Best Crypto to Buy Now 17 July – 1NCH, Algorand, Uniswap
As crypto markets hold relatively steady today after recent gains the United States Securities and Exchange Commission (SEC) has commenced a process inviting the public to share their perspectives on Bitcoin Exchange Traded Funds (ETFs).
This development surfaces just ahead of the July 2023 assembly of the Federal Open Market Committee (FOMC) set on July 25 to 26, which will give more information to market participants about possible future market sentiment.
Meanwhile, Bitcoin continues to fight for stability, attempting to maintain its position in the $30,000 support zone.
In light of these developing macroeconomic events, what are the best cryptos to buy now?
The cryptocurrency market has been experiencing an upswing for the past month, largely driven by a surge of applications for spot Bitcoin exchange-traded funds (ETFs) submitted to the U.S. Securities and Exchange Commission (SEC).
Expectations for continued gains are rising, fueled by anticipation around two key events–the impending verdict in the Ripple versus SEC lawsuit and the Federal Open Market Committee’s (FOMC) upcoming decision on interest rates, which is widely expected to satisfy market participants. The confluence of these factors has injected optimism into cryptocurrency markets.
The SEC has initiated a new phase for investors, traders, and the general public to provide their opinions on the Bitcoin ETF applications submitted through the Cboe exchange.
The agency has announced that these comments will be made available to the public on their official platform and is inviting the public to share their thoughts on applications submitted by entities such as Wise Origin Bitcoin Trust, WisdomTree Bitcoin Trust, VanEck Bitcoin Trust, and Invesco Galaxy Bitcoin ETF.
The SEC’s official website articulates the invitation, stating: “We advocate for public engagement in providing feedback on the filings from Cboe BZX Exchange, Inc. within the designated comment period. Your electronic submissions of insights are highly appreciated and eagerly anticipated.”
The public has a period of three weeks following the announcement to provide their feedback.
This review of Bitcoin ETF applications is driving up demand for cryptocurrencies, as traders look for their next successful crypto investment.
1NCH, Wall Street Memes, Algorand, Thug Life, and Uniswap are some of the best cryptos to buy now due to their solid fundamentals and/or positive technical analysis.
1INCH’s Short-Lived Surge: What the Technical Indicators Say
In the course of today’s trading, 1INCH experienced a dramatic price increase, surging by nearly 37% to an intraday high of $0.5935.
The gains, were short-lived, however, as the coin is currently trading at $0.4040, marking a 6.50% loss for the day.
Despite its earlier performance, 1INCH may not be the optimal choice for investors at this moment.
Let’s delve into the technical analysis to understand the potential future movements of this crypto token.
Observing the EMAs, the 20-day EMA is at $0.3409, followed closely by the 50-day EMA at $0.3430.
Notably, the 100-day EMA stands at $0.3796, which is critical as it has been established as the immediate support level.
This suggests that despite the abrupt fall in price, the longer-term trend remains marginally bullish, and this level could serve as a potential floor for 1INCH.
The Relative Strength Index (RSI) has descended from yesterday’s 74.79 to 65.71 today. While the RSI is still above 50, indicating a generally bullish sentiment, the reduction suggests a declining momentum or potentially an overbought scenario, which could lead to a short-term price correction.
The MACD histogram, which gauges the momentum, shows an increase to 0.0118 from 0.0110 yesterday.
This slight increment in MACD is a bullish signal, indicating a potential for the continuation of the upward trend.
Interestingly, the market cap of 1INCH has decreased by 2.69% to $383,240,956 while the 24-hour volume has skyrocketed by 278.93% to $781,794,993.
This dramatic increase in trading volume coupled with a decrease in market cap may suggest increased selling pressure, which could lead to further downward price movement in the short term.
From a price perspective, the immediate resistance for 1INCH has been identified at the Fib 0.5 level at $0.4143.
This could be a potential barrier to any upward price movements. Meanwhile, immediate support is found at the 100-day EMA of $0.3796, which interestingly coincides with the Fib 0.618 level at $0.3721.
Although 1INCH showed promising signs earlier today, the technical indicators suggest a mixed outlook.
The potential for continued upward movement is suggested by the MACD and EMAs, but the increased trading volume, the diminished market cap, and the reduced RSI may indicate a bearish trend.
Traders are advised to tread cautiously, keeping an eye on the immediate support and resistance levels while continuously monitoring the market indicators.
Wall Street Memes Presale Surpasses $15.4 Million: Is This the New Dogecoin?
Wall Street Memes ($WSM) is stepping into the meme coin spotlight, raising over $15.4 million so far in its presale.
This achievement has left many investors captivated, wondering if $WSM could potentially be one of the most promising cryptocurrency investments of 2023.
Originating from the grassroots 2021 investor movement that rallied against Wall Street, Wall Street Memes have swiftly become a significant force in the digital investment sphere.
Its growing community spans more than one million followers across diverse social platforms.
Current predictions suggest that $WSM may soon join the ranks of viral meme coins like Pepe, Shiba Inu, or even Dogecoin.
With its current price of $0.0316, it’s anticipated that once the presale reaches $15.44 million, a price increase to $0.0319 will ensue.
Historically, Wall Street Memes has a reputation for swift digital asset sales. Its $WSM presale already exceeds the notable Wall Street Bulls NFT collection mint of 2021, which generated $2.5 million in just 32 minutes.
The creation of the $WSM token represents a continuation of the legacy of the small investors who challenged Wall Street during the 2021 GameStop upheaval.
Even business magnate Elon Musk has engaged with Wall Street Memes on Twitter, signifying its growing influence.
The token’s focus is on empowering retail investors, with 100% of the $WSM token supply dedicated to the community. No private sales or team allocations are involved.
This presale is an even playing field, with 50% of the token supply available for presale, 30% for community rewards, and the rest allocated for liquidity.
Anticipating its future market performance, many believe $WSM could become a multi-billion-dollar market cap coin, making it an attractive asset for investors seeking potential gains.
Mixed sentiments around Algorand – Is it still one of the best cryptos to buy now?
The technical landscape of Algorand (ALGO) offers a mixed narrative for investors, amid signs of both robust price activity and stagnation.
Despite reaching an intraday high of $0.1265, the ALGO price has been weighed down by heavy selling pressure, compelling a noticeable rejection from the Fib 0.382 level at $0.1217 on three occasions over the past four days.
Nonetheless, the cryptocurrency has shown resilience, currently trading at $0.1172, still up 1.30% so far today.
A crucial piece of Algorand’s puzzle is its position relative to its 20-day, 50-day, and 100-day Exponential Moving Averages (EMAs).
ALGO is currently trading just above its 20-day EMA at $0.1170, suggesting the crypto has managed to tread over immediate bearish sentiments.
However, it falls short when compared to its 50-day and 100-day EMA, positioned at $0.1280 and $0.1496 respectively, pointing towards a longer-term bearish trend.
The RSI currently sits at 48.15, a slight uptick from yesterday’s 48.05. This position, though improved, still reflects a neutral standpoint, implying a lack of dominant momentum in either the buying or selling side. However, the marginal increase does denote a slight shift towards buying pressure.
The MACD histogram has risen to 0.0008 from yesterday’s 0.0005. This upward progression can be seen as a positive signal, indicating a possible bullish crossover, yet it’s critical to verify this with other indicators due to the MACD’s lagging nature.
The resistance, placed at the Fib 0.382 level at $0.1217, has proven a formidable boundary for ALGO.
Breaking above this resistance might inject some bullish momentum into the market. Meanwhile, immediate support can be found at the Fib 0.5 level at $0.1157, providing a safety net for any potential downward swings.
While the recent trading activity presents a mixed sentiment, ALGO is showing signs of potential recovery.
Traders are advised to exercise caution due to the macro bearish outlook. However, they should also keep a close eye on the Fib 0.382 level at $0.1217, and look for a consistent closure above the 20-day EMA as confirmation of a potential bullish reversal.
Thug Life Token: The Crypto That Embodies the WEB3 Hustle
Launching earlier today at 16:00 CET, Thug Life Token ($THUG) has analysts talking about it being one of the most standout investment opportunities of 2023.
The recent presale raised over $2 million in less than two weeks, indicating a considerable appetite for the meme coin.
The Thug Life Token embodies the timeless Thug Life movement, popularized by hip-hop icons like Snoop Dogg. Styled as the “baller’s meme coin,” it’s looking to make a big splash in the crypto scene.
Created by the same team behind the almost 100x successful $SPONGE token, Thug Life Token has generated significant hype in the cryptocurrency market.
Coupled with a robust marketing strategy, Thug Life Token has gained prominence on various reputable crypto news websites and earned endorsements from crypto influencers like Crypto Gains.
Thug Life Token has a fair tokenomics structure that prioritizes the community. It sold 70% of the token supply in the presale and dedicates 15% to community giveaways.
$THUG is more than just a meme coin—it’s a movement, fueled by a shared struggle of hustling in the web3 domain.
Uniswap (UNI)
Despite Uniswap (UNI) presenting strong intraday momentum that led to an ephemeral peak of $6.145, the cryptocurrency has fallen back under the resilient Fib 0.786 resistance level of $5.887, with a current price of $5.745.
The Fib 0.786 level has proven to be a tough barrier for the past four days. Uni is currently posting a modest gain of 0.37%.
Turning to the moving averages, UNI is currently trading above its 20-day, 50-day, and 100-day EMAs, indicating a favorable bullish sentiment.
The 20-day EMA stands at $5.438, while the 50-day EMA is at $5.234, and the 100-day EMA at $5.315.
This can be construed as an overall positive signal, as UNI’s current price resides above these EMAs, thereby denoting an ongoing bullish trend.
Meanwhile, the RSI has risen slightly to 62.13 from yesterday’s 61.67. This suggests a modest increase in buying pressure.
However, it is worth noting that the RSI value is approaching the overbought threshold of 70, which may indicate a potential pullback in the near term.
The MACD histogram has decreased slightly to 0.028 from yesterday’s 0.034.
This indicates a potential slowing of bullish momentum. Traders would do well to observe this in the context of other technical indicators and price action.
In terms of price structure, the immediate resistance remains the Fib 0.786 level at $5.887.
UNI needs to break through this point convincingly to maintain its upward trajectory.
On the flip side, the immediate support level lies within a swing-low range between $5.663 and $5.720.
If the price drops below this zone, more robust support comes into play at the Fib 0.618 level at $5.407, fortuitously coinciding with the 20-day EMA at $5.438.
Traders are advised to be more mindful of the technical indicators as they navigate the UNI’s price action for the next few days.
The bullish momentum is still present but with some indications of potential exhaustion.
Overcoming the Fib 0.786 level resistance at $5.887 remains the immediate challenge while ensuring the swing-low support between $5.663 and $5.720 holds, to maintain the upward momentum.
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.
