Best Crypto to Buy Now August 23 – Toncoin, Binance Coin, Tron
With cryptocurrency prices experiencing a downturn and the S&P Global US manufacturing PMI slipping to 47 in August from 49 in July, a surprising supporter for Bitcoin has come forward—U.S. presidential candidate Robert F. Kennedy Jr.
Kennedy, who has been an advocate for civil liberties, used his digital platform today to express his perspective on Bitcoin and its alignment with the principles of civil freedoms.
Considering the current state of the cryptocurrency market, what are the best cryptos to buy now?
Kennedy's endorsement comes at a critical juncture for Bitcoin as it confronts a challenging market environment. Bitcoin currently hovers around the mid-$26,000 range, while Ethereum is trading below the $1,700 level.
Meanwhile, the broader crypto market cap has slightly recovered to $1.07 trillion, marking an increase of 2.27% in the past 24 hours.
Kennedy's approach to cryptocurrencies, specifically Bitcoin, diverges from traditional fiscal stances.
One of the cornerstones of his campaign has been the promise to exempt cryptocurrencies from capital gains taxes, should he win the upcoming presidential election.
Kennedy’s stance on Bitcoin injects fresh perspectives into the political landscape, but market complexities continue to shape prices. His views highlight future possibilities even as headwinds remain.
Toncoin, Sonik Coin, Binance Coin, Launchpad XYZ, and Tron are some of the best cryptos to buy now based on their impressive fundamentals and/or technical outlook.
Toncoin's Bullish Momentum: Key Indicators Point to a Potential Shift
Over the span of a month, Toncoin experienced a period of sideways trading within the $1.3 to $1.53 range, before it fell sharply, reaching a low of $1.152 on July 30.
Nonetheless, its recent bullish trading activity, coupled with a return to its previous trading range, points to a possible upcoming change in trend direction.
Analyzing Toncoin's key technical indicators provides valuable insight into this possibility.
The 20-day EMA currently stands at $1.347, while the 50-day EMA is slightly higher at $1.369. The 100-day EMA, a longer-term trend indicator, stands notably higher at $1.501.
Toncoin's current price, at $1.412, is above the 20-day and 50-day EMAs and is inching closer to the 100-day EMA. This move towards the longer-term EMA could signify that a bullish trend reversal is a strong possibility.
The RSI is at 57.02. This value is just above the neutral 50, indicating a slight bullish momentum. However, watch for any potential trend shifts in the RSI which could signal a change in market sentiment.
The MACD histogram stands at 0.009. With the MACD line above the signal line, this positive histogram value suggests bullish momentum.
The market cap and volume of Toncoin have also seen an uptick. The market cap has risen by 3.63% to $4.8 billion, while the 24-hour trading volume has increased by 5.81% to $29.6 million.
This increase in volume and market cap is a positive sign, as it shows increased trader interest and liquidity in the cryptocurrency.
Despite this bullish activity, Toncoin faces significant resistance ahead. The immediate resistance lies at the Fib 0.786 level at $1.455.
Beyond this, a highly contested resistance zone looms between $1.488 and $1.524, which coincides with the 100-day EMA at $1.501. Breaking this resistance could signal a stronger upward trend.
On the flip side, immediate support for Toncoin is found at the Fib 0.618 level at $1.390, followed by the 50-day EMA at $1.369. This support must hold to maintain the current bullish momentum.
While recent indicators suggest a potential trend reversal, traders should monitor these levels closely. Breakouts or breakdowns from these key levels could dictate the future short-term trajectory of Toncoin.
Sonik Coin Zooms Past Meme Coin Competitors; One of the Best Cryptos to Buy Now
Sonik Coin is picking up speed in its presale, zipping past $360,000 in funding from eager meme coin enthusiasts.
With two weeks left, this Sonic the Hedgehog-inspired meme coin has accumulated over 18% of its $2 million goal. Its steadfast presale traction defies recent negative price volatility in the meme coin space.
While meme coins typically ride on their viral appeal, Sonik Coin's whitepaper suggests it might have the ingredients for cryptocurrency market success.
Distinctively, this meme coin presents token holders with the opportunity to reap staking rewards. By merely depositing into the staking smart contract, holders can engage in Sonik's stake-to-earn functionality.
Even as the presale continues, numerous early adopters are opting to both 'buy and stake', implying immediate utilization of their purchased tokens.
Data from the sonikcoin.com staking dashboard revealed that 13,382,391,452 out of 299,792,458,000 total tokens are presently staked.
A breakdown of Sonik Coin's token supply indicates 50% dedicated to the presale, 40% to staking, and 10% to exchange liquidity. Based on these allocations, 7.6% of presale tokens have been staked already.
Tokens staked are locked in the smart contract for a minimum period of seven days. These tokens accumulate yield throughout their staking duration.
The reward distribution rate for $SONIK staking stands at 9125 $SONIK per Ethereum block over a span of four years. The earnings amount depends on the owned percentage of the staking pool and the staking duration.
Sonik Coin's approach includes targeting the Asian cryptocurrency market, given the meme's immense popularity in regions like Japan. The project has ensured accessibility by translating its website into multiple Asian languages.
Prioritizing investment security, Sonik Coin's smart contract has undergone auditing, with findings available on its website. Such proactive measures underscore the project's commitment to transparency and reliability.
For those interested, 50% of Sonik's total token supply is up for public sale, with no team allocation. Transactions can be conducted using ETH or USDT on their platform, with an impending listing on the Uniswap decentralized exchange post-presale.
Binance Coin (BNB): Navigating the Bearish Market with Resilience
Despite a modest 3.41% gain so far today, Binance Coin (BNB) remains entangled in a bearish market.
A close look at the primary technical indicators suggests the potential for further downside movement, even as the coin's price shows signs of respite.
The 20-day EMA for BNB is currently at $227.7, which is significantly below both the 50-day EMA of $238 and the 100-day EMA of $252.8.
This shows a persistent bearish trend, as the coin's price continues to hover below these key averages - a classic sign of a bear market.
The Relative Strength Index (RSI) has risen to 34.38 from yesterday's 21.22. Though this indicates an improvement in buying pressure, the value is still below 50, highlighting the dominance of sellers in the market.
Meanwhile, the MACD histogram is at -2.2, up from yesterday's -3. This negative MACD histogram indicates that the bearish momentum is still intact, albeit slightly diminished from the prior day.
The market capitalization of BNB has increased by 4.69% to $33.48 billion and the 24-hour trading volume is also up by 7.74% to $624.6 million. These increases are indicative of rising investor interest, however, they have yet to translate into a bullish reversal.
BNB is currently facing immediate resistance at the horizontal zone of $220 to $231, followed by the 20-day EMA at $227.7. For BNB to enter a bullish phase, it needs to break through these resistance levels with substantial volume.
On the flip side, BNB has immediate support at the extended reverse Fib levels of Fib -0.382 to Fib -0.236, which form a potential support zone between $183 to $197.7.
If the bearish momentum continues and BNB breaks below this support zone, it could trigger further selling pressure.
While BNB showcases some signs of recovery, the overarching technical indicators suggest that the bearish trend is far from over. Traders should exercise caution and closely monitor these key levels before making any decisions.
Supercharge Your Portfolio with Launchpad XYZ's Token Bonus and VIP NFT Passes
Launchpad XYZ has introduced an enticing 20% token bonus for new and existing contributors to its $LPX token presale.
However, prospective buyers need to act fast - the bonus will decrease by 1% every week. This limited-time offer provides an extra incentive to participate in the presale and become early adopters of the $LPX token.
The token bonus offer is just one of the novel incentives introduced by Launchpad XYZ.
The platform has also implemented an exclusive five-tier premium access system for presale buyers utilizing NFTs. The access level depends on the amount of tokens purchased, giving investors extra motivation.
So far, the presale has attracted healthy fundraising of over $1.4 million. The new token bonus and VIP NFT passes are expected to accelerate contributions even further.
The $LPX token is currently priced at $0.0445 and will maintain its value throughout the presale. Additionally, while the presale is active, users can access the alpha call Telegram group for free.
According to data from the team's blog, this alpha group has provided 23 setups yielding over 100% returns and 8 setups with over 1000% profits, including a 7000% gainer this week. The group also supplies trading advice and insights on trending coins.
A unique aspect is the introduction of access to VIP alpha groups through airdropped NFTs. Users must hold these NFTs to maintain alpha access. Tiers have been created for all user levels, from basic to expert traders.
At its core, Launchpad XYZ will utilize Apollo, an AI chatbot that will assist users in developing a personalized trading framework based on risk profile, market sentiment, news, and actionable insights.
The platform will also use a proprietary ranking system called Launchpad Quotient that analyzes over 400 data points to evaluate crypto projects.
Launchpad XYZ is building an all-in-one Web3 platform, not merely a crypto trading portal.
Its ambitious roadmap includes a gaming hub, decentralized exchange, token directory, and metaverse library, seeking to bridge the gap between Web2 and Web3 and facilitate crypto mass adoption.
Tron (TRX) on the Rise: Technical Indicators Signal Potential Upside
Tron (TRX) has shown promising upward momentum for the past 5 days, with its price movement exhibiting a series of positive technical indicators.
The cryptocurrency has gained 7% since bouncing off the Fib 0.382 level of $0.07262 on August 18.
TRX is exhibiting a 2.86% upward movement so far today, surpassing key levels such as the Fib 0.5 level of $0.07515 and the 100-day EMA at $0.07551.
Additionally, TRX extended its positive momentum by breaking through the 20-day EMA of $0.07635 and the 50-day EMA of $0.07696. This breakout from these key EMAs is a significant bullish signal, indicating a potential for further upward momentum.
The RSI has increased to 53.54 from yesterday's 45.16, suggesting growing strength in the bullish trend. An RSI reading above 50 typically indicates that the cryptocurrency is being actively bought, supporting the case for a potential upward trajectory.
The MACD histogram has also turned positive. The MACD histogram reading of 0.00016, up from yesterday's -0.00005, is a strong bullish signal, suggesting that upward momentum may continue to build.
Trading at $0.07764, TRX is currently nearing the significant resistance level of $0.07768, which corresponds to the Fib 0.618 level. This level has been a persistent obstacle for TRX throughout the month of August.
Given these technical signals, traders should watch for a potential break above this resistance. A successful breach of the Fib 0.618 level could trigger further buying interest, potentially propelling TRX to new monthly highs.
Immediate support is found at the 50-day EMA at $0.07696, followed by the 20-day EMA at $0.07635. A break below these levels could indicate a shift in the current bullish sentiment.
The technical indicators suggest a strong bullish sentiment in the TRX's price action, implying the potential for a retake of the Fib 0.618 level. However, traders should remain cautious and watch for confirmations of the bullish breakout or signs of reversal.
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.