky Block has announced the NFT prize draws for the Platinum Rollers Club NFTs. We expect the NFT prize draws to occur in May 2022. As a result, the giveaway will take place before the Platinum Rollers Club’s 10,000 NFTs are sold out.

Lucky Block plans to give away a $1 million LBLOCK prize for this giveaway. They also intend to give away a Lambo if the NFTs sell out.

Note that holders of the Platinum Rollers NFTs have a lifetime ticket for Jackpot-style prizes.

2. Dogecoin (DOGE)

Dogecoin (DOGE) ranks second on our list of cheap cryptocurrency to buy for short-term profits.

DOGE Price ChartDOGE’s price is currently pegged at $0.0923, a rise of 25.19% in the last 24 hours. However, the meme-coin has slumped by 28.17% in the past 7 days. DOGE is currently on a bearish run with a Relative Strength Index (RSI) in the underbought zone. This RSI presents an ideal opportunity for investors to buy DOGE and rise with market.

The digital asset was designed as a witty alternative to other cryptocurrencies. Unlike Bitcoin, with a limited supply, Dogecoin is designed with no limit to the overall number of coins. 10,000 new DOGE coins are minted every minute.

Although each coin is only worth a few cents, DOGE has become one of the most expensive cryptocurrencies in market capitalisation, surpassing $50 billion in 2021.

Dogecoin has primarily been utilised as a tipping mechanism on Reddit and Twitter to reward the creation or sharing of high-quality content. Investors can also obtain free DOGE by joining a Dogecoin community or using a Dogecoin faucet, a website that provides you with a small amount of Dogecoin for free to help you begin connecting with Dogecoin communities.

Gucci, the luxury fashion brand, will begin taking crypto payments, including Dogecoin, in certain outlets as part of its ongoing cryptocurrency tests. The test will begin in a few US stores at the end of this month, with intentions to expand to all of the company’s North American locations this summer.

3. Cardano (ADA)

ADA, Cardano’s token, is the next cryptocurrency on our list of cheap cryptocurrency to buy for short-term profits. Cardano uses the Ouroboros proof-of-stake (PoS) consensus algorithm to process transactions quickly.

ADA Price ChartThe blockchain’s main goal is to build a scalable decentralised network that validates transactions quickly and effectively while using the least energy possible.

ADA currently trades at $0.5812. The digital asset has seen an uptrend of 37.39% in the last 24 hours and slumped by 26.99% in the past 7 days. ADA is 81.43% below the all-time high of $3.10. However, ADA is slightly bearish and trading above the 50% Fibonacci retracement of $0.5698. The digital asset will likely see support at this level and rise again if the broader crypto market continues the bullish trend. With the drop in price and RSI in the underbought zone, this is an opportunity for investors to buy at this bargain price and hold for when the general crypto market consolidates.

Cardano and COTI, a blockchain payments platform, have partnered to establish a new algorithmic stablecoin. According to COTI, Djed, the first algorithmic stablecoin built on the smart contract platform, has gone live on the public testnet.

COTI further stated that the testnet will ensure that Djed and Shen (Djed’s reserve coin) are both technically reliable, sound, secure, and redeemable after protocol changes. According to the blockchain payments platform, the Djed mainnet should launch by June of this year.

Charles Hoskinson, the developer of Cardano and the CEO of Input Output Hong Kong (IOHK), first revealed Djed as a project last year. He stated that the stablecoin would eventually be included in Plutus, ADA’s smart contract framework.

4. Polygon (MATIC)

MATIC, Polygon’s token, is next on our list of cheap cryptocurrency to buy for short-term profits.

MATIC Price ChartCurrently, the digital asset trades at $0.705. MATIC has seen an uptrend of 32.42% in the last 24 hours and has slumped by 34.36% in the past 7 days. However, while the digital asset is currently in the underbought zone and slightly bearish, investors can use this opportunity to buy the crypto asset and hold for short-term gains.

Polygon is a “layer two” or “sidechain” scaling solution for the Ethereum blockchain that allows fast transactions with cheap fees. The scaling solution’s main component, Polygon SDK, is a modular, configurable framework that can be used to build a variety of applications.

Polygon uses a customised version of the Plasma framework, based on Ethereum’s main-chain proof-of-stake checkpoints. As a result, Polygon claims that a single side chain can handle up to 65,000 transactions per second (TPS) with a block confirmation time of less than two seconds.

The CEO of Polygon, Ryan Wyatt, revealed on Twitter that they have teamed with Meta to establish an NFT platform for Instagram and Facebook. Due to the partnership, Polygon’s blockchain ecosystem will be available to Meta’s aggregate 2.9 billion users. According to Wyatt, Meta picked Polygon because of its carbon-neutral footprint and excellent scalability.

Meanwhile, Meta CEO Mark Zuckerberg also revealed that limited testing of NFTs is ongoing on Instagram and that “similar functionality” will be coming to Facebook “soon”.

5. Stellar Lumen (XLM)

Stellar Lumen (XLM), the cryptocurrency that powers the Stellar payment network, is rounding off our list of cheap cryptocurrency to buy for short-term profits.

XLM Price ChartAt press time, XLM’s price is $0.1354, a rise of 24.14% in the last 24 hours. The digital asset has slumped by 20.16% in the past 7 days. Also, XLM is 85.63% below the all-time high of $0.94. However, the digital asset maintains a slightly bearish value and is trading above the 32.8% Fibonacci retracement level of $0.1347. These indications mean the crypto asset will see support at this level and likely surge if the general crypto market remains favourable.

Stellar’s payment mechanism is built on distributed ledger technology (DLT), a community-owned and distributed open-source project. The platform’s crypto-asset aids cross-border transactions by alleviating the concerns of excessive fees and lengthy procedures.

XLM is used more to assist individuals with money transfers than to assist institutions. As a result, Stellar provides access to financial systems. This access allows consumers to transmit money around the world at a low cost and swift pace.

Stellar aims to complement existing assets and cryptocurrencies by allowing users to create digital representations of any asset as a Stellar token. Users can then use these tokens to make transactions on the blockchain. Also, the tokens can be redeemed for the base asset at any time.

The Stellar Development Foundation (SDF) has announced the introduction of the $30 Million Matching Fund, which takes a unique approach by co-investing with people worldwide, matching up to $500,000.

This Fund is for pre-seed through Series B companies that want to build on the Stellar blockchain. In addition, the fund gives early-stage enterprises a new way to supplement their current fundraising efforts.

SDF established the Fund to help more early-stage startups create and develop blockchain-based solutions. As a result of the demand for finance from entrepreneurs developing financial services solutions on the ground, this fund is important in underdeveloped venture ecosystems.

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