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Best Crypto to Buy Now October 9 – Toncoin, Quant, Maker

Trent Alan
Last updated: | 9 min read
Best crypto to buy now October 9 article cover.
As the courtroom drama surrounding Sam Bankman-Fried continues to unfold, what is the best crypto to buy now? / Image by cryptonews.com

Federal prosecutors dealing with the fraud case against Sam Bankman-Fried are pushing to bar any mention of the defendant’s hefty investment in artificial intelligence firm Anthropic during trial proceedings, according to court filings on October 8.

As the courtroom drama surrounding Sam Bankman-Fried continues to unfold, what is the best crypto to buy now?

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Prosecutors argue that Bankman-Fried’s $500 million funding of Anthropic, now engaged with Amazon in a multi-billion dollar venture, should hold no bearing on the wire fraud accusations against him.

Though Anthropic is currently valued at up to $30 billion, the prosecution says this valuation does not relate to allegations that the former FTX CEO misused customer funds.

Introducing evidence related to Anthropic’s lucrative business deals could force the trial into a lengthy examination of available assets to repay FTX creditors and customers, prosecutors claim.

They contend the focus should remain on compensating FTX users directly harmed by alleged fraud. The legal fight comes shortly after Samuel Reed and Gary Wang, former FTX executives, confessed to various fraud charges connected to their activities with Bankman-Fried.

Their testimony exposed that FTX’s claimed insurance fund in 2021 was a complete sham, lacking any of the promoted assets. Wang and former Alameda Research CEO Caroline Ellison are slated to appear in court again soon, thrusting the already high-profile case further into the public eye.

Experts view the trial as a bellwether for accountability and oversight in the thinly regulated crypto industry. While the sector has seen tremendous growth, cases like FTX demonstrate the severe consequences of abuse and poor safeguarding of customer funds.

The outcome of the landmark SBF case will likely shape broader views on the trustworthiness and maturity of cryptocurrency exchanges. It also raises pressing questions about the responsibility of executives to protect user assets and operate transparently, regardless of an organization’s success.

While SBF’s legal issues continue to make headlines, many investors are still looking for lucrative opportunities in the crypto market.

For those seeking the best crypto to buy now, Toncoin, Bitcoin Minetrix, Quant, Meme Kombat, and Maker are all worth considering thanks to their strong fundamentals and/or favorable technical analysis.

Toncoin (TON) Down 4.25%: Seeking Support at 50-day EMA

TradingView chart for the TON price 10-09-23
Source: TradingView / TONUSDT

The TON price continues to face selling pressure as the downtrend persists. Toncoin (TON) is down another 4.25% today as bears remain in control. This extends the coin’s slide beneath the 20-day EMA of $2.0762, now acting as resistance.

With the TON price declining towards the 50-day EMA of $1.9465, bulls are hoping this level will provide support. The key $1.9332 to $1.9835 zone must hold to avoid further losses. This area aligns with the Fib 0.382 level at $1.9837.

The technical picture remains bearish at the moment. The RSI reading has fallen to 44.87, down from yesterday’s 49.18. This shows fading upside momentum as TON nears oversold levels.

Additionally, the MACD histogram now prints at -0.0355. This negative value has grown versus the previous -0.0328 reading, illustrating intensifying bearish momentum.

On the volume front, caution is warranted. Despite the TON price dropping, the 24-hour volume has spiked 43.14% to $20.8 million. Rising volume amidst falling prices often precedes extensions lower.

To turn the tide, TON needs to overcome resistance between $2.0332 and $2.1023. This area aligns with the Fib 0.5 level at $2.1013 and the 20-day EMA. Reclaiming this zone would put the focus back on the bulls.

Until support is confirmed or resistance is broken, the path of least resistance appears lower for the TON price. Traders may look to tighten stops on longs while anticipating a retest of the key $1.9332 to $1.9835 support area. A decisive break lower could open the door to a steeper selloff.

Bitcoin Minetrix: A Game-Changer in Cloud Mining. Best Crypto to Buy Now?

Crypto prices have been declining in recent weeks, but one new project is bucking the trend. Bitcoin Minetrix, which seeks to offer easy and accessible cloud mining of Bitcoin, has raised over $850,000 from investors in just under two weeks.

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The forward-thinking startup seeks to tokenize cloud mining, allowing more people to get involved in Bitcoin mining without prohibitive upfront costs. Bitcoin Minetrix will facilitate mining operations and distribute revenues to token holders.

In contrast, a rival project called MineLab was launched recently but is already facing scrutiny. MineLab’s token saw a massive 10,300% price surge shortly after launch, prompting suspicions.

The project has not released an audit of its code or locked its liquidity. Automated auditing tools detected the MineLab contract allows the owner to modify user balances, a significant security risk.

Several users have reported their balances being reduced to zero, sparking rug pull concerns. MineLab’s website also appears hastily put together, lacking key details on the project.

Meanwhile, Bitcoin Minetrix has passed a professional audit showing no major issues. The project lists a physical address in Georgia and locks its liquidity at launch.

Bitcoin Minetrix outlines a clear staking model, allowing users to earn passive income from staking rewards and eventual mining revenues.

Several prominent crypto influencers have praised Bitcoin Minetrix’s well-planned nature, citing its potential to become the best crypto to buy now. They believe it has a strong potential to disrupt cloud mining and predict significant price growth for the cryptocurrency.

With the current presale stage ending October 16, Bitcoin Minetrix could sell out all allocated tokens priced at $0.011. The next stage will see the price rise to $0.0111.

Staking is already active during the presale, offering APY yields of up to 704% as of writing.

Visit Bitcoin Minetrix Now

Quant (QNT) Price Prediction: Caught in Sideways Shuffle, Where’s the Breakout?

TradingView chart for the QNT price 10-09-23
Source: TradingView / QNTUSDT

Quant (QNT) has continued to trade sideways between $84.50 and $89.60 over the last week. Currently exchanging hands at $87.40, the QNT price is down 0.91% so far today after facing rejection at immediate resistance levels.

Reviewing the 20-day and 50-day exponential moving averages (EMAs), we see the 20-day EMA residing at $89.40 while the 50-day EMA sits higher at $93.10. With the faster EMA below the slower one, this reflects the recent bearish momentum and absence of a meaningful uptrend.

The RSI of 39.97 indicates the fading bullish sentiment and lack of direction. While not yet oversold below 30, the RSI’s downward trajectory signals waning upside momentum for now.

The moving average convergence divergence (MACD) histogram is unchanged at 0.20, aligned with the directionless price action lately. The MACD line remaining below the signal line echoes the momentum deterioration.

In terms of volume, the 24-hour amount is $4.2 million versus Quant’s market capitalization of $1.7 billion. The 18% decrease from yesterday’s $5.1 million volume paints a bearish picture of dwindling trader interest.

Regarding potential support and resistance zones, initial resistance resides between $89.00 and $89.70 based on the 20-day EMA and Fib level. Support is expected around the current swing low area of $84.50 to $86.30.

Overall, with the bearish setup of the 20-day EMA below the 50-day EMA, fading upside momentum, and declining volume, the path of least resistance for QNT points is lower currently.

However, the first sign of bullish life could emerge if the QNT price can break out above the 20-day EMA resistance around $89.40.

This would signify the bulls regaining control and could spark an upside breakout from the recent consolidation. Traders may consider buying once a confirmed break and close above the 20-day EMA occurs in the upcoming days.

Get Ready for Meme Madness: Meme Kombat’s Decentralized Gaming Platform

The new decentralized gaming platform Meme Kombat has raised over $400,000 so far in its presale. The startup intends to merge nostalgic gaming with blockchain technology and tap into the popularity of internet memes.

The platform will allow users to bet on battles between cartoon meme characters and get rewards for predicting the right outcomes.

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Meme Kombat plans to feature 11 characters in the first season of battles, with the second season already in development for a 2023 release. The decentralized nature of blockchain is touted to ensure transparency in battle outcomes.

The native token for Meme Kombat is $MK, which users can stake to earn passive income. The staked tokens can also be used to place bets on the gaming platform.

Meme Kombat is leaning into the growing “gamble-fi” space which combines gambling with decentralized finance. With its meme-based appeal and gamified approach, the project hopes to find a niche in the expanding crypto gaming market.

The platform states that the outcomes of each battle will be unpredictable thanks to the use of blockchain technology and AI components. Meme Kombat seeks to keep users engaged by ensuring no two battles have the same result.

According to the project’s white paper, Meme Kombat will conduct a security audit of its smart contract. The findings of this audit will be made public before the planned launch in Q4 2022.

Meme Kombat is the latest contender hoping to parlay the mega-trends of internet humor and crypto adoption into a winning product. Its fundraising pace suggests a major competitor is entering the competitive crypto gaming field.

Visit Meme Kombat Now

Maker (MKR) Price Outlook: Will Bulls Defend the Support Zone?

TradingView chart for the MKR price 10-09-23
Source: TradingView / MKRUSDT

MKR’s impressive rally in September has been met with a downturn in October, with the coin’s price dropping by over 13% in the last 10 days. Is this just a short-term dip or indicative of a more substantial market correction?

With the MKR price hovering near a key support zone, technical indicators remain mixed regarding the coin’s next move. A break below the 20-day EMA and Fib 0.382 support could open the door for further declines. However, oversold RSI readings hint a bounce could be forthcoming.

The 20-day EMA for the MKR price currently stands at $1,389, just above the MKR price’s current level of around $1,382. Typically, the 20-day EMA acts as an initial support or resistance level. A close below this moving average would likely turn it into resistance on any bounce attempts.

The 50-day EMA sits at $1,387, with the MKR price sandwiched between the two key moving averages. This signals indecision in the market, as bulls attempt to hold the 20-day EMA while bears pressure the level. A decisive break below both EMAs could accelerate selling pressure.

The RSI on the daily time frame is currently reading 52.32, down from yesterday’s 54.77. This shows waning upward momentum but still remains outside oversold territory. There could be room for the RSI to fall further if the selling intensifies.

The MACD histogram is printing -16, down from the previous day’s -12. The growing negative value reflects building downside momentum, which could foreshadow more declines for the MKR price.

The 1.46% drop in market cap to $1.34 billion, coupled with the 48.50% surge in 24-hour volume to $52.56 million, indicates sellers are firmly in control at the moment. Higher volume on down days tends to reflect strong conviction behind the selling pressure.

The MKR price is currently testing an immediate support zone between $1,338 and $1,380, where the Fib 0.382 level also resides at $1,363. Bulls need to defend this area to avoid a steeper drop towards the psychological $1,000 level.

On the upside, initial resistance lies between $1,533 and $1,600, where the recent swing high is located. Only a decisive break above this area would put the focus back on the bulls.

While deeply oversold readings suggest the potential for a reflexive bounce, MKR’s technical picture remains fragile below pivotal EMAs. However, a failure to hold the first layer of the Fib 0.382 support level could accelerate the selling.

MKR traders may want to wait for a break outside of the $1,338-1,600 range before plotting their next move. In the meantime, employing prudent risk management given the volatile conditions is advised.

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.