Best Crypto to Buy Today 1 February – MEMAG, DYDX, FGHT, FTM, CCHG
As investors and traders eagerly await the outcome of the Federal Reserve's first FOMC meeting for the year, most analysts anticipate Chairman Jerome Powell will announce a 25 basis point interest rate hike.
His subsequent press conference is anticipated to have broad repercussions throughout financial and risk asset markets, including cryptocurrency, with market participants looking for guidance on the Fed's longer term plans. With this background in mind, what are some of the best cryptos to buy today?
Although typically Bitcoin, Ethereum, and other digital assets are noticeably volatile leading up to interest rate hikes, the crypto market has remained relatively steady this time around. After reaching a high of $24,000 over the weekend--it's the highest price in five months--Bitcoin's price ultimately dipped to a multi-day low of $22,400 Monday.
As of writing, Bitcoin is hovering at around $23k; indicative that investors have maintained their trust in cryptocurrencies despite any short-term volatility.
It is still too soon to determine the long-term impact of the interest rate hike on the cryptocurrency market. However, market participants are advised to keep a close watch on developments in the coming hours and days.
Historical correlations between FOMC events and Bitcoin indicate the possibility of increased volatility in the crypto market, making it vital for all players to stay informed and prepared for any potential changes. Nevertheless, there are still great investment opportunities available.
Based on technical and fundamental analysis, these five cryptocurrencies are considered to be some of the best cryptos to buy today for investors: MEMAG, DYDX, FGHT, FTM, and CCHG.
Meta Masters Guild (MEMAG) Building Community and Bringing Gamers to Web3
Mobile gamers are in for a treat as the progressive Meta Masters Guild gets ready to launch its Web3 Gaming Guild. This gaming network will serve as a medium to connect gamers from several different mobile games, establishing a trans-game economy that revolves around a single metaverse community and cryptocurrency, MEMAG. MMG is looking to innovate within the Web3 gaming space to create an exceptional, player-initiated gaming ecosystem.
MMG's mission is to build a decentralized gaming community that fosters interaction, commerce and team-work through the use of cutting-edge Web3 technology and games built for players--with games featuring integrated NFTs (Non Fungible Tokens) as well as crypto rewards.
Players will benefit from their talents and contributions by earning MEMAG cryptocurrency, along with having a voice in determining certain elements of the game world.
Also, the transparent economy system will allow gamers to exchange Gem rewards earned within games or NFT-based items for crypto rewards which may be converted into real money or NFTs representing in-game assets usable in MMG's titles.
To kick off the Meta Masters Guild ecosystem, MMG is launching Meta Kart Racers--an electrifying racing game that players can experience on any mobile device. The platform and partners are also concocting several other intriguing Web3 games set to launch in the near future as well.
Meanwhile, the MEMAG token presale has been a huge success so far, as traders have invested $2.37 million, giving the platform a good chance at a successful launch and making it one of the best cryptos to buy today.
The dYdX exchange token, DYDX, has been making headlines in the crypto world as it has seen a remarkable surge of nearly 30% from yesterday's candle close, outpacing gains made by both Bitcoin and Ethereum as well as most other altcoins. The increase in DYDX's price can be attributed to the dYdX Foundation's recent issuance of governance tokens for its Layer 2 protocol on the blockchain.
On August 3, 2021, dYdX launched an initial supply of 1 billion tokens set to become accessible over the course of five years. This allocation was strategically deployed in order to guarantee equitable distribution among members of their ecosystem.
The dYdX Trading Inc. and Foundation have allocated 27.7% of their tokens to previous investors, and 15.3% to the founders, employees, and advisors of both organizations, with 7% set aside for potential future staff and consultants associated with the two entities combined.
The issuance of the governance tokens is a significant development as it enables a community-governed protocol and aligns incentives among traders, liquidity providers, and partners. This has created a buzz in the DeFi community and has driven up the price of DYDX.
Plotting Fibonacci retracement levels on DYDX's most recent swing reveals the potential levels that may act as support for the cryptocurrency. The DYDX price is currently trading below the FIB 0.236 level of $2.953 at $3.065 with a -4.90% loss for the day. If FIB 0.236 doesn't hold, the next potential support is the support range of $2.532 to $2.608 in confluence with FIB 0.382.
The immediate resistance is the resistance level of $3.221 to $3.306. If DYDX's price manages to claim this level and move to the upside in the upcoming days, the next potential target for this cryptocurrency is the psychological level of $4 for an additional 21% move.
Fight Out (FGHT) a Fit for the Fitness Masses
Fight Out is rising to the challenge of unhealthy lifestyles with their innovative fitness app and soon-to-open gym chain. The Web3 based platform provides individualized workout programs for every user while also fostering a supportive network. This initiative strives to help users stay fit, have some fun, and earn rewards simultaneously.
For users determined to meet their fitness objectives with the M2E app, the platform offers REPS tokens as a reward. Not only is this an effective motivator, but it also allows users to make money while engaging in healthy habits. Behind the development of this app is a team of highly experienced professionals verified by Coin Sniper, making the coin one of the best cryptos to buy today.
Fight Out is looking to offer a high tech, community-oriented gym experience that features interactive elements, such as user profiles displayed on "mirrors" and sensors for personalized fitness instructions.
To make the project even more attractive, Fight Out has enlisted Amanda Ribas of UFC fame and Savannah Marshall, former WBO middleweight champion, as brand ambassadors. Their ambassadors will offer content on the platform as well as teaching master classes and leading other fitness events.
Now is the perfect opportunity to join Fight Out's presale event and secure up to a 50% bonus on investments exceeding $50K. With over $3.75 million already invested, the presale will soon raise prices as it enters its next phase, making it one of the best cryptos to buy today.
Fantom, a digital platform known for its fast and versatile services for digital content, has been making headlines recently for its impressive growth. The coin has seen a 168.57% increase in value in January, ending the month with a closing price of around USD $0.5366.
So what's driving the current surge in Fantom prices? A closer look at the technical indicators provides some insight.
The technical indicators for Fantom currently suggest a bullish trend for the cryptocurrency. The 20-day, 50-day, 100-day, and 200-day exponential moving averages (EMAs) for the coin are trending upward, with values of $0.4067, $0.3253, $0.2887, and $0.3527 respectively. This indicates that the overall trend for the coin is on an upward trajectory.
The relative strength index (RSI) is another technical indicator that suggests a bullish trend for the coin. The current RSI stands at 70.67, with a previous day reading of 77.04, which is considered overbought territory. This further supports the bullish outlook for the cryptocurrency.
The moving average convergence divergence (MACD) histogram also supports the bullish trend for the coin, with a current reading of 0.0109 and a previous day reading of 0.0128. The MACD is a momentum indicator that can determine if an asset is trending, and a positive MACD histogram confirms the bullish trend for Fantom.
In terms of volume, Fantom is currently trading with a volume of 92.275 million, and a volume moving average of 171.195 million. The previous day's volume was 285.996 million, providing further insight into the level of trading activity for the coin.
The previous close for the coin was $0.5366, and it saw a price movement of 11.24% the previous day. The current price is $0.5094, with a price movement of -5.05%, and the immediate resistance level is between $0.6502 and $0.6823, while the immediate potential support is between $0.4416 and $0.4498.
Fantom's price increase recently is thought to be the result of various factors, including the coin's growth and positive technical indicators.
Eco App C+Charge (CCHG) One of the Best Cryptos to Buy Today
Get ready for a groundbreaking evolution for the electric vehicle (EV) charging industry, coming with C+Charge's innovative peer-to-peer payment platform and rewards program. Thanks to blockchain tech and key partnerships, EV owners will soon be able to easily locate and securely access charging stations while receiving carbon credit crypto as an incentive.
To take advantage of the token offering, Investors can now purchase CCHG tokens at $0.013 USDT during stage one of the presale before prices eventually rise to a final cost of $0.02350 across three stages. So far, this ambitious project has raised over half a million dollars and is on track to raise more than enough funds to launch their app successfully.