Best Crypto to Buy Now July 2024
Bitcoin and the broader cryptocurrency market are experiencing a slump today, adding further pressure to an already tense market sentiment.
Despite reaching a 13-month high of almost $31,700 last week, Bitcoin’s momentum has been dwindling since, with its price consistently falling below the 20-day Exponential Moving Average (EMA) this week. The indicator could now be acting as a dynamic resistance.
Current market data suggest that mercurial sellers are maintaining downward pressure on crypto prices.
This differs from the trends observed in the stock market, where positive sentiment and investor enthusiasm have recently driven stock prices upwards.
Although cryptocurrencies and stocks share some similarities as fundamentally risk-sensitive assets, their trajectories have diverged this year due to the varying outlooks for interest rates and recession risks.
The Dow Jones Industrial Average recorded its longest winning run since 2017 on Thursday.
In contrast, the S&P 500 appreciated about 4% over the last month, while Bitcoin depreciated by 1% over the same period.
On Thursday, the Nasdaq index, which has a history of being closely linked to cryptocurrencies, fell by 2.1%.
This drop may have had an impact on the cryptocurrency market. However, on Friday, the Nasdaq futures rebounded and have been performing better than Bitcoin in recent periods.
Bitcoin is treading water around $29,858, up just a mere 0.15% so far today. If buying pressure remains weak over the next couple of days, a pullback toward the lower end of $29,000 is highly likely.
With the current state of the cryptocurrency market, Chainlink, Chimpzee, Compound, DeeLance, and Stellar are some of the best cryptos to buy now thanks to their strong underlying fundamentals and/or upbeat technical analysis.
Chainlink (LINK) Breaks Out of Fib Levels: A Strong Bullish Bias Suggests Further Upside
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Chainlink (LINK) has recently been under the spotlight, following a robust 20.91% surge, setting a new 13-week high.
The market has seen LINK break out from the Fib 0.618 level at $7.259 and the Fib 0.786 level at $7.937 after forming an ascending triangle pattern.
From a technical perspective, LINK’s exponential moving averages suggest a strong bullish bias. The 20-day EMA is currently at $6.853, the 50-day EMA is at $6.495, and the 100-day EMA stands at $6.518. These levels, all lower than the current price of $8.138, confirm LINK’s strong upward momentum.
Notwithstanding today’s 2.67% price downturn, the RSI indicates a positive trend.
Although the RSI has slightly cooled to 69.98 from yesterday’s 74.24, it is still just below the typically overbought threshold of 70.
This suggests the market is currently witnessing a healthy price correction rather than a trend reversal.
The MACD histogram, which is considered a reliable indicator of a trend’s strength, has risen to 0.158 from yesterday’s 0.131.
This increase implies that bullish momentum is still present, albeit tempered by today’s price dip.
The market cap of LINK increased by 0.12% to $4,378,643,850 while trading volume decreased by 38.78% to $728,484,172.
This divergence between market cap and volume suggests that LINK may enter into a consolidation phase as it digests its recent gains.
In terms of price levels to watch, the immediate resistance for LINK stands at its year-to-date (YTD) high of $8.798 set on April 18. On the downside, the immediate support level is the Fib 0.786 level at $7.937.
While today’s price movement hints at a possible short-term consolidation, the overall bullish sentiment remains intact.
As such, traders may want to consider taking a ‘buy on dips’ approach while keeping an eye on the $8.798 resistance level.
Chimpzee: One of the Best Cryptos to Buy Now for Investors Looking to Make a Difference
Climbing towards the $1 million mark in its presale, Chimpzee continues to impress with its presale progress.
Chimpzee recently unveiled its Chimpzee Gold Passport Non-fungible Token (NFT), available in eight distinct designs.
Investors participating in the ongoing “gold stage” presale earn the privilege to mint these NFTs for 750,000 $CHMPZ tokens post-presale.
Contributing to environmental conservation, Chimpzee recently donated $20,000 to the WILD Foundation to assist in protecting black jaguars.
This follows previous initiatives such as planting 1,200 trees in Brazil and 20,000 trees in Guatemala and a $15,000 donation to save elephants.
Adding to its appeal as one of the best cryptos to buy now, Chimpzee will soon introduce a merchandise store and a trade-to-earn NFT marketplace, along with a play-to-earn game named “Zero Tolerance.”
A portion of profits from the Chimpzee shop will be donated to listed charities, furthering the project’s philanthropic mission.
Chimpzee’s forthcoming $CHMPZ token launch has significant investment potential.
The tokens, currently valued at only $0.0007, are set to launch at $0.00185 on major crypto exchanges this year.
The deflationary model of $CHMPZ ensures an increase in token value over time, with tokens purchased for Chimpzee Passport NFTs and leftover tokens from each presale stage being burnt.
As environmental concerns take center stage worldwide, Chimpzee presents a win-win opportunity for investors seeking to generate profits while contributing to ecological conservation.
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Timing the Market: Is COMP Among the Best Cryptos to Buy Now?
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After reaching a year-to-date high of $85.90 on July 16, the COMP price has been grappling with selling pressure, slipping from the Fib 0.786 level at $72.45.
COMP is currently trading at $71.66, down by 2.38% so far today, indicating a struggle to regain its lost momentum.
The technical indicators present an interesting scenario that could potentially influence the immediate future of COMP.
The 20-day EMA at $64.96 can serve as a support level to cushion a potential fall in value for COMP in the event that its bearish trend persists.
Meanwhile, COMP’s 50-day and 100-day EMAs are at $53.41 and $47.36 respectively, further underscoring this support network.
The RSI has slightly dipped to 61.79 from yesterday’s 64.17. This could potentially incite a minor sell-off, pressuring COMP to test its support levels.
Adding to this narrative is the MACD histogram. The MACD histogram is currently at -0.45, down from yesterday’s -0.17.
The MACD is a trend-following momentum indicator, and a negative value could suggest a potential bearish reversal.
With these technical indicators in mind, traders are advised to maintain close surveillance of COMP in the coming days.
The bearish signals from the RSI and the MACD, coupled with the potential support from the EMAs, suggest possible testing of the 20-day EMA support at $64.96.
DeeLance: Investing in the Future of Freelancing
As the presale for $DLANCE tokens approaches its end, investors are rushing to secure tokens for DeeLance, the much-anticipated metaverse built for freelancers.
DeeLance has raised over $1.59 million so far through its token presale. After the presale ends in just over a week, $DLANCE tokens will only be accessible through cryptocurrency exchanges, and the price will likely be higher than during the presale.
DeeLance is built upon the principles of blockchain’s decentralization and transparency.
It seeks to create a level playing field, distancing itself from conventional freelancing platforms like Fiverr and Upwork, which have often been criticized for their high fees.
With the intention of disrupting the freelancing industry, DeeLance proposes a unique mechanism to tokenize freelance work products into NFTs.
This process ensures a secure and reliable transfer of work ownership, addressing critical issues such as copyright infringement and payment fraud.
The DeeLance project has seen a consistent increase in engagement on social media platforms, with its Twitter account amassing 40,000 followers.
Its Telegram and Discord channels have also expanded to over 72,000 and 10,000 members respectively.
Esteemed news and analysis websites, alongside traditional news websites, have recognized DeeLance among the most promising crypto presale projects of 2023.
Crypto analysts Jacob Crypto Bury and Crypto Gains, among others, predict substantial growth potential for $DLANCE in the year ahead.
Undergoing a successful audit and certification by SolidProof and Coinsuls, and securing a pre-ICO listing on CoinMarketCap, DeeLance continues its journey toward establishing a fair and efficient blockchain-based freelance metaverse.
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XLM Price Dip May Present an Opportunity: One of the Best Cryptos to Buy Now?
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Stellar (XLM) is experiencing a slight cool-off in its recent price action, following a three-day green streak.
The cryptocurrency’s price is now undergoing a correction, down 2.57% so far today, testing the Fib 0.382 level at $0.1586 as a potential support.
The technical indicators suggest that XLM could be entering a period of consolidation at this point before it attempts the next leg up.
The 20-day EMA for XLM currently stands at $0.1259, above the 50-day EMA of $0.1092 and the 100-day EMA of $0.1012. The positioning of these EMAs indicates a bullish trend over the past few weeks.
Typically, when shorter-term EMAs are above longer-term ones, it’s a positive signal for traders, implying upward momentum. However, the present price action suggests a pause in this trend as XLM seeks support.
The RSI currently stands at 70.41, slightly down from yesterday’s 73.40. An RSI value over 70 typically indicates overbought conditions, which can often be followed by a price correction as traders lock in profits. This could be what we’re witnessing with XLM’s current dip.
The MACD histogram has slightly decreased to 0.0045 from yesterday’s 0.0046. While this isn’t a substantial shift, it does corroborate the idea of a cooling-off period for XLM.
From a support and resistance standpoint, XLM is currently testing the Fib 0.382 level at $0.1586 as a potential support area.
If the price can consolidate around this level, it could provide a solid base for future upward movements.
On the flip side, the Fib 0.236 level at $0.1735 is the immediate resistance that XLM needs to overcome to continue its upward trajectory.
The current technical indicators suggest that Stellar’s (XLM) price may be entering a consolidation phase at the Fii 0.382 level ($0.1586) before attempting the next leg up.
Traders should keep a close eye on this level for potential buy opportunities while keeping the Fib 0.236 level ($0.1735) in sight as the next immediate resistance.