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Bitcoin (BTC) has fallen below the critical support level of $27,000 for the first time in almost two months, raising concerns about the immediate future of the cryptocurrency market.
With skittish macro conditions and lingering uncertainties surrounding the US debt ceiling and the possibility of a recession, the crypto market is facing a challenging periods, right along with other risk assets.
Amidst these recent market developments, what are the best cryptos to buy now?
Bitcoin is currently trading at $26,342 experiencing a 2.07% decline so far today. This adds to a cumulative 11.5% drop so far for the month of May.
The latest Consumer Price Index (CPI) statistics did provide some support for a positive shift in market sentiment.
However, fears about the US debt ceiling and potential economic downturn exerted a stronger downward pressure on BTC and the broader crypto market.
Adding to the hopeful outlook, bullish investors are now eyeing the opportunity to buy the dip if Bitcoin's price drops to $25,000.
Analysis of aggregated order books on exchanges reveals that investors have actively placed limit orders to purchase 8,900 BTC at this price level, significantly outweighing the 5% BTC in sell-orders.
This strong demand, coupled with the confidence of long-term holders, suggests that prices could experience a rapid rise when market sentiment improves.
For the bullish scenario to materialize, Bitcoin needs to overcome the initial resistance at $27,500.
However, a potential hurdle lies in the presence of 1.6 million investors who bought 686,000 BTC at an average price of $27,500. Their sell orders might impede the bullish momentum.
Nonetheless, if the positive Bitcoin price prediction prevails, the bulls could gather enough strength to push the price back to $30,000.
Conversely, a surprising drop below $25,000 could nullify the optimistic outlook.
If this support level fails to hold, it could invalidate the bullish Bitcoin price prediction, potentially triggering a further drop toward $23,500 to $24,000.
The ability of long-term holders to weather the storm and the demand seen at lower price levels hint at potential opportunities for the market to regain its footing in the future.
With this in mind, AI, BGB, SPONGE, XLM, YPRED, ATOM, and DLANCE are some of the best cryptos to buy now based on their strong fundamentals and/or technical analysis.
AiDoge Aims For Next Meme Coin Goldmine With Web3 Meme Generating Platform
With its fusion of artificial intelligence and meme-to-earn concept, AiDoge has captured the attention of cryptocurrency investors, with its presale raising over $6.3 million in under two weeks.
Users will be able to create memes using AiDoge's platform and earn cryptocurrency rewards if their creations gain popularity.
The project's presale of its native $AI token has been nothing short of extraordinary, attracting close to $1 million per day.
The presale is currently at stage 10, with just over $600,000 remaining before entering stage 11. At that point, the price will increase from $0.0000296 to $0.0000300.
What sets AiDoge apart from other meme coins is its introduction of a use case called Meme-to-Earn (M2E).
The platform will reward meme creators with $AI tokens for their efforts, providing them with a viable income stream related to their hobby.
Additionally, the blockchain technology underlying AiDoge ensures the protection of ownership rights over created content.
With recent success stories like Pepecoin and SpongeBob seeing exponential gains, investors are eagerly searching for the next gem in the meme coin realm.
The surging presale of AiDoge indicates that many believe it could potentially be the next big thing.
One of the key factors that set AiDoge apart is its utility. Unlike meme coins lacking real use cases, such as Dogecoin, Shiba Inu, and Pepe, AiDoge's $AI token holds tangible value.
It serves as the native token within the AiDoge platform, facilitating the purchase of credits to generate memes using AI technology.
$AI token holders also have the opportunity to stake their tokens, which grants them access to daily rewards and a host of additional advantages.
Furthermore, these tokens play a crucial role in acknowledging and motivating community members who engage in voting for memes and generating popular content.
AiDoge's viral presale, powered by its meme-to-earn use case and cutting-edge AI technology, is capturing the attention of the cryptocurrency market.
With potential gains on the horizon and a strong value proposition, AiDoge is positioning itself as a unique player in the meme coin space.
Bitget Token (BGB)
The Bitget token is showing signs of bullish momentum in the short term based on the current technical indicators.
After posting 4 straight days of gains and reaching a multi-week high of $0.49111, the BGB token has pulled back slightly today but is still up over 15.60% for the week.
Looking at the EMAs, the 20-day EMA is at $0.4223 indicating the short-term trend is rising. The 50-day EMA at $0.4048 also shows an upward trajectory in the intermediate term.
The longer 100-day EMA is lagging at $0.3715 but has also turned higher, confirming the bullish pattern across timeframes.
The RSI is at 70.12 but has since pulled back to a still bullish 66.19 reading.
The moving average convergence divergence or MACD histogram has also increased to 0.00908, higher than yesterday's 0.00892 reading.
Both the RSI and MACD point to bullish momentum in the BGB token currently.
With the immediate resistance level at the multi-week high of $0.49111, traders should look for a break above that level for confirmation that the uptrend can continue.
As long as the token holds above the $0.4594 current level, the technicals remain bullish.
However, a drop below $0.4594 could signal a reversal in the uptrend. Based on the technical indicators, the Bitget token looks poised to challenge the $0.49111 resistance level again soon.
$SPONGE Lists on Bitget and Gate.io, Showing Admirable Strength in Weak Market
Defying the broader cryptocurrency sell-off, Sponge has shown its market strength by showing gains of 5% so far today after listings on two major cryptocurrency exchanges, outperforming even meme coin market leaders Dogecoin and Shiba Inu.
$SPONGE's success during its first trading week can be attributed to its continual attraction of new buyers, most of whom retain the coin despite selling portions to recoup initial investments.
The meme coin now boasts 11,780 holders, a figure that is set to at least double with the inclusion of two more centralized exchanges, Bitget and Gate.io.
Both platforms rank highly on Coinmarketcap, with 24-hour trading volumes surpassing $800 million, and a combined weekly visitor count of 5.2 million.
$SPONGE's progress has been no accident. A capable marketing team, blockchain-centric venture capitalists, and adaptable engineers have catapulted the meme coin toward its ambition of being one of the world's premier community tokens.
$SPONGE's rapid scaling is evident from its thriving online presence, with nearly 39,500 Twitter followers, over 20,000 Telegram members, and a vibrant Discord server hosting over 3,000 users.
The meme coin, already making noise among Twitter influencers and New York's elite, promises even more potential.
With partnerships like Love Hate Inu and possible endorsements from influential figures like Elon Musk, $SPONGE is set to remain a dominant force in the crypto market.
Stellar (XLM)
After failing to break above the resistance level of $0.0947 to $0.0963 and getting rejected by the 100-day EMA of $0.0939 on May 6, XLM has found temporary support in the range of $0.0882 to $0.0889.
The 20-day and 50-day EMAs of $0.0928 and $0.0947 respectively are currently acting as resistance levels for XLM.
The 100-day EMA provides important longer-term trend information, and the rejection from that level indicates the current downtrend may continue.
The RSI of 34.22 also indicates XLM is currently in oversold territory, meaning a bounce or relief rally could be on the horizon in the near future.
However, any upside may face strong resistance at the 20-day EMA of $0.0928. Currently trading at $0.0889, Stellar has lost 0.45% today so far.
Investors should be cautious going forward as XLM attempts to hold the support range of $0.0882 to $0.0889. A breakdown below this level could see further losses in the short term.
Unlocking Profits and a Greener Future: Ecoterra, One of the Best Cryptos to Buy Now
Driven by a passion for environmental sustainability, ecoterra is pioneering innovative solutions to reduce waste and combat climate change through its Recycle-to-Earn cryptocurrency platform and ecosystem.
ecoterra recently won an award at the Istanbul Blockchain Summit for its contributions to the sustainable crypto ecosystem, and has seen sales of its native $ECOTERRA token surpass the $3.5 million mark.
The company's unique approach to environmental sustainability sets it apart in the crypto market.
ecoterra is developing a web3 ecosystem powered by $ECOTERRA, which incentivizes recycling through a Recycle-to-Earn (R2E) system.
This platform not only encourages individuals and businesses to reduce their carbon footprint but also facilitates trade in recycled materials.
The company's rapid growth is evident in its presale figures. Just a week ago, ecoterra crossed the $3 million mark. Now, the company is bringing in approximately $500,000 per week.
With the next price increase set to occur when the presale reaches $3.925 million, investors are eager to secure their $ECOTERRA tokens.
ecoterra's platform aims to offer multiple features that appeal to environmentally conscious users.
For instance, the platform will reward users with $ECOTERRA tokens every time they recycle.
It will also includes a carbon offset marketplace, making it easier for individuals and businesses to offset their carbon emissions.
Additionally, ecoterra will provide a marketplace for recycled materials, facilitating the purchase of these goods using $ECOTERRA or other cryptocurrencies.
The company's Impact Trackable Profile feature will allow users to monitor their environmentally friendly practices.
This tool is expected to be particularly popular among businesses looking to enhance their brand image and strengthen customer loyalty.
As the company continues to grow, it is poised to play a significant role in addressing climate change.
With the broader adoption of cryptocurrency, green web3 projects like ecoterra are becoming increasingly important in global efforts to combat environmental challenges.
Cosmos (ATOM)
Cosmos's technical indicators point to a sideways trend in the short term, with a breakout in either direction possible depending on how ATOM reacts at key support and resistance levels.
ATOM is currently trading just below its 20-day exponential moving average of $11.0743, which is acting as immediate resistance.
If Cosmos can break above this level and sustain the momentum, we could see a move back toward the 50-day moving average at $11.3672.
However, ATOM is also hovering just above the immediate support zone of $10.493 to $10.547 where it found a bounce earlier this month.
If Cosmos breaks below this level, it could trigger a further pullback in the short term.
The contracting price action and narrowing band between the moving averages signal decreased volatility and a period of consolidation.
This is reflected in the RSi of 47.85, which sits just below the 50 midlines, indicating a fair value market.
Meanwhile, the MACD histogram is marginally negative at -0.001, but shows an improvement from -0.019 the previous day. This signals that the downward momentum is slowing.
In the immediate future, the key for ATOM bulls will be to push the price back above the 20-day EMA and preferably the 50-day EMA to confirm an upside breakout.
On the other hand, if Cosmos breaks below the $10.493 to $10.547 support zone, we could see a test of the lower trendline around $10.2 in the near term.
Stay Ahead of the Game: yPredict, One of the Best Cryptos to Buy Now
Artificial intelligence-based crypto research platform yPredict has seen robust interest in its presale, collecting over $950,000 so far.
The platform aims to provide crypto price predictions and market insights.
yPredict is currently in stage 5 of its presale, and the price of the token is set to rise from $0.07 to $0.09 per token.
At this rate, stage 5 of the presale could be completed within a week. Over the next three stages of the round, the price is set to climb to $0.11. The token will then be listed on cryptocurrency exchanges at $0.12.
The strong interest in this project’s token is unsurprising given the platform’s focus. It aims to provide crypto traders and investors with “an unbeatable edge” through AI-based predictive models and insights built by highly qualified developers and quantitative analysts.
The platform will offer dozens of AI-powered trading signals, pattern recognition tools, and social sentiment analyses.
It also plans to enable experts to offer AI model predictions and crypto research as trading signals that platform users can subscribe to.
Recent research has demonstrated AI’s ability to predict market movements by analyzing huge amounts of data.
New users will need to purchase subscriptions to access the platform’s premium features, and 10% of subscription fees will be distributed to existing token holders. Token holders will also be able to stake their tokens to earn rewards.
The platform itself is set to launch in full by the end of 2023, though a beta version is already available.
The presale makes 80% of the total 100 million tokens available to the public. The other 20% is allocated for liquidity, platform development, and company treasury.
This structure reduces the incentive for fraudulent behavior and ensures community members can gain a large part of the supply early on.
Given the platform’s promising future and AI’s growing role, the token may become very valuable. Investors are advised to consider participating in the current round before prices rise further.