Looking for the best cryptocurrency to buy for recovery? In this review, we take a rundown at the top cryptocurrencies moving the market with the potential for massive gains. Let’s jump right in.
5 Best Cryptocurrency To Buy For Recovery July 2021 Week 4
1. Binance Coin (BNB)
Starting off our list of cryptocurrency to buy for recovery is the utility token of the Binance exchange, the Binance coin (BNB).
Last week Tuesday, BNB dropped to $266.32 on the daily chart, but the coin appears to be recovering presently. Despite Binance’s recent regulatory issues, BNB has increased by 5.49% in the last 24 hours and is currently trading at $317.10.
Recent comments made by the CEO and founder of Binance, Changpeng “CZ” Zhao, may have helped jolt BNB back up. Zhao made known in an online event called REDeFiNE Tomorrow that its US arm, Binance US may list shares through an initial public offering soon.
Binance is also looking to hire a new chief executive officer with a very strong regulatory background to curtail the regulatory issues.
BNB’s strong potential can be seen on the chart, with the 200-day moving up from its present trading at $319.71. The Relative Strength Index (RSI) is also supporting this bullish momentum at 66.34. BNB looks like it will continue on this comeback path. This is why it is a top cryptocurrency to buy for recovery.
2. ThorChain (RUNE)
RUNE, the utility token of Cross-chain swap platform ThorChain, is another cryptocurrency to buy for recovery.
RUNE allows users to vote on matters concerning the ThorChain decentralized liquidity protocol. It also enables users to easily exchange cryptocurrency assets across a range of networks on the platform.
Just a few days ago, RUNE’s token price tumbled after the blockchain suffered an exploit for the second time in two weeks, to the tune of about $8 million.
This news sent RUNE tumbling down to $3.58 on July 23 and left the token wobbling for a while.
However, the RUNE token is back up by 19.66% in the last 24 hours and is trading at $4.24.
RUNE could grow beyond its current price level soon, according to the chart. The token’s 20-day moving average (MA) is $4.30, indicating bullishness.
However, its 200-day MA is at $4.19, showing RUNE might go a bit lower before a bounce back. The asset’s relative strength index (RSI) is 42.56, meaning it is above the oversold region.
3. Dogecoin (DOGE)
Popular meme cryptocurrency Dogecoin (DOGE) is a worthy cryptocurrency to buy for recovery. This asset has proved that no matter how long a cryptocurrency tumbles, it can always climb right back up.
Companies have adopted Dogecoin recently through partnerships and listings. One of these companies is Deodorant and lifestyle firm Axe. Axe recently teamed up with Dogecoin’s team to release a limited edition “crypto scented” body spray. The perfume firm had announced during the DOGE day celebration that it plans to launch the Dogecoin-inspired body spray called Dogecan.
Coinbase’s e-commerce platform, Coinbase Commerce has also thrown its weight behind Dogecoin by integrating Dogecoin payments on the platform.
much payment. very commerce. 🐕
Just a quick blast to let you know we’re now accepting commerce payments in Dogecoin (DOGE)!
— Coinbase Commerce (@CommerceCB) July 21, 2021
The Shiba Inu-themed coin shot up by 11.88% in the last 24 hours. DOGE has soared 3,836.20% since the year began.
The asset, which was trading at $0.172 on July 16, now has a price of $0.220, an increase of 64.3%. On the daily chart, the DOGE token is trading below its 20-day and 200-day moving average (MA) of $0.221 and $0.222, respectively. The asset’s relative strength index (RSI) is at 47.43, meaning it is above the oversold region.
4. Bitcoin (BTC)
Another cryptocurrency to buy for recovery is Bitcoin. The largest cryptocurrency has struggled in the past few weeks as the crypto market has been very volatile.
For the first time in weeks, Bitcoin appears to be on its way to hit $40,000. The token is currently trading at $38,201 and is up 9.80% in the last 24 hours. Bitcoin has added nearly $114 billion to crypto’s total market cap, dragging the entire market with it. Over $900m in shorts were liquidated as Bitcoin blazed through $48K on Binance Futures, per data from ByBit.
Major e-commerce firm Amazon is also rumored to be prepping up for an imminent acceptance of Bitcoin payments. This was further confirmed when Amazon posted a job vacancy for a digital currency and blockchain product lead to join the payments acceptance and experience team.
Tesla boss Elon Musk also revealed some good news at the B Word cryptocurrency conference. Musk said the car marker could resume Bitcoin payments in the future.
Looking at Bitcoin’s price on the daily chart, the 20-day Moving Average (MA) is at $38,236, giving off a bullish sentiment. Long term potential of the crypto seen in 200-day MA is also upward at $38,560. This same momentum is supported by the Relative Strength Index (RSI) gradually moving from the oversold area at 37.40.
5. BitTorrent (BTT)
If you are a value investor looking for affordable prospects, you might be excited about our next cryptocurrency to buy for recovery.
BTT is BitTorrent’s native cryptocurrency, issued on TRON’s blockchain as a TRC-10 standard token. Through the use of BTT, BitTorrent’s users are enabled to pay each other for faster downloads using BitTorrent Speed.
BitTorrent is a company that helps people download torrent content from websites. The platform is a peer-to-peer file-sharing platform where users can share files such as music and movies among themselves easily without breaking copyright laws.
Since BTT hit its all-time high of $0.0142 in April, it has shed off more than half its value. The asset’s last drop was to $0.0020 on July 19. BTT is certainly one of the best cryptocurrency to buy for recovery. It is now trading at $0.00273, a 20.92% increase in the last 24 hours.
Meanwhile, BTT is looking bearish on the chart with the 20-day and 200-day Moving Average (MA) at $0.00274 and $0.00273, respectively. This shows that they are in the same range as BTT’s current price. The Relative Strength Index (RSI) is at 42.01, above the oversold zone.
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