In a move to combat ongoing inflationary pressures in the U.S. economy, the Federal Reserve announced a 0.25% hike in its key interest rate today, pushing it to a high of 5.5%—a level unseen in 22 years. Despite witnessing a decline in consumer prices for a consecutive 12-month period, June marked a rise with a 3% year-on-year increase.
While this is the lowest annual inflation rate observed in over two years, it remains uncomfortably high for the Fed’s liking, as it looks to trim it down to the 2% range.
Moving from the traditional financial landscape to the digital one, Bitcoin and Ether are currently showing mild gains in today’s market. Bitcoin is currently trading around $29,596, reflecting a 1.27% gain. Ether is fluctuating near $1,882, with a rise of 1.2% today.
This leads us to the question: In the current economic climate, what are the best cryptos to buy now?
According to market observers, significant shifts could occur when the Federal Reserve re-evaluates its rate approach or if the Securities and Exchange Commission greenlights a Bitcoin ETF.
About a month prior, Bitcoin’s price had escalated beyond the $30,000 mark. This spike was attributed to the growing conjecture around finance behemoth BlackRock and its Bitcoin ETF application.
Should the asset management titan receive regulatory approval, the gateway for traditional investors toward digital assets could widen significantly.
However, the Federal Reserve’s verdict on the rate hike, keeps the cryptocurrency hovering around its current state.
Coinglass data reveals that $15.07 million worth of short positions and $16.56 million worth of long positions were liquidated, resulting in a total of $31.63 million in liquidated positions over the past 24 hours.
A closer look at on-chain data brings forth a near-even split, with 50.05% of traders leaning towards long positions on Bitcoin and 49.95% favoring short stances.
On a macro level, the U.S. banking sector experienced volatility, with regional player PacWest Bancorp’s stock dropping over 27% yesterday, then rallying today following reports of its merger with Banc of California.
Bitcoin, however, is maintaining its stature, unaffected by this development.
Amid this backdrop, strong fundamentals and/or promising technical analyses make Compound, BTC20, Maker, Chimpzee, and Theta Network some of the best cryptos to buy now in the current crypto market.
Compound (COMP) Technical Indicators Point to Potential Bullish Trend
Compound (COMP) is showing signs of a potential bullish trend after finding robust support at the Fib 0.618 level ($61.99).
An array of technical indicators provides insight into the strength of this uptrend, with the potential for further gains.
COMP is rebounding strongly after forming a bullish hammer candlestick pattern yesterday, indicative of a possible trend reversal.
This bullish signal is supported by a considerable jump in the RSI which bounced off the important 50 mark, reaching 59.12 from yesterday’s 49.61.
The RSI value suggests that the buying pressure is increasing, indicating a higher possibility of a continued uptrend.
Further bolstering the bullish sentiment is the moving averages. The current trading price of $71.70 sits comfortably above the 20-day, 50-day, and 100-day exponential moving averages (EMAs) at $65.94, $55.96, and $49.28 respectively.
As such, these EMAs serve as a formidable line of defense, offering potential support should any downward price movement occur.
The fact that the price is holding above these averages shows that COMP is in a strong long-term uptrend.
Additionally, the MACD histogram is showing signs of improvement as it shifts from yesterday’s -2.01 to -1.64.
Though it is still in the negative territory, a positive MACD histogram reflects increasing bullish momentum, a hopeful signal for those invested in COMP.
Adding to the bullish narrative, the market capitalization of Compound has increased by 13.58% to $557 million while the 24-hour volume also has seen a significant upsurge by 29.71% to $205 million.
An increase in both volume and market cap may be indicative of an increase in investor interest and confidence in the asset’s potential performance.
However, traders should exercise caution as COMP is currently trading near its resistance at the Fib 0.786 level at $72.51, which it had failed to overcome earlier today.
It will be crucial for the cryptocurrency to break through this level to confirm a continuation of the bullish trend.
While the technical indicators point towards a bullish scenario for Compound (COMP), traders should closely monitor the resistance level at the Fib 0.786 ($72.51).
If COMP breaks through this level with sufficient volume, the stage will be set for an extended bullish rally.
Nevertheless, should there be a rejection, immediate support is found at the 20-day EMA at $65.94, followed by the significant Fib 0.618 level at $61.99.
BTC20: One of the Best Cryptos to Buy Now for 2011 Bitcoin Vibes
BTC20 has ignited a presale frenzy, raising over $3 million so far in its presale.
The Ethereum-based token intends to offer returns similar to Bitcoin through a one-of-a-kind staking model.
BTC20 is an enhanced version of Bitcoin, offering a unique chance to experience the Bitcoin market as it was in 2011.
Given that the price of Bitcoin has skyrocketed from $1 to around $29,596 as of writing, the appeal of BTC20 is understandable.
Being sold at $1 per token in presale, it offers the prospect of revisiting Bitcoin’s early days.
BTC20 will also offer the potential for passive income. Unlike Bitcoin, which rewards miners, BTC20 will reward token owners who stake their tokens.
The reward system is an attempt to replicate Bitcoin’s 2011 issuance rate, which might yield an impressive 65% APY for BTC20 stakers.
This strategy could encourage the long-term holding of BTC20 tokens, thereby reducing the possibility of a significant price drop.
Crypto enthusiasts and major news outlets are taking note of BTC20, with influencers like Michael Wrubel describing it as the “next Bitcoin”.
This new token also boasts two additional advantages over Bitcoin: its eco-friendliness and its access to Ethereum’s DeFi system.
Due to Ethereum’s shift to a proof-of-stake consensus mechanism, BTC20 will offer a more energy-efficient alternative to Bitcoin.
Additionally, as an Ethereum-based token, BTC20 will give its holders the ability to access and interact with the thriving DeFi ecosystem.
BTC20 could very well be the best crypto to buy for investors seeking to relive the excitement of Bitcoin’s early days, all while reaping potentially high rewards.
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Maker (MKR) Rallies Above Resistance Zone with Increasing Momentum
Building upon an impressive 6.46% upswing observed yesterday, the coin’s trajectory today appears equally positive, as it stands up by 3.61%, trading at $1,178.
The cryptocurrency is fervently challenging the resistance zone between $1,153 and $1,188, a threshold it has been knocking on for the past four days. A successful breakout from this zone could potentially catapult MKR to a new year-to-date high.
Turning to the technical indicators, Maker’s 20-day EMA stands at $1,003. This figure comfortably trails the current trading price, suggesting that the crypto asset has maintained a solid upward trajectory over the recent weeks.
Further testament to MKR’s longer-term bullish trend is the 50-day EMA and the 100-day EMA, which are reported at $884 and $806, respectively, both significantly below the current market price.
Adding to the positive narrative, the RSI has seen a rise to 72.91 from yesterday’s 65.64. This index measures the speed and change of price movements, with readings over 70 typically interpreted as overbought.
However, in high-momentum markets such as cryptocurrencies, a high RSI can persist for quite some time, indicating continued buying pressure. Investors should note this may signal an overheating market, thus advising caution against potential price pullbacks.
The MACD histogram has also increased to 13 from yesterday’s 9. This rise signifies that the upward momentum is strengthening, thereby supporting the bullish scenario.
At this juncture, MKR is up against an immediate resistance zone of $1,153 to $1,188. If it manages to surge past this range, it could extend its current bullish run.
Conversely, if the price starts to pull back, a significant support layer exists at the Fib 0.236 level at $1,076, which coincides with the horizontal support zone of $1,055 to $1,086. This zone could provide a reliable cushion to any downward price actions, providing traders with a potential entry point.
Making a Difference With Chimpzee: One of the Best Cryptos to Buy Now
The presale for the charitable Web3 platform, Chimpzee, is heating up with nearly $1 million already raised.
The platform will allow users to generate income, combat climate change, and contribute to animal conservation concurrently.
With Chimpzee approaching the $1 million milestone, the project is committed to burning 50 billion $CHMPZ tokens, an integral part of their presale structure that will contribute to the token’s potential deflationary trajectory.
An added perk for presale participants is the opportunity to mint a Chimpzee Gold Passport NFT, which will carry various platform privileges and is stakable for a yield of 18%.
The presale will transition into stage 9 in nine days, leading to a rise in the $CHMPZ price from $0.000775 to $0.00085.
Living up to its charity-focused promise, Chimpzee has already made substantial contributions towards environmental conservation and animal protection.
Recent initiatives include a $20,000 donation to the WILD Foundation for black jaguar conservation, the planting of 21,200 trees in Brazil and Guatemala, and a $15,000 contribution towards elephant protection.
Chimpzee’s mission also extends to economic inclusivity. By making $CHMPZ tokens the native currency of purchases in its merchandise store, users will not only contribute towards the project’s charitable goals but will also earn more tokens in the process, making it a “shop-to-earn” experience.
These are just a few reasons why Chimpzee’s $CHMPZ is attracting investors.
As more tokens get burnt, this deflationary trajectory could propel the token’s price in the long run, offering potential growth to investors with an eye on sustainability and conservation.
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Theta Network (THETA): A Technical Breakout Signals Bullish Potential
THETA recently pushed past two key levels–the 0.236 Fibonacci retracement at $0.808 and the 100-day exponential moving average around $0.825. With this show of strength, THETA rallied 8.65% yesterday to hit a closing price of $0.854.
With a 2.81% drop so far today to $0.830, THETA now tests for support around the 100-day exponential moving average, which sits near $0.825. Analysts expect this retest may lead to consolidation before THETA makes another move higher.
The technical indicators on the board depict an interesting market dynamic. The 20-day EMA, sitting at $0.788, and the 50-day EMA, at $0.781, are both positioned below the 100-day EMA, signifying a bullish sentiment.
However, the correction in price, a drop of 2.81% at present to $0.830, implies that traders should be prepared for volatility in the short term.
The RSI has dropped from 62.06 to 57.76. This reduction suggests that the asset’s recent gains may be cooling off, presenting the potential for a slowdown or pause in the bullish trend.
Meanwhile, the MACD histogram has slipped from 0.006 to 0.005. The slight decrease might also hint at a loss in bullish momentum, warranting careful observation from traders.
One encouraging sign in the midst of these mixed signals is the rise in trading volume, a significant 20.79% increase to $36 million in the past 24 hours.
The surge in trading activity, despite the dip in market capitalization by 1.12% to $829 million, indicates a sustained interest in THETA among market participants.
From a support and resistance perspective, the immediate support level for THETA lies at the 100-day EMA, followed by the Fib 0.236 level at $0.808.
In contrast, the immediate resistance zone is delineated between $0.880 to $0.893. Traders should observe these levels closely as they can dictate THETA’s price behavior in the immediate future.
In light of the current technical analysis, investors are advised to exercise caution while maintaining a close watch on these crucial indicators and price levels.
The potential consolidation phase at the 100-day EMA could prove to be a key determinant of THETA’s short-term direction, either resuming its uptrend or reversing towards the next support level.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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