Best Crypto to Buy Now August 29 - Avalanche, Algorand, Shiba Inu

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Each day, we review some picks for the best cryptos to buy now based on the latest market movements, blockchain news and trending narratives.

XDC carried the day by putting up over 15% gain in the last 24 hours. The performance placed it at the peak of the CoinMarketCap gainers’ list. Also, Bitcoin is rising with a 7% increase in the last 24 hours.

Other tokens also had excellent performance, and there’s been an improvement in the global crypto trading volume and Market cap.

Global Crypto Market Cap Chart

Best Crypto to Buy Now

The global crypto market cap grew by over 5% in the last 24 hours, and the trading volume increased by 88%. It might be the actual market recovery, unlike the bull market of last week. Bitcoin has exceeded the $27k range, positively influencing the outlook of the entire cryptocurrency industry. Likewise, presale projects like the yPredict also recorded impressive gains. The details of the project are included below.

1. Polkadot (DOT)

How long will the price of DOT hold above the $4 range? DOT gained over 4% increase in price today, making it one of the biggest gainers in the last 24 hours. The sudden jump in price has moved the value of the asset from $4.4 to a 24-hour high of over $4.6. Hence, DOT trades closer to its resistance zone at the $4.6 range.

This means that the token will either swing above the range or get rejected and fall back below the $4 range. However, the likelihood of the token breaking above is relatively high due to certain fundamental and technical developments across the Polkadot ecosystem.

While the competition in the interoperability sector is becoming fiercer, Polkadot still holds some ground, and the platform has had several use cases. A recent addition to the Polkadot ecosystem is the XCM integration by Moonbeam Network. The move is said to deepen the strengths of Polkadot in the interoperability sector. The announcement was made through the platform’s official Twitter handle.

1/ On September 4-8, Polkadot is at #KBW2023 in Seoul🇰🇷!
Don’t miss your chance to engage with the Polkadot community, learn the latest from the ecosystem, and network with the Polkadot teams & projects.
Check the 🧵 to learn about Polkadot’s presence at the event ⬇️ pic.twitter.com/iGIFDtprJ7
— Polkadot (@Polkadot) August 29, 2023

Thus, it becomes easy to spot the source of the sudden spike in its trading volume in the last 24 hours. DOT had a trading volume increase of over 30% in the last 24 hours. Another factor that might have contributed to the spike in price and trading volume is the increasing social activities around the Polkadot community. DOT has been amassing visibility through events across several regions of the world.

2. Algorand (ALGO)

Algorand returned to the $0.1 price range today after it saw over a 5% price increase in the last 24 hours. The pump puts the bulls on track to breaking above its immediate resistance at $0.103 – $0.11. If the asset successfully crosses the range, it might find the support it needs to climb higher.

Data from its technical analysis reveals that ALGO has an RSI value 46, which is neither bullish nor bearish. Similarly, the token is currently signaling bullish trends from its short-term moving averages, which is also reinforced by bullish signals from its MACD levels, with a value of -0.0036.

Ultimate, ALGO might be able to hold its gains for the week. But some downsides might result in the price decline, and investors might want to consider them too. Its current price puts the asset below its long-term moving averages, which shows the potential bearish sentiment.

Likewise, ALGO inflation is at about 13%. Besides these critical downsides, ALGO might be one of the best cryptos to buy now for investors who are looking for assets that are on the rise in the short term. However, there’s still a need to research further as the asset is notorious for its volatility.

3. Shiba Inu (SHIB)

Shiba Inu has finally rebounded from its week-long decline with over 2% gains in the last 24 hours. Similarly, it has increased about 5% in the last 7 days. Besides its pumping price, a spike in trading volume is another indicator revealing growing interest in the SHIB token. SHIB has seen over 52% spike in trading volume at press time.

The spike in SHIB’s price and trading volume is likely coming from BitMEX’s move towards including SHIB as a perpetual on the platform. BitMEX is a Cryptocurrency trading platform, and its decision will now allow traders on the platform to use SHIB in long and short positions with leverages up to 33x. The announcement was featured on Shiba Inu’s official Twitter handle.

Additionally, Shibarium is providing additional fuel to push the upward momentum of tokens in the ecosystem. There’s been over a hundred thousand registered users since the relaunch of the platform. According to the official data-gathering platform of the ecosystem, Shiberium had 138,570 active wallets.

BitMEX is gearing up to launch two perpetual listings featuring SHIB:$SHIB / $USD $SHIB / $USDT https://t.co/HRpvePS2yl
— Shib (@Shibtoken) August 29, 2023

The success of Shiberium is reinforcing interest in the SHIB token and other cryptos in the ecosystem. Hence, it might be one of the best cryptos to buy now. With the growing interest, it’s more likely that the asset’s value will continue in an upward trend.

Overall, SHIB’s fundamentals are gradually shifting from degen opportunities towards a more utility-based asset, and this might create the shift it needs to reach higher gains this quarter.

4. Avalanche (AVAX)

The price of AVAX rose by nearly 7% in the last 24 hours, and its trading volume saw an increase of about 50%. With that, the token is on its path to recovering the bulk of its losses from the bear market. However, the resistance at the $10.85 zone still needs to be conquered.

With its current price of $10.83, the toke is trending towards its resistance. If AVAX breaks above its resistance, it will be on its way to the $12 range, a chance to gross over 20% return, making it one of the best cryptos to buy now.

However, it might need more than a rising trading volume to break above the zone. Some. While some fundamental and technical factors point towards the strengths of AVAX, other downsides could limit the prospect of the asset’s gains.

AVAX technical analysis reveals that the token’s 10-day and 20-day moving average signals a bullish trend. Ultimately, the trend results from its extended stay in the oversold range. According to its RSI reading, the price of AVAX is long due for reversal, as it’s what we’re seeing in its price action today. The trend may help the bulls regain the higher price range before the end of the week.

Conversely, AVAX is trading at a price much lower than its 200-day moving average. Hence, bears might be favored in the long run, and the indicator signals bearish momentum. Overall, investors might be able to capitalize on the short-term performance to make some returns from the asset.

5. yPredict (YPRED)

yPredict continues to improve its core values by testing multiple models of its predictive AI technology.

Previous tests include the LSTM model and the ARIMA model. The two models were used on the Ethereum tokens, ETH and gave the probable trend of the asset in the coming years.

🔮 yPredict: New article! Predicting #Ethereum price with #SVM model. SVM offers high accuracy (~94%) for crypto price forecasting. Our study shows SVM performs well in predicting ETH prices & explaining volatility. SVM surpasses other models like BNN & GB. #MachineLearning… pic.twitter.com/MILTRsIRmI
— yPredict.ai (@yPredict_ai) August 28, 2023

The team has also launched another test using the SVM model. It is believed that the model offers higher predictive accuracy. A post on yPredict’s official Twitter handle provided a quick report of the test.

The progress so far has been impressive. Several thousands of investors are lining up on its waitlist, with thousands more across social media.