Being successful in crypto investing can be a tough nut to crack, especially in discerning when to enter, hold, or exit positions. Today, we unveil our blueprint for navigating the storm – seven high-conviction picks that we think you should be DCA-ing into at current prices.

Let's dive in…

Key questions

• Is this bloodbath in the streets actually setting the stage for unprecedented opportunities? Discover why the current turmoil might be a blessing in disguise for strategic investors.
• Which carefully selected crypto assets are poised to weather the storm and potentially lead the next bull run? 
• Beyond the Basics: What overlooked factors in the Solana ecosystem could propel certain assets to new heights?
• Can lightning strike twice in the world of memecoins? Find out which furry favourites we're eyeing for explosive growth potential.
• Where are the hidden support levels that could signal the perfect entry points? Our in-depth chart analysis reveals critical zones you won't want to miss.

Disclaimer: This is not financial or investment advice. You are responsible for any capital-related decisions you make, and only you are accountable for the results. "One Glance" by Cryptonary sometimes uses the RR trading tool to help you quickly understand our analysis. These are not signals, and they are not financial advice.

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Blood on the streets

The current market environment has seen a significant downturn in prices across almost all crypto assets.

Here are some examples.

Recent market volatility has been intense, causing significant financial stress for investors. The wild price swings have tested the nerves and emotions of even the most seasoned market participants.

The constant barrage of news and information has only added to the stress: Germany selling BTC, Mt Gox planning to pay its creditors, BItcoin miners selling BTC, and FUD on Twitter.

The negative sentiment, uncertainty and unpredictability of the market have made it difficult for investors to make rational decisions, often leading to impulsive actions driven by fear. While it may be tempting to panic during such a downturn, it is crucial to maintain a level-headed approach and avoid succumbing to fear. 

What many people often forget is that bad news sells, and it is often exaggerated for shock value. The media tends to focus on sensational stories that capture our attention, which can lead to a skewed perception of reality.  

Hence, while negativity is the prevailing sentiment on crypto Twitter, don't forget that we have several positive catalysts lined up as well. In reality, we are in a healthier environment than a couple of months ago. We have seen excessive leverage to flush out, months of consolidation for majors, and significant discounts for quality assets. 

From a macro perspective, the US government is embracing crypto, Trump and Larry Fink providing free marketing for crypto assets, potential rate cuts, and ETH ETF approved. Despite short-term price fluctuations, medium to long-term prospects look promising.

Strategic investment approach

As our latest monthly macro report highlights, the market is expected to remain choppy and volatile as we head into the summer months. This period can present investors with both challenges and opportunities. 

One such opportunity came up earlier this week. We said it is time to start getting greedy with WIF when others are fearful. If you took that call, you got an overnight 23% gain.

However, it is important to note that it is not yet the time to go all-in on high-risk investments—the time will come, and we will be here to tell you. 

For now, the strategic thing to do is to start deploying your dry powder into high-conviction bets using dollar-cost averaging (DCA). This approach has several benefits, particularly during periods of market volatility. 

By investing a fixed amount at regular intervals, you can take advantage of price fluctuations, buying more tokens when prices are low and fewer tokens when prices are high. Over time, this can help reduce the average cost per coin and potentially increase overall returns in a stress-free manner.

High conviction bets

Cryptonary's high-conviction bets refer to coins we believe have the strongest fundamentals/virality and long-term growth potential based on the current state of the market. 

These high-conviction bets are a handful of the assets in our Cpro Picks, and they represent the collective votes of the research team. Historically, our collective picks in Cpro Picks have performed better than our individual picks. Therefore, we believe there is a collective wisdom in play that can benefit our users.

Please note: It doesn't mean that other Cpro Picks not on this list are no longer great assets. Likewise, if there are other coins on which you have convictions that are not on the list, it doesn't mean it's time to sell them. Our list of high-conviction bets simply profiles the coins we think are relatively safe and attractive to start DCAing at current prices. 

If you are just coming into the market or haven't been strategic about building your crypto portfolio, DCA-ing into our high-conviction bets is a great way to get started.

BTC is the king

Bitcoin's position as the leading cryptocurrency and its network effects make it a relatively safer investment compared to other altcoins, which may have higher risks and uncertainties.

Bitcoin has a proven track record of resilience and has outperformed many other assets in the long run. Despite short-term price fluctuations, Bitcoin has consistently shown an upward trend over the years.

Bitcoin is widely regarded as a store of value and a hedge against inflation/money supply. Many investors believe Bitcoin's limited supply and decentralised nature make it a reliable long-term investment.

Bitcoin dominance has increased significantly over the last months, indicating stronger demand for BTC relative to the rest of the market.

We believe the king will remain the king; therefore, it is one of the strongest candidates to gradually deploy capital over the summer.

Technical analysis

• Bitcoin is testing the bottom of its range at the prior lows of $57,000.
• A significant break below $57,000 could send Bitcoin down to the next horizontal support of $52,800.
• Bitcoin is still in its local downtrend, not having been able to confirm a breakout as price rejected into the horizontal resistance of $63,400.
• Bitcoin's price is now forming a new low in oversold territory, which would produce a bullish divergence. This is usually a bullish setup for a trade.

We're seeing a lot of fear across the timeline while the German Government is selling BTC into a less liquid market with the US on the 4th of July holiday.

Alongside this, price is at the bottom of the range, creating a bullish divergence in oversold territory. This is usually a good setup for a Buy/Long. Of course, it's possible that Bitcoin will lose this support, and we will head into the mid to low $50k. 

However, we still expect that big buying would come in at these levels if price reached there. Overall, we remain constructive on the market despite price going lower.

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ETH is oil

ETH is the second biggest asset in crypto. Love it or hate it, ETH has a strong community and the largest pool of developers and applications. It has long established itself as a blue-chip crypto asset.

Similar to Bitcoin, ETH can attract institutional interest and adoption. The approval of a US Ethereum ETF is expected to bring billions of dollars of spot buying pressure. 

This increased demand from institutional investors could drive the price of Ethereum higher.

Furthermore, Ethereum is a global settlement layer. Over 100 layer-2 blockchains are built on top of Ethereum, and most use ETH as a gas asset. 

ETH is oil, without which no economic activity on these blockchains is possible.

Even though we favour SOL over ETH in the current market cycle, ETH is undoubtedly a blue-chip asset. It is a great asset to DCA in times of uncertainty and turmoil, especially with the upcoming ETF.

Technical analysis

While it wasn't with the same velocity as BTC, Ethereum also charged early in the cycle, reclaiming a key inflection point set in the market in April-May '22. Eth has made some light attempts at rallying, but ETH has mostly been relatively weak. It fails at horizontal resistances and eventually breaks back below horizontal supports.

• ETH is also in a longer-term downtrend, as is the rest of the market.
• After rejecting at the horizontal resistance of $3,485, ETH moved back down to the horizontal support of $3,280, and price has now lost that level.
• Price has now moved into a larger zone, between $2,875 and $3,100, where we'd expect demand to begin stepping in.
• We'd be quite surprised if ETH lost the $2,875 horizontal support, but we don't expect to see this.
• ETH has finally moved low enough that it is in oversold territory. However, no divergences have been formed so far. We'd need more days of price action for this.

Overall, we don't see this as the time to be bearish on assets. ETH below $3,100 is likely a good entry price if you have a longer-term conviction in ETH. 

As we've also stated above, we don't see ETH falling below $2,875. Therefore, we'd be buyers of ETH between $2,875 and $3,100, with upside targets of north of $4,500 and potentially substantially higher in the next 6-12 months. 

However, we'd refrain from using leverage here, even if we are identifying it as a buying opportunity.

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SOL is a gem

Solana is one of the highest-conviction bets for this cycle. We have been fans of Solana for a very long time.

Solana has demonstrated resilience and adaptability in the face of challenges, particularly following the FTX collapse. 

Despite scepticism and doubts about its viability, Solana has emerged as a strong contender in the blockchain space, showcasing impressive user growth and technological advancements.

As Solana continues solidifying its position as a viable alternative to Ethereum, it will likely attract more attention from investors, developers, and users seeking a fast, efficient, and cost-effective blockchain platform. 

Solana's future looks promising, and its ability to adapt and innovate will be crucial to maintaining its competitive edge in the rapidly evolving blockchain industry.

Technical analysis

One of the most promising ROI-to-risk ratios in the market, SOL has been one of the leading performers among the majors. 

• SOL rejected from the horizontal resistance of $152 and the underside of the uptrend line.
• SOL has now pulled back to and found support at the horizontal support of $131.
• We note that SOL is nowhere close to oversold territory on the RSI, such as BTC and ETH. This does mean that SOL could potentially have a larger downmove.
• We remain buyers of SOL at attractive price points, which would be price levels under $131 if we were to get them.
• If the $131 horizontal support is lost, we expect $116 to be the next major support. But, there is a big zone of support between $105 and $116, where we expect buyers to step in and bid if price gets there.

SOL is squeezing into the pinpoint between where the downtrend line meets the horizontal level of support at $131. This can create volatility on a breakout or breakdown. Therefore, we remain more calm with SOL as it has the potential to move in a more volatile manner.

So, we will be buyers of Spot SOL sub $131, but we're not looking to place any trades on SOL here unless we get a more substantial breakdown and price moves more deeply into oversold territory. Patience on SOL – we still believe we're holding a big winner in the long term.

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WIF has a hat

WIF has emerged as the foremost memecoin within the Solana ecosystem, distinguished not only by its popularity but also by its impressive price performance

It is a blue chip and the biggest memecoin in the Solana ecosystem. It is a once-per-cycle phenomenon backed by the die-hard Solana community.

WIF is one of the best and highest conviction bets by Cryptonary and has the strongest price action in the market.

It has experienced a significant pullback, and we believe it is currently trading at a decent discount. 

So, we believe that if you have dry powder, gradually deploying capital in WIF can remove the uncertainty associated with the market's timing while retaining a significant upside.

The hat stays on.

Technical analysis

WIF displayed a very strong pre-cycle, which naturally will form a standstill in price action and further upside. 

Buyers will naturally be exhausted, and profit-taking will happen, both of which coincided with the overall market selling off; yet, WIF has shown resilience. 

No asset is immune to macro and global influences, so we have seen a lack of further upside since the recent all-time high print. 

• WIF has shown a very similar move to SOL in that we saw a slight move out of the downtrend, but then price rejected into the horizontal resistance. For WIF, that was at the $2.20 level we had identified.
• We see the $1.50 level as being strong enough that it'll act as support for WIF.
• The RSI is no longer in oversold territory, but a further move down could take it there. If this comes with a new price low, we may get a bullish divergence that could be a good macro bottom for WIF.
• To the upside, WIF will need to reclaim $2.20 first, but then beyond that, the main horizontal resistance is at $3.05 and then $3.40. Currently, they seem a long way off.

WIF is likely to still be the major meme winner of this cycle, so we continue to take a proactive approach to it. This entails buying at the lower valuations - $1.50 and sub $1.50 if we're given it.

It's currently a low-volume environment mid-summer, and we're expecting interest rate cuts from September onwards, so there are bullish catalysts ahead. We just have more months to get through and survive through first. The expectation is that WIF doesn't go much lower than $1.50; it remains range-bound and then moves substantially higher after the summer.

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POPCAT keeps popping

Despite its relatively low market capitalisation, currently under $1 billion, we believe POPCAT will become the first cat-themed memecoin to cross the billion-dollar mark. 

This milestone would solidify its position as a preferred cat memecoin for multiple market cycles to come.

The price action of POPCAT closely mirrors that of WIF, and during the recent correction, we have seen a strong bounce, indicating strong demand for POPCAT.

Technical analysis

Another monster in the making, POPCAT, again shows resilience similar to what we saw off the back of the global tensions.

• When POPCAT isn't just on straight surges higher, it is quite respectful to key support and resistance levels.
• Initially, POP held the $0.55 horizontal support. However, it fell below and has now found support at the next horizontal support we marked out at $0.40.
• In this recent move down, the RSI has reset from what were quite overbought levels.
• Below $0.40, there is a strong support zone between $0.32 and $0.34.
• To the upside, the level that would need to be reclaimed would be the $0.55 horizontal level.

We expect POP to be range-bound for more time, but probably in a larger range between $0.32 and $0.55. Once the market recovers, and we think it can by the end of July if Powell forward guides rate cuts, then POP can be the meme that really continues to see the outperformance.

JUP and INJ

Both JUP and INJ are the only altcoins that got sufficient votes. Both are promising assets with strong fundamentals. 

Jupiter is Solana's main dex aggregator and a strong beta asset for SOL. It has a strong market positioning and is essential to the Solana ecosystem.

It is hard to be bullish on SOL without also being bullish on JUP, especially given the recent proposal to burn 30% of the supply from dev allocation and the upcoming airdrop allocation in January.

Injective, on the other hand, is a sovereign chain in the Cosmos ecosystem, specifically built for DeFi. Its tokenomics are very investor-friendly, and its price action has been very strong since the beginning of the bull market.

Both of these assets have received sufficient votes and can be considered high-conviction bets to DCAing during the summer.

Technical analysis on JUP

JUP was viewed as very undervalued at the $1 mark. With the continued downside market-wide slide, we have seen JUP pull back even further to $0.78. Because this continued downward move was macro-driven and affected the whole market, it doesn't reflect JUP's true value. 

To keep JUP super simple, we've broken it down into key support and resistance levels.

• After a multi-month downtrend, JUP is now sitting on top of its $0.72 horizontal support.
• If price does breakdown from here, and with how the trend is going, it probably can do, then the next horizontal support of $0.54 is likely.
• JUP is also not close to oversold territory, so it's possible another significant move lower is on the cards, particularly if price breaks below $0.72.
• To the upside, the key horizontal level for price to get above is the $0.96 horizontal resistance.

Technical analysis on INJ

INJ, like many altcoins, will potentially continue to struggle for upside momentum until overall market liquidity improves. That'll likely come once Powell forward guides interest rate cuts in the US. For long-term bullish on INJ, we think the $14.80 to $17.40 is a good level to start taking fresh positions.

• Injective has been in a downtrend for a number of months now and is struggling to gain upside momentum.
• INJ has now fallen below the horizontal support of $22.80, but buyers have stepped in sub $20.
• Beneath $20, there is a zone of support for price between $14.80 and $17.40.
• In terms of upside, INJ will need to recover the $22.80 level and flip this resistance into new support. Then, it will need to break out of the downtrend.
• If INJ breaks out, the next major resistance is $34.
• INJ is currently not close to oversold territory despite price having sold off recently.

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Cryptonary's take

We have seen a significant drawdown in the market, which can be stressful and frustrating. However, a couple of months ago, many were begging for pullbacks.

Now, we finally have that correction. Therefore, current prices should be considered as a second chance to get exposure to assets you wished you had entered earlier.

Despite significant discounts on many assets, the macro environment is still lacking -- and liquidity is essential for the crypto market to continue growing.

Therefore, it is not yet time to be fully risk-on; we recommend adopting a conservative approach to deploying capital into the market.

We don't think you'll go wrong with these seven BTC, ETH, SOL, WIF, POPCAT, INJ, and JUP; if you have capital on the side and the market gives us more opportunities to buy them at discounted prices, don't miss that opportunity. 

Don't fumble the bag!

Cryptonary, OUT!