3 Promising Altcoin Projects to Consider as the Crypto Market Bleeds Red

The crypto market has been bleeding red over the past week. Notably, this selloff has hit altcoin tokens especially hard.

The crypto market has seen a lot of red over the past week. This selloff has hit altcoin tokens especially hard. However, I believe now may be a good time for investors to consider using this opportunity to stock up on some promising altcoin projects. That is, for those who think that the broader crypto market will start recovering from here.

Many altcoins are trading at trough prices, with some near their historical lows. Moreover, many crypto projects have had a lot of momentum but are unable to stage a breakout due to the bearishness across the board.

Of course, there is no guarantee that these cryptos will appreciate in value. I would say that if you are looking for cryptos with “astronomical upside,” you should be aware that you will be investing in assets which are similar to lottery bets. You should only put “fun money” in such cryptos. With that in mind, here are three to look into right now.

Turbo (TURBO-USD) is the first meme ecoin to be created using AI. It was founded by a cryptocurrency enthusiast who asked GPT-4 to create a meme ecoin.

Turbo’s price has surged 5748.32% since it was listed on CoinMarketCap nine months ago, but interest may have cooled off as the token’s price has been falling over the past month. This is mostly due to the broader market collapsing over the past few weeks. A recovery in altcoin markets could also lead to a sharp recovery here.

The price of Turbo is predicted to trade within a range of $0.003827 and $0.017873. If it reaches Coincodex’s upper price target, TURBO could increase by 367.19% this year. However, this is quite speculative, as technical analysis hardly works in the long run. I think this project only has a shot or surging if we see meme coins trend higher as a group.

Non-Playable Coin (NPC-USD) is a meme token and NFT hybrid whose supply is set at the total human population as recorded on July 26, 2023. Each token can be converted into an NFT at a rate of 1:1. Currently, NPC is traded on decentralized exchanges like Uniswap (UNI-USD) and NFT marketplaces. I think this is a meme coin with a lot of potential, as NPC memes have gained a lot of recognition.

That said, the price action here has no longer been bullish. The broader market has been bearish, and the momentum has reversed in the past two weeks. NPC is now down 33.6% over the past week. That said, any recovery in the meme crypto space could lead to a comeback here. The market cap is nearly $110 million as of writing, so I believe there is room for multi-bagger upside over time.

AI cryptos were all the hype at the start of the year. However, most of that interest has faded away, and most traders are putting their money into meme cryptos. Utility cryptos, in general, have gotten the bad end of the stick in recent months, but I still think it’s worth making some long-term bets here.

LinqAI (LNQ-USD) is one of the smaller AI projects out there. However, I think it has a more favorable risk profile right now. The crypto is trading near its historical resistance level of around 10 cents. If the stars align, it can bounce back from here and deliver multi-bagger gains. As of writing, LNQ’s market capitalization is just $17 million, and MEXC and Bitmart are the only two big exchanges it trades on.

This project also provides users with a tremendous amount of utility. This AI project is designed to automate tasks and is especially suitable for Web 3.0. So, for those who are bullish on the AI revolution, this is among my top picks right now.

On the date of publication, Omor Ibne Ehsan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Omor Ibne Ehsan is a writer at InvestorPlace. He is a self-taught investor with a focus on growth and cyclical stocks that have strong fundamentals, value, and long-term potential. He also has an interest in high-risk, high-reward investments such as cryptocurrencies and penny stocks. You can follow him on LinkedIn.

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