Best Crypto to Buy Now 8 August – Hedera, MultiversX, Algorand
The Securities and Exchange Commission (SEC) is anticipated to give the green light to spot Bitcoin ETF applications from financial giants BlackRock and Invesco.
According to Mike Novogratz, CEO of Galaxy Digital, the approval could occur within a four to six-month window.
Considering this evolving macroeconomic circumstance, what are the best cryptocurrencies to buy now?
BlackRock, the world’s largest asset manager with over $8.59 trillion in assets under management, has taken the lead in introducing the latest round of spot Bitcoin ETFs.
They filed for approval on June 16, setting the stage for other major players to follow suit. Invesco, WisdomTree, ARK Invest, and Valkyrie have also submitted their applications in the wake of BlackRock’s move.
An earnings call on August 8 revealed that sources from both BlackRock and Invesco are optimistic about the approval of their applications.
According to a transcript of the call shared by Bloomberg’s Senior ETF Analyst Eric Balchunas, Novogratz quoted contacts who believe the approval is a matter of timing.
Novogratz also indicated on the call that competition among firms for market share in this area would be fierce.
Invesco, which teamed up with Novogratz’s Galaxy Digital for the Invesco Galaxy Bitcoin ETF in September 2021, reapplied on June 21 after BlackRock initiated a new batch of applications.
The creation of a spot Bitcoin ETF would present a significant development for Wall Street, allowing investors to track the price movements of Bitcoin (BTC) without owning it directly.
This financial product would let institutions and traders engage with Bitcoin’s price as they would with traditional finance, without the usual complexities of figuring out digital wallets and cryptocurrencies.
Amidst the increasing mainstream acceptance of cryptocurrencies, Hedera, XRP20, MultiversX, Launchpad XYZ, and Algorand are some of the best cryptos to buy now, thanks to their solid fundamentals and/or positive technical analysis.
Hedera’s HBAR: Technical Indicators Point to a Bullish Future
Hedera’s (HBAR) strides for the past few days are nothing short of impressive.
Reflecting a substantial gain of 6.89% today, HBAR clinched a new 3-month high at $0.0628 earlier today and now hovers confidently at $0.0605.
The short to long-term Exponential Moving Averages (EMAs) are positioned as follows: the 20-day EMA at $0.0540 is above both the 50-day EMA at $0.0525 and the 100-day EMA at $0.0532.
This sequence suggests a bullish trend where shorter-term averages are above the longer-term ones.
The recent price activity clearly reflects this bullish alignment, as the current price of $0.0605 towers above these EMAs.
With yesterday’s RSI at 61.76, today’s spike to 69.26 signals a strong bullish momentum. However, traders should remain cautious, as an RSI approaching the 70-mark could hint at overbought conditions.
The MACD histogram currently stands at 0.006, a significant increase from yesterday’s 0.0003. This reinforces the bullish sentiment and suggests the possibility of further price ascent.
Further corroborating HBAR’s bullish narrative is its market cap, which is witnessing an 8.65% spike to $1.9 billion.
Additionally, the 114.95% increase in the 24-hour volume, now at $152 million, illuminates increased trader interest and liquidity in the cryptocurrency.
HBAR faces its next formidable challenge at the horizontal resistance zone ranging from $0.0635 to $0.0643.
Should the momentum wane, the immediate support to watch is the Fib 0.236 level at $0.0566, which interestingly aligns perfectly with the horizontal support zone of $0.0566 to $0.0574.
Given the positive signals from its technical indicators, traders are advised to exercise caution and keep a close eye on the significant resistance and support levels for Hedera (HBAR), as these levels may offer insights into its future performance.
XRP20 Presale Raises $1.3 Million: A Second Chance for XRP Investors
The XRP20 presale, positioned as a successor to the original XRP, has successfully raised over $1.3 million in funds, with less than 50% of the allocated tokens remaining for sale.
This recently launched token presale has piqued the interest of numerous investors who see it as a reminiscent opportunity of the early days of XRP.
Early investors quickly snapped up more than half of the token allocation, pushing the presale past the $1 million milestone.
This rapid acquisition of tokens has seen the demand for XRP20 increase, as the token is available for $0.000092 – a price that is 30 times lower than XRP’s all-time low.
Such a pricing strategy has resonated with individuals who missed out on initial XRP investments.
As the presale gains momentum, analysts are starting to entertain the notion that the soft cap of $1.85 million could potentially be reached within a week.
The project’s Telegram channel has reflected this interest, with membership showing a strong upward trend.
With the presale’s conclusion on the horizon, interest continues to grow, fueled by what’s referred to as “second chance” branding.
This strategy leans on a sense of nostalgia for the original XRP, whose initial bull run saw the token’s price increase by 137,000% between February 2017 and March 2018.
XRP20’s launch is coinciding with a 33% decline in XRP’s price over the past three weeks, leading to a potential capitalization on renewed investor interest.
Beyond branding, XRP20 provides an extensive range of features, as detailed in their whitepaper. Staking holds a central position within the XRP20 ecosystem, with 40% of the total token supply reserved for rewarding stakers.
Additionally, the project will incorporate deflationary measures, such as a 0.1% transaction burn fee, and allocates 10% of the token supply for burning purposes.
While attracting early-stage investors, these mechanisms serve to increase the scarcity of the token, potentially affecting the price.
MultiversX (EGLD) Faces Hurdles: Can It Break Through Its Immediate Resistance?
MultiversX (EGLD) showcased an impressive surge earlier today, touching an intraday high of $33.46 — a gain of 8%.
However, what followed was a series of challenges as EGLD grappled with a collection of resistance levels.
Specifically, the asset had to confront the Fib 0.618 level at $32, a stubborn 20-day EMA stationed at $32.28, the Fib 0.5 level at $33.17, and the 50-day EMA at $33.47.
Despite these attempts to hold higher grounds, EGLD retracted and now hovers around $31.66, still managing to keep an upbeat stance with a 2.49% gain so far today.
A deep dive into its technical indicators paints an intricate picture for potential traders.
The 20-day EMA at $32.28 and the 50-day EMA at $33.47 have already displayed their significance by acting as resistance lines earlier today.
This, compounded with the 100-day EMA at $35.13, suggests that EGLD has some headwinds before a clear bullish trend can be established.
The Fib 0.786 at $30.34, which serves as immediate support, indicates a potential consolidation phase might ensue.
Should EGLD maintain this level, it sets a robust platform for the asset to retest and possibly breach its prior resistance points.
Further insights can be derived from the RSI, which currently reads at 40.77.
While this is a notch up from yesterday’s 31.60, EGLD is still in the neutral zone, hinting at neither an overbought nor oversold condition.
The MACD histogram’s recent reading at -0.07, a slight uptick from yesterday’s -0.15, which suggests that bearish momentum might be waning.
This might be indicative of a potential bullish crossover in the future, a sign that buyers could regain control.
One cannot overlook the sheer growth in EGLD’s market metrics. The market capitalization is currently by 3.07% so far today to a commendable $816 million, hinting at increasing interest and stake in the asset.
Additionally, the 24-hour volume skyrocketed by 301.92%, standing at $44 million.
This surge in volume suggests a heightened trader interest and activity around EGLD, and high volume, especially in the green, typically indicates strong buying pressure.
In light of these technical readings, traders should exercise caution. While EGLD has showcased commendable bullish tendencies, the multiple resistance levels ahead signal potential roadblocks.
It would be prudent for investors to keep a close eye on the Fib 0.786 support at $30.34. Holding above this could pave the way for a renewed attempt to surpass immediate resistance. On the flip side, a breach below might require a more defensive stance.
Launchpad XYZ: Unlocking Web3 Potential with One of the Best Cryptos to Buy Now
Web3, the next phase of the internet’s evolution, offers the promise of decentralization, but it also presents a fragmented ecosystem. This lack of integration can discourage newcomers who are seeking a seamless experience.
Acknowledging this gap, Launchpad XYZ has successfully raised over $1.25 million so far in the presale of its native token, dedicated to powering its Web3 platform.
Launchpad XYZ is a platform that intends to make the transition to Web3 technologies more accessible.
With the use of its utility coin LPX, the platform’s goal is to become a central hub for Web3 services, offering features such as a trading terminal, a marketplace for digital assets, and more.
The planned ecosystem of Launchpad XYZ will include tools like a Web3 wallet, a decentralized exchange for non-fungible tokens (NFTs), and a crypto trading terminal.
These are designed to enhance the Web3 experience for new users, consolidating various services.
LPX, the native ERC-20 token of Launchpad XYZ, plays an essential role in the platform, as users will need it to pay trading fees and access other services.
This utility coin is not merely an accessory but serves as a foundation for the platform’s ecosystem.
The team behind Launchpad XYZ is not just focused on streamlining services but also emphasizes education.
They plan to introduce “Alpha,” an educational segment that will guide users, particularly newcomers, on how to leverage Web3 opportunities.
To help users make informed decisions, the platform also intends to implement a metric known as the “Launchpad Quotient” (LPQ).
This scoring system will consider up to 400 data points, providing users with valuable insights into the potential future value of a cryptocurrency.
It seeks to assist users in identifying projects that align with their goals and preferences.
Launchpad XYZ’s vision of a unified and central hub for Web3 technologies has taken its first tangible step with this fundraising effort.
The unbiased approach of the platform, giving users a clear view of the opportunities within the decentralized environment, coupled with educational resources, makes Launchpad XYZ one of the best cryptos to buy now.
Algorand (ALGO): Potential Upside Momentum
Algorand (ALGO) witnessed a significant surge yesterday, as its price surpassed the 20-day EMA. This breakout holds great significance among technical analysts, indicating a strengthening bullish momentum.
As ALGO eyes its next target, it’s met with a resistance zone at the Fib 0.5 level at $0.1156.
More formidable resistance lies just beyond this point, provided by the 50-day EMA at $0.1179.
This short distance between the current price and the 50-day EMA indicates a critical battleground that traders should monitor closely.
The RSI is now at 54.15, up from yesterday’s 50.08. This upward movement suggests that buying momentum is increasing.
While it’s still a distance from the overbought threshold (usually set at 70), its positive trajectory signals strengthening bullish momentum.
The MACD histogram has also doubled from yesterday’s 0.0004 to 0.0008. This indicates increasing bullishness, echoing the sentiment portrayed by the RSI.
These bullish indicators are further bolstered by Algorand’s market dynamics. With its market cap rising by 2.84% to reach $893 million and a 24-hour trading volume witnessing a substantial surge of 47.78% to $73 million, it’s evident that there’s increased interest and investment in ALGO.
Should ALGO manage to sustain its current momentum, breaking the immediate resistance at the Fib 0.5 level could propel it toward challenging the 50-day EMA resistance.
Conversely, if sellers take control, the immediate support to watch is the 20-day EMA at $0.1110.
Further down, a confluence of support can be observed at the Fib 0.618 level at $0.1096, reinforcing the horizontal support zone between $0.1076 to $0.1106.
As Algorand (ALGO) strives to stay above the 20-day EMA, traders should closely monitor the mentioned technical indicators and price levels.
The recent bullish momentum, as indicated by the RSI, MACD, and volume figures, suggests that the upcoming stage of ALGO’s trajectory could present promising opportunities for discerning traders.
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.
