The crypto market took a significant hit on Monday, with a net outflow of approximately $29.45 billion, shrinking the total crypto market cap to $1.111 trillion.
Ethereum and Bitcoin, the two leading cryptocurrencies, were not immune to this downturn, with their market caps falling to $222 billion and $535 billion, respectively.
Amidst the broader cryptocurrency market selloff, what are the best cryptos to buy now?
With the cryptocurrency market anticipating the release of April’s CPI numbers later today, the top ten cryptocurrencies have remained relatively stable.
Litecoin takes the lead as the top performer with a gain of 3.30% so far today, while Polygon trails as the day’s most significant decliner, recording a loss of 2.66% as of writing.
BTC’s market dominance (47%) has not been affected at all despite the coin declining by 0.55% in the last 24 hours. It’s trading at $27,657 as of this writing.
The bulls have defended Bitcoin from dropping below the $27,000 support level amid a surge in network fees. It now costs $30.91 to make a Bitcoin transaction, the highest since May 2021.
Ethereum has seen its price decline by 0.44% so far today, currently trading at $1,848. The day’s peak trading price for Ethereum has been $1,866.
The bulls are keen to prevent ETH from going below the support at $1,800 to increase the chances of rallying back to $1,900.
While market participants anticipate the forthcoming CPI figures and despite the ongoing market pullback, certain cryptocurrencies continue to present themselves as viable considerations.
Cryptocurrencies such as AI, BGB, SPONGE, LDO, ECOTERRA, BCH, and YPRED are some of the best cryptos to buy now based on their fundamentals and/or favorable technical analysis.
AiDoge: One of The Best Cryptos To Buy Now for Innovative Meme-to-Earn Platform
Meme coin AiDoge’s cryptocurrency presale has recently attracted significant attention, once again amassing a substantial $1 million within a day.
This extraordinary response by the project investors brings the total investment to over $4.6 million for the meme coin project, which incorporates advanced generative AI technology to create viral memes on a social media platform.
The presale has advanced from stage 4 to stage 7 in record time, usually taking a week per stage.
The cryptocurrency market has seen meme coins like Sponge, Pepe, and Floki gain traction, leading investors to search for the next promising small-cap meme coin.
The quick increase in $AI sales indicates that many investors believe AiDoge could be the next significant meme coin.
There is still an opportunity for investors to purchase $AI at a discounted price of $0.0000284 per token, with the listing price on major crypto exchanges set at $0.0000336 next quarter.
AiDoge plans to introduce the concept of “Meme-to-Earn” (M2E), which will reward creators of popular memes with $AI tokens.
This could potentially turn meme creation into a viable income stream while safeguarding creators’ ownership rights through blockchain technology.
The AiDoge platform will use advanced AI technology to generate relevant memes based on user-provided text prompts.
Users can then post their creations on the platform, where the community can vote on their favorites. This system encourages the best memes and rewards their creators with $AI tokens.
Compared to other meme coins that lack utility, AiDoge’s $AI token offers a versatile cryptocurrency within its platform.
The token can be used to purchase credits for generating memes, stake daily rewards and benefits, and reward community members for voting and creating popular content.
As AiDoge garners attention and continues to deliver on its roadmap, gains are possible, particularly if the broader cryptocurrency market remains favorable.
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Bitget Token (BGB)
Bitget has recently introduced a ‘Super Airdrop’ feature for holders of its native token, BGB.
This innovative feature, which rewards BGB holders with airdrops of any new crypto asset listed on Bitget, went live on May 8, 2023.
The recent uptick in BGB’s price could be linked to this announcement.
The Super Airdrop feature is designed to incentivize participation in Bitget’s growing ecosystem.
To qualify for these airdrops, BGB holders must maintain a minimum balance of 4,000 BGB for 15 consecutive days leading up to the airdrop registration.
The allocation of airdropped tokens for each registrant will be determined based on their average BGB holdings during this 15-day qualification period.
This initiative is part of Bitget’s broader strategy to enhance the utility value of BGB and promote shared incentivization among its users.
At present, BGB is trading at $0.4476, marking a modest increase of 4.82% for the day.
Earlier in the day, the price peaked at $0.48, matching its previous high on April 10.
However, this peak was quickly met with selling pressure, causing the price to retract slightly above the Fib 0.786 level, which stands at $0.4438.
Should the price of BGB continue to decline, the next support level to watch is the Fib 0.618 level at $0.4174.
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$SPONGE Outpaces Meme Coin Competitors; One of The Best Cryptos To Buy Now
After a week of impressive growth, $SPONGE was recently listed on Poloniex, a centralized exchange (CEX) ranked 52nd in trading volume by CoinMarketCap.
The meme coin is also available on LBank, CoinW, and Toobit, all of which are among the top 35 exchanges in terms of their trading volume.
The creators of $SPONGE have hinted at additional CEX listings, suggesting that the coin’s reach may soon expand.
$SPONGE is currently trading at $0.0000005422, with a gain of 19.52% so far today, and outperforming the MEME coin category on CoinMarketCap, with an average gain of 6.10% so far today.
Immediate resistance may potentially be found at the psychological resistance level of $0.0000006000 while the immediate support lies between $0.0000004847 to $0.0000004965.
The $SPONGE community has expanded swiftly, with over 8,500 token owners, a Telegram assembly of 17,000 participants, and a Twitter presence of 27,000 followers.
Notable personalities like Matt Wallace have shown interest in the coin, and it has received coverage from BlockBeats, a leading cryptocurrency news outlet in China.
The upcoming listing of $SPONGE on MEXC, a popular exchange with a trust score of 9 out of 10 according to CoinGecko, could further boost the coin’s performance.
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Lido DAO (LDO)
Lido DAO (LDO) has been on a downward trajectory for the past 10 days. However, the recent formation of a long-legged doji candlestick pattern, backed by confirmed volume, suggests a potential price reversal.
This pattern indicates that buyers are showing interest at the current price levels, which could lead to a shift in market sentiment.
LDO is trading at $1.8595, marking a modest gain of 1.74% so far today.
The immediate resistance level to watch is the psychological barrier at $2, while the immediate support is set at $1.80.
Looking at the exponential moving averages, the 20-day EMA stands at $2.02, while the 50-day and 100-day EMAs are at $2.19 and $2.21 respectively.
These levels could act as potential resistance zones during a price recovery.
The RSI is currently at 36.57, up from yesterday’s 34.15. This upward movement in the RSI could be an early sign of increasing buying momentum.
The MACD histogram has also shown a slight improvement, moving from -0.0166 to -0.0119.
This indicates a reduction in bearish momentum, which could potentially pave the way for a bullish crossover in the near future.
LDO’s trading volume has seen a significant increase, with the current volume of 5.024 million surpassing the previous day’s volume of 4.542 million and well above the volume moving average of 1.914 million.
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ecoterra Gains Momentum, Raising $3.38 Million in Ongoing Presale
In an impressive display of momentum, the green cryptocurrency project ecoterra has managed to secure over $3.38 million in funding in a little over a month.
The Recycle2Earn project has piqued the interest of investors who are looking to invest in a solution that could alleviate environmental degradation.
ecoterra’s strategy is to combat climate change by incentivizing recycling and promoting ‘impact actions’ – activities that directly contribute to environmental improvement.
Cryptocurrency analysts are optimistic about Ecoterra’s potential for returns, which is reflected in the price of the $ECOTERRA token.
This optimism is mirrored in Google Trends, where the token has been trending in the top three for the “crypto” search term.
ecoterra’s Recycle2Earn app is a key component of their ecosystem. The app will allow users to access the recycled materials and carbon offset marketplaces, and track their ecological impact actions.
CEO Mihai Ciutureanu has outlined plans for a liquidity pool to manage token liquidity once the app is operational.
ecoterra’s ecosystem will also include a recycled materials marketplace that connects companies with recycling businesses.
Payments can be made with $ECOTERRA tokens or other cryptocurrencies, and purchase histories will be integrated into a company’s profile for transparency.
ecoterra is also integrating global brands into its ecosystem, with products from these brands recognized as recyclable materials for which app users can earn rewards.
In conjunction with its other features, ecoterra is leveraging non-fungible tokens (NFTs) to denote notable milestones in environmental impact actions.
This innovative approach commodifies ecological actions, making them tradable and encouraging individuals to take action to protect the environment.
ecoterra’s comprehensive approach to recycling and environmental impact, combined with its potential for profit, makes it a unique player in the Web3 crypto market.
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Bitcoin Cash (BCH)
Bitcoin Cash (BCH) has begun to show promising signs of recovery following a period of decline.
After breaching the Fib 0.236 level and a two-week range, BCH staged a comeback, retesting the horizontal support level that lies between $105.3 and $110.1.
Today’s trading activity is witnessing a robust bounce off this support level for BCH, a move that was underscored by a surge in volume, reinforcing the solidity of this support.
The 20-day EMA for BCH stands at $119.44, which is below the current price. This suggests that BCH is in a short-term uptrend.
However, the 50-day and 100-day EMAs are at $122.46 and $123.26 respectively, both above the current price. This indicates that BCH is still in a medium to long-term downtrend.
The RSI has seen a notable uptick, soaring from 33.86 to 50.92. This upward trajectory in the RSI could be a precursor to a surge in buying momentum.
Adding to the positive sentiment, the MACD histogram has also demonstrated a marked improvement, transitioning from -0.4 to a neutral 0.
This shift signifies a decrease in bearish momentum, potentially setting the stage for a bullish crossover on the horizon.
Lastly, the trading volume has seen a significant increase, with the current volume of 230.856k surpassing the previous day’s volume of 52.782k and well above the volume moving average of 44.396k.
This increase in volume during a potential reversal pattern is a positive sign, as it suggests a higher level of trader interest and activity.
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yPredict Presale Heating Up As Investors Snap Up $YPRED Tokens
yPredict has raised $770,000 so far in its presale, indicating strong demand for access to its AI-powered crypto trading platform.
yPredict is developing a platform aimed at providing traders access to AI-powered analytics, including price predictions, pattern detection, and market data insights.
The technology relies on advanced machine learning models and expertise from top AI professionals.
Market participants will be able to subscribe to trading signals generated by experts in the marketplace.
The beta version of yPredict’s AI-powered trading platform has been launched to provide a glimpse of what’s to come.
The full platform, boasting a more extensive suite of predictive tools and analytics, is scheduled for launch by the end of the year.
Meanwhile, those wanting early access to the beta version can register here.
The platform shows great promise, as AI has officially demonstrated its ability to predict market movements.
A recent research paper highlighted how machine learning-based large language models (LLMs), such as ChatGPT, can predict stock price movements.
As more traders and investors turn to AI technology for assistance, the yPredict platform and its $YPRED token are expected to gain significant traction.
$YPRED, the native token of yPredict’s platform, offers various benefits to its holders. To access yPredict’s premium features, users will need to pay a $YPRED-denominated subscription fee.
A portion of these fees will be distributed to existing $YPRED token holders, providing them with a passive income stream. Investors can acquire tokens using ETH, BNB, or cards.
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