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A standout story in today's crypto news reports hails from Turkey, where the former CEO of the now-folded Turkish cryptocurrency exchange Thodex has been sentenced to over 11,000 years in jail.
Faruk Fatih Özer, who founded Thodex in 2019, received a staggering 11,196-year sentence along with his two siblings and a $5 million fine.
In the wake of the sentencing of Thodex's ex-CEO, what are the best cryptos to buy now?
This comes after Thodex halted trading in April 2021 and Özer disappeared from Turkey with an estimated $2 billion of users' assets.
According to reports, the court in Istanbul convicted Özer of fraud, money laundering, and leading a criminal organization in relation to the sudden shutdown of the exchange.
Prosecutors accused Özer of orchestrating an "exit scam"--suddenly ceasing operations and stealing user funds.
Meanwhile, Özer maintained his innocence, claiming Thodex was simply a crypto company that went bankrupt with no criminal intent. However, the court handed down the lengthy sentence after finding significant evidence of systematic fraud.
Özer was eventually arrested in Albania in 2022 and extradited to Turkey to face charges earlier this year.
His case involved 21 defendants, but only 5 appeared in court. The others received lesser sentences or were acquitted due to a lack of conclusive evidence against them.
The collapse of Thodex marked a major scandal in Turkey's cryptocurrency industry. At its peak, the exchange had hundreds of thousands of users trading billions of dollars worth of crypto assets. Its failure underscored the risks posed by centralized exchanges operated without sufficient oversight.
While Özer is unlikely to serve over 11,000 years behind bars, the sentence sends a strong message from Turkish authorities to the country's crypto sector. Regulators worldwide continue grappling with cases of fraud and misconduct as the crypto space evolves.
Meanwhile, Bitcoin appears unaffected by the Thodex scandal, still stuck trading sideways under the 0.786 Fibonacci retracement of $26,289. BTC is currently trading at $25,877, down 1.44% so far today as the crypto continues its consolidation.
Despite this, Rollbit Coin, Wall Street Memes, Radix, Bitcoin BSC, and Aave stand out as some of the best cryptos to buy now thanks to their solid fundamentals and/or favorable technical analysis.
Sellers Gain Upper Hand: Rollbit Coin (RLB) Dips Below RSI 50
Rollbit Coin (RLB) is currently navigating a bearish divergence, a market scenario that's incited a considerable amount of concern among traders.
The emergence of the double-top pattern combined with a bearish RSI divergence has confirmed a classic chart formation indicating a trend reversal for the cryptocurrency.
This has led to a more pronounced retracement phase for RLB. Additionally, RLB's inability to break above its 20-day EMA of $0.161212 further reinforces the pessimistic outlook.
RLB's RSI has dipped to 48.27 from yesterday's 49.11. This shift, albeit subtle, indicates a weakening of buying pressure. RLB's placement below the neutral 50 points on the RSI scale suggests that the sellers are gaining an upper hand.
Adding to the bearish narrative, the MACD histogram presents a negative value of -0.0052756649, albeit slightly improved from yesterday's -0.0054547343.
The MACD is often utilized to identify potential buy and sell signals; in this case, the negative histogram implies that the bearish momentum is in play.
The market cap of RLB shows a marginal increase of 0.08% to $501.8 million. However, the 24-hour trading volume is down by 23.32% to $3.7 million.
This decline in volume during a downtrend could be indicative of reducing interest among traders, further consolidating the bearish sentiment.
RLB is currently trading at $0.153119, marking a 1.48% decrease so far today. The immediate resistance for the coin is at the Fib 0.382 level of $0.156341, followed closely by the 20-day EMA which was retested earlier today when RLB touched an intraday high of $0.160791.
On the support front, the immediate cushion is the Fib 0.5 level of $0.138802, followed by the 50-day EMA of $0.135562. The zone between the Fib 0.618 level of $0.121264 and the 0.5 level is expected to serve as robust support, potentially halting further price decline.
Traders should tread with caution, given the bearish indicators and the potential for further downward movement. While a bounce from the support levels could provide short-term trading opportunities, the overall sentiment remains bearish.
Is Wall Street Memes' $WSM One of the Best Cryptos to Buy Now?
When it comes to selecting the best crypto to buy, the market offers a plethora of choices. Wall Street Memes, a name recognized for its viral content on Instagram and Twitter, announced its foray into meme coins on May 26, 2023.
This isn't the first time the platform has dabbled in cryptocurrencies. In 2021, its NFT collection sold out in just 30 minutes, and this year, it listed another set of NFTs on Magic Eden.
Since the presale announcement for its native token $WSM, Wall Street Memes has raised over $25 million. This presale is ongoing and will end soon, with the initial exchange offering (IEO) set for September 27.
Initial pricing was at $0.025 per token, which has now gone up to $0.0337. The platform has seen solid support from its community, boasting one million followers across social media.
Interestingly, Wall Street Memes has laid out plans to distribute 100% of the token supply to its community. Options for staking are also available, attracting a large pool of 295 million tokens so far. While not offering elaborate features, the token does provide staking rewards.
Radix (XRD) Shows Signs of Bullish Reversal with Growing Momentum
Radix (XRD) is showing signs of a potential bullish reversal, with the price up 7.66% to $0.05831 at the time of writing. This rise has brought XRD close to breaking above the crucial 100-day moving average resistance at $0.05810.
The 20-day and 50-day moving averages at $0.05397 and $0.05537 respectively are providing immediate support. Meanwhile, the RSI has surged from yesterday's 51.47 to 63.65 today, reflecting growing upside momentum.
Adding to the bullish case, the MACD histogram has more than doubled from 0.00025 to 0.00054. A rising MACD often indicates bullish sentiment.
Trading activity is also on the rise, with 24-hour volume jumping 112.17% to $2.7 million. This points to rising interest among traders.
In tandem, Radix's market capitalization has grown 7.11% to $597,211,290, typically a sign of improving investor confidence.
Looking ahead, XRD faces resistance at the 100-day moving average. A decisive break above could open the way to the next target of $0.05915, near the Fib 0.236 level of $0.05915. XRD last traded at this level 51 days ago on July 19.
While risks remain, Radix is demonstrating several positive technical signs that could signal a bullish reversal ahead.
Traders should watch key resistance and support areas, as market conditions can change rapidly. A break above the 100-day moving average could confirm the start of a potential uptrend.
Bitcoin BSC: The Next Big Crypto with High Yield Staking Rewards
As the constant search for the best crypto to buy continues, Bitcoin BSC is emerging as a candidate with its focus on staking. It runs on the BNB Smart Chain and promises yields over a 120-year period. The token supply is capped at 21 million, with 69% reserved for distribution as rewards.
Bitcoin BSC made a swift entry into the crypto presale market, already raising more than $300,000 in just 4 days.
Staking in Bitcoin BSC begins even before its listing on the decentralized exchange PancakeSwap. Holders of the token can deposit them into a staking smart contract to earn rewards proportionate to their stake.
Unlike some other Bitcoin alternatives, Bitcoin BSC boasts quick transaction speeds and lower transaction fees—less than $0.10 compared to Bitcoin's average $10.
The project has planned its growth in four stages, beginning with a presale in Q3 2023, followed by the staking phase. The official token launch is expected in Q4 2023. A daily payout feature will also be introduced in the fourth stage, mimicking Bitcoin’s block schedule.
AAVE's Consolidation Continues: Traders Await Breakout Confirmation
AAVE has been stuck in a holding pattern for the last three weeks, trading in a narrow $6 range between $54 and $60. This period of consolidation has the cryptocurrency coiling tightly as traders await a potential breakout.
AAVE is currently trading at $56.51, up a marginal 0.32% so far today as it continues to hover below the 20-day EMA at $57.13.
This moving average has proven to be a tough resistance level to overcome, rejecting breakout attempts on August 29th and 30th. Now, bulls will try once again to vault this hurdle and ignite a sustained uptrend.
Zooming out, the technical picture reflects the recent bearish sentiment. The 50-day EMA sits at $60.69 while the 100-day EMA resides at $63.54, well above the boundaries of the current trading range posing as longer-term resistance levels.
Looking at momentum, the RSI has inched up to 43.78 from yesterday's 43.04. While showing a slight improvement in buying pressure, the RSI remains below the 50 midpoint, underscoring the cautious mood.
At the same time, the MACD histogram has turned up, increasing from 0.30 to 0.38. This subtle change hints bulls may be gaining some control.
In the near term, AAVE needs to decisively break above the 20-day EMA at $57.13. Beyond this initial hurdle lies stronger horizontal resistance between $58.28 and $59.82. A close above these levels could confirm a bullish trend reversal.
On the downside, support lies between $53.70 and $54.53. This area could halt further declines if bearish momentum accelerates.
While early signs of bullishness do exist, the overall technical picture remains bearish for AAVE. Traders will be closely monitoring key support and resistance levels, prepared to adjust their strategies accordingly as AAVE's price action unfolds.