Bitcoin has dipped below the $27,500 mark, effectively neutralizing the gains previously sparked by U.S. inflation data.
This trend has been developing over the last month, ever since Bitcoin peaked above $30,600 in mid-April.
Given the ongoing bearish market trend, what are the best cryptos to buy now?
Data collated by Santiment suggests a decrease in social media discussions around top crypto assets, including Bitcoin, which saw an 18% drop.
It’s no surprise then that over the past month, Bitcoin’s price has fallen by 7.57%, and Ether’s by 3.95%, with similar decreases observed among other top-10 assets on CoinGecko.
This marks one of the most significant 30-day declines since June 2022, amid changing macroeconomic conditions and interest rate hikes by the US Federal Reserve.
When traders were surveyed by Santiment regarding whether they believed crypto markets had peaked in April, nearly 44% of respondents believed they had, indicating a lack of confidence in further price increases.
Despite the price drop, a bullish divergence has been noted in Bitcoin’s whale accumulation chart.
Bitcoin’s large wallet holders, often referred to as whales, have acquired 0.29% of the Bitcoin supply from April 10 to May 10.
This increase in holdings amidst falling prices suggests that these large-scale investors anticipate a rebound.
With the next halving nearly 50 weeks away and Bitcoin typically experiencing an uptick in price as the halving approaches, long-term investors may still anticipate a resurgence of the cryptocurrency in the coming months.
Despite the recent market slump, several cryptocurrencies may still be good potential investment prospects.
Considering their strong fundamentals and/or positive technical analysis, AI, PEPE, SPONGE, BGB, YPRED, ATOM, and DLANCE are some of the best cryptos to buy now.
AiDoge’s Strong Team and Unique Use Case Makes It One of the Best Cryptos to Buy Now
The cryptocurrency market is witnessing a new trend with the rise of AiDoge, a project that combines the virality of meme coins with the practical utility of artificial intelligence (AI).
AiDoge’s presale of its native $AI token has been gaining momentum, raising over $5.8 million so far in funding.
AiDoge is developing a unique social platform that leverages AI technology to generate memes.
Users can earn cryptocurrency rewards if their memes gain popularity.
The project’s presale is structured in stages, with the price of the $AI token gradually increasing. Aidoge’s platform has introduced a unique concept in the crypto market known as “meme-to-earn.”
This concept has gained popularity among the crypto investment community, leading to an investment of nearly $1 million per day this week.
The AiDoge platform will allow users to create, share, and vote on memes. The most popular memes earn their creators $AI tokens, providing a unique income stream for meme creators.
Unlike many meme coins that lack utility, $AI tokens serve as the native token within the AiDoge platform.
The platform’s AI technology will enable users to generate memes based on text prompts, making meme creation accessible to all.
The community can vote on their favorite memes, and the platform promotes the best ones, rewarding their creators with $AI tokens.
As the hype around AiDoge continues to grow, investors are moving quickly to secure their $AI tokens.
The project’s strong value proposition and unique use case have led to predictions of significant upside potential for $AI.
The coin’s potential is further underscored by the recent gains seen in other meme coins like Pepecoin and Sponge.
AiDoge, merging the viral appeal of meme coins with the utility of a meme-generating platform, is carving out a unique niche in the crypto market and stands out as one of the best cryptos to buy now.
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Pepe Coin (PEPE)
Pepecoin has been undergoing a correction phase that has lasted nearly a week.
This period has seen a significant loss for the coin, with a 69% drop from its all-time high of $0.00000449 to its current price of $0.00000139.
This downward trend suggests that Pepecoin may be on the brink of further decline.
Pepecoin’s price has been attempting to break down from another support level, which is a clear indication of a potential further fall.
A critical point to note is the risk of a breakdown below $0.00000140, which could result in a 39% downfall for Pepecoin.
The market has seen a bearish crossover between the 20 and 50 EMAs, which is likely to increase the selling pressure.
The intraday trading volume in Pepecoin stands at $619 million, marking a substantial 30.84% gain for the past 24 hours.
From May 8 until recently, Pepecoin’s price has seen a minor sideways consolidation phase, fluctuating between $0.00000212 and $0.00000171 levels.
However, the coin’s price has shown a significant breakdown of the $0.00000170 support on the intraday level, providing sellers with an additional barrier to exert pressure on buyers.
With continued selling, Pepecoin’s price has plunged 17%, hitting the price peaks of May 1 and 2nd at $0.00000140 as potential support.
If the coin’s price breaks down below this support with a 4-hour time candle closing, the selling pressure is likely to intensify, potentially leading to a further 39% drop to hit the next significant support of $0.00000085.
However, if the coin’s price rebounds from the $0.00000140 support, traders should look for a breakout at $0.00000171 as the first sign of price recovery.
In terms of technical indicators, the RSI has seen a significant drop, indicating intense selling momentum in the market.
Additionally, along with the $0.00000170 support, the price may also lose the 100 EMA slope, providing an extra advantage to market sellers.
As of now, Pepecoin’s spot price is $0.00000139, with a downward trend and low volatility.
The resistance levels are at $0.00000171 and $0.00000212, while the support levels are at $0.00000140 and $0.00000085.
$SPONGE: The Meme Coin Taking Over Major Exchanges
Meme coin $SPONGE expands its reach as two additional exchanges, Bitget and Gate, are set to list the token on Friday, following its recent MEXC listing.
By the end of the week, the coin will have been listed on eight exchanges, with more anticipated to join the fray.
Gate and Bitget hold the ninth and fourteenth rankings on Coinmarketcap, respectively, with trading volumes of $801 million and $895 million.
CoinGecko ranks them both in the top ten, with Bitget securing the seventh spot for the highest visitor traffic among global exchanges.
The meme coin is also gaining popularity on social media platforms, with its Twitter following growing to over 38,100 in less than a week and nearly 20,000 members in its Telegram group.
The number of token holders is steadily increasing, with over 11,200 individuals holding the coin at present.
$SPONGE’s team, comprising seasoned professionals and venture capitalists, sets it apart from competitors such as Pepe.
Its rapid listing on eight exchanges underscores the strong industry relationships its creators have fostered, positioning the token for potential longevity and future growth.
Although $SPONGE’s website states the token is for “entertainment purposes,” it’s worth considering the possibility of future utility developments based on the coin’s progress.
As MEXC, Gate, and Bitget listings propel momentum, market participants can anticipate a strong upside for the $SPONGE token heading into the weekend.
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Bitget Token (BGB)
After a strong bounce from the Fib 0.382 level on May 8, BGB has been on a steady upward trajectory, marking its fourth consecutive green candle.
The token’s price has surpassed the higher low of $0.4774 that was set on April 10, and it is now attempting to establish a new all-time high (ATH).
The 20-day EMA for BGB stands at $0.4176, while the 50-day EMA is at $0.4023, and the 100-day EMA is at $0.3697.
These figures indicate that the token’s price is trending above these key moving averages, a bullish signal that suggests the token is in an uptrend in the short, medium, and long term.
The RSI, a momentum oscillator that measures the speed and change of price movements, is currently at 70.49, up from yesterday’s 67.34.
This indicates that BGB is in the overbought territory, which could potentially lead to a price correction.
However, in a strong uptrend, the price can stay in the overbought zone for an extended period.
The MACD histogram is at 0.00907, up from yesterday’s 0.00692. This suggests that the bullish momentum is increasing and the buyers are in control.
BGB’s current price is $0.4810, with a positive price movement of +3.70% so far today.
The immediate resistance for BGB is the all-time high of $0.5162. If the token can break through this resistance, it could trigger a new wave of buying pressure that could push the price higher.
On the downside, the immediate potential support is the horizontal support level of $0.4774.
If the price falls below this level, the next support could be the Fib 0.786 level at $0.44380. Traders should keep a close eye on these levels for potential buying opportunities.
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yPredict’s AI-Powered Trading Platform Presale Nears $900K Mark
The presale of yPredict, an AI-driven trading and intelligence platform, is picking up speed.
The platform’s presale is on the brink of hitting an important benchmark of $900,000, with investors keen to acquire $YPRED tokens ahead of its next price increase.
yPredict is a web3 start-up that aims to offer an AI-powered crypto price prediction system.
This system is expected to bring significant changes to the trading industry.
The platform is currently in the fourth stage of its presale, and the price per $YPRED token is set to increase from $0.05 to $0.07 in the fifth stage.
Once listed on major cryptocurrency exchanges later this year, the price will reach $0.12.
The platform’s AI-powered price predictions have generated significant interest.
yPredict aims to provide traders and investors with access to AI-powered signals, pattern recognition, and social/news sentiment features.
The technology behind the platform is being developed using advanced predictive models and data insights.
A recent study demonstrated that AI, particularly machine learning-based large language models (LLMs), can predict stock price movements.
As more traders and investors turn to AI technology for assistance, yPredict and its $YPRED token are expected to gain traction.
The full launch of yPredict’s Analytics, Repository, and Marketplace platform is slated for the end of 2023, with the platform currently in its beta testing phase.
The company has also announced a new ambassador program and a partnership with ShubPy, a trusted development partner.
$YPRED, the native token of yPredict’s platform, offers several benefits to its holders.
To unlock yPredict’s premium features, users are required to pay a subscription fee in $YPRED.
This fee structure also serves to provide existing $YPRED token holders with a passive income, as a portion of these fees is distributed among them.
Token holders also have the opportunity to stake their tokens in pools and earn rewards each month.
Analysts have praised yPredict’s presale for its fairness, as a large proportion of the coin supply is available to the public.
This approach reduces the risk of a sudden drop in token price due to insider token supply drops.
Given the expanding adoption of AI and the resurgence of crypto markets, investors are advised to secure $YPRED tokens while they’re still accessible at a lower cost.
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Cosmos (ATOM)
Cosmos (ATOM) has been exhibiting a potentially bearish trend over the past two months, forming a descending triangle pattern.
This pattern, characterized by a series of lower highs and consistent retests of the support range between $10.244 and $10.285, often signals a potential downward breakout, especially if the support level is breached.
The 20-day EMA for Cosmos currently stands at $11.0773, below the 50-day EMA of $11.3797 and the 100-day EMA of $11.6350.
This arrangement of EMAs, with shorter-term averages below longer-term ones, is typically seen as a bearish signal.
The current price of Cosmos, at $11.009, is hovering just below the 20-day EMA, reinforcing the potential bearish outlook.
The RSI is currently at 47.56, up slightly from yesterday’s 47.35. This indicates a nearly balanced market with neither the bulls nor the bears having a clear upper hand.
The MACD histogram, which is used to identify potential buy and sell signals, is currently at -0.020, up from yesterday’s -0.044.
This upward shift in the MACD histogram could indicate a potential bullish reversal in the short term.
However, traders should watch for a crossover above the zero line as a stronger bullish signal.
Despite the slight 0.24% uptick so far in price movement today, Cosmos faces immediate resistance in the horizontal range of $11.23 to $11.328.
A break above this range could signal a short-term bullish reversal.
However, the immediate potential support lies in the horizontal range of $10.493 to $10.647.
A break below this support could confirm the bearish descending triangle pattern, potentially leading to a 10% fall to the next support level of $9.4 to $9.5.
While there are some mixed signals in the technical indicators, the overall trend for Cosmos appears to be bearish in the immediate future.
Traders should closely monitor the support and resistance levels and the key technical indicators for any significant changes.
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DeeLance Is the Future of Remote Work and It Is One of the Best Cryptos to Buy Now
Web3 freelancing platform DeeLance has recently caught the attention of investors with a significant achievement in the initial offering of its $DLANCE token.
With the total investment amount hitting $800,000, the presale has now progressed into stage 3, raising the token’s price to $0.033.
Over the remaining four stages of the presale, the $DLANCE price will rise incrementally to reach $0.048, before making its debut on major cryptocurrency exchanges at a price of $0.057.
DeeLance’s unique approach to remote work harnesses the power of cryptocurrency and NFTs to create a digital space that connects freelancers and employers.
This platform is designed to offer a cost-efficient alternative to traditional web2 freelance websites.
DeeLance aims to bring the reliability and transparency of blockchain technology to the freelance world, addressing concerns such as copyright infringement and payment fraud.
This is done by tokenizing freelance work products into NFTs, ensuring a secure and trustworthy transfer of work ownership.
This feature aims to offer both contractors and employers a level of security rarely seen in the digital freelancing sphere.
In contrast to many existing freelance platforms, DeeLance will offer an easy signup process and nominal fees.
The entire platform is being developed to facilitate quick and transparent crypto payments, ensuring security via an escrow system and smart contracts.
DeeLance’s metaverse is designed to foster a community where users can interact, work, and earn.
It will offer the ability to customize avatars, make connections, purchase commercial land or office space, lease office space, and advertise products on billboards, all while using the $DLANCE token.
DeeLance’s $DLANCE token, an ERC-20 token on the Ethereum blockchain, is more than just a currency within the DeeLance world.
Token holders can also qualify for NFT drops and collaborations, enhancing their overall experience within the metaverse.
The momentum of DeeLance’s project is apparent in its rising popularity across various digital platforms, evidenced by its growing followers on Twitter and its active members on Telegram and Discord.
As the shift towards remote work continues to intensify, platforms like DeeLance could experience a jump in popularity this year and beyond.
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