By Best Crypto to Buy Now 9 June – Immutable X, Render, Stacks
The cryptocurrency industry is in turmoil, with Coinbase and Binance experiencing a massive outflow of over $4 billion in recent days.
This is due to the allegations by the SEC of federal securities law violations, leading to a significant number of users leaving these exchanges.
Given these circumstances, how might this impact the selection of the best cryptos to buy now?
Between Monday and Thursday, the combined net outflow of $3.1 billion through the Ethereum network and the $864 million drop in bitcoin (BTC) on these three platforms indicate that withdrawals exceeded incoming deposits.
Nevertheless, the exchanges have proven their competence in handling the situation by processing withdrawals in an orderly manner.
The first domino fell on Monday when the SEC initiated a lawsuit against Binance, Binance.US, and their Chief Executive Changpeng “CZ” Zhao, inciting a flurry of federal securities law violation accusations. The following day, the SEC filed a similar lawsuit against Coinbase.
This string of legal actions triggered a significant reaction in the crypto market, most visible in the tokens named as securities in the lawsuits, including Binance’s BNB, Cardano’s ADA, and Polygon’s MATIC.
These tokens experienced a significant decline throughout the week. Troubled by the recent regulatory crackdown, crypto traders have been pulling their funds out of the affected exchanges.
Binance, the largest crypto exchange globally in terms of trading volume, witnessed a net outflow of $2 billion on the Ethereum blockchain over four days, inclusive of ETH and all Ethereum-based tokens.
BTC outflows also exceeded deposits by approximately $838 million during this period. However, it’s worth noting that these outflows, while significant, represent only about 5% of all assets on the exchange.
Due to the Securities and Exchange Commission’s (SEC) “intense and daunting tactics” against Binance.US, the company issued a statement on Friday advising users to withdraw their USD funds as soon as possible.
The platform has consequently put a pause on U.S. dollar deposits and plans to remove USD trading pairs shortly, as it momentarily pivots to a crypto-only exchange.
Despite the recent turmoil in the cryptocurrency industry, Bitcoin is only experiencing a slight dip, currently trading at $26,468 with a loss of 0.16% so far today.
As for the best cryptos to buy now, WSM, IMX, ECOTERRA, RNDR, YPRED, STX, and SWDTKN are some of the top contenders due to their strong fundamentals and/or favorable technical analysis.
King Meme’s Financial Fiefdom: The Case for Wall Street Memes
Making a grand entrance, Wall Street Memes ($WSM), a much-awaited meme coin, has amassed over $5.35 million from backers in less than a fortnight.
This feverish attention arises from a one-million-follower social community spread across platforms such as Instagram and Twitter, further fortifying the coin’s stance.
Cryptocurrency enthusiasts scouting for the “best crypto to buy” are speculating Wall Street Memes as the subsequent chance.
The $WSM token, conceived to create robust communities, draws influence from the meme stocks frenzy that graced the pandemic.
Current investor eagerness to grab $WSM at its rock-bottom price is high, with the current Stage 10 presale price at $0.028.
As the community anticipates, the next price tier, set at $0.0283, will kick in as soon as the accumulated total crosses $5.83 million.
Highly determined, Wall Street Memes envisions becoming a meme monarch, supplementing its “King of Stonks” accolade.
A million active social adherents suggest the token as a prospective candidate for top exchanges such as Binance.
However, before such a listing, it will be accessible on decentralized exchanges, allowing broad participation without regulatory concerns.
Leveraging their 2021 triumph with the Wall Street Bulls NFT collection, the founders of Wall Street Memes continue to inspire confidence.
The token is 100% committed to community growth, eschewing private sales or team allocation, with 30% of the token supply earmarked for community rewards.
With the first $WSM airdrop currently open, investors are vying to be a part of the next significant meme coin.
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Immutable X (IMX)
The current price of IMX stands at $0.723, exhibiting an increase of 0.98% so far today.
However, in an overarching context, the digital asset seems to be on a downtrend.
The trend is effectively demonstrated by its 20-day EMA at $0.7546, its 50-day EMA at $0.8202, and its 100-day EMA at $0.8649.
The trend of these EMAs, which are successively higher than the current price, indicates that IMX has been on a declining path recently.
The RSI stands at 44.01, rising marginally from yesterday’s 43.05. This level suggests that IMX is approaching oversold territory, but isn’t quite there yet, offering no clear buying signal from this indicator alone.
The slight rise might be indicative of some buying interest, but with the RSI still below 50, the selling pressure seems to be prevailing.
There has been no change in the MACD histogram since yesterday, with the value remaining at 0.001.
The flat MACD histogram indicates the absence of a strong momentum either way, suggesting that the market for IMX is in a state of uncertainty, awaiting a decisive move.
The immediate resistance for IMX is found at its 20-day EMA, followed closely by the 50-day EMA.
Both of these resistance points were previously retested on June 4, in confluence with the Fib 0.618 level at $0.841.
This suggests that any bullish movements might face significant resistance at these levels, slowing upward momentum and potentially pushing prices back down.
On the other hand, immediate support lies at the Fib 0.786 level, $0.637, in confluence with the horizontal support level ranging from $0.628 to $0.649.
Should the selling pressure increase and the price of IMX falls further, this is the level where buyers might step in, thus preventing further price depreciation.
Traders are advised to watch the market closely and to tread with caution. There is currently no strong signal for either buying or selling and thus it may be advisable to await a clear signal, such as a significant shift in the RSI or a decisive break from the MACD, before making their next move.
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Green Gold Rush: Why ecoterra May Be Your Best Crypto Buy
ecoterra, an exciting green crypto project, has reached a key milestone in its fundraising campaign, with its native $ECOTERRA token presale amassing over $4.9 million.
The presale is currently in stage 8, and the price of $ECOTERRA stands at $0.00925.
Investors eager to secure early positions should seize the opportunity before the price escalates to $0.01 when the total investment crosses $5.7 million.
ecoterra, as delineated in its Whitepaper, is developing a comprehensive web3 ecosystem powered by $ECOTERRA.
The platform stands out with its unique Recycle-to-Earn (R2E) mechanism, promoting recycling, facilitating the trade of recycled materials, and motivating individuals and corporations to offset carbon footprints.
Its recent integration of significant beverage brands such as Coca-Cola, Carlsberg, and Evian further strengthens the utility of the platform.
Users of the ecoterra app can scan and recycle bottles using Reverse Vending Machines (RVMs) and receive cryptocurrency rewards.
The ecoterra app fuses blockchain technology with environmentally friendly practices, creating a user-friendly all-in-one solution.
The platform also plans to let individuals and corporations track their environmental impact using an Impact Trackable Profile, a potential hit among eco-conscious entities.
ecoterra is also set to introduce a staking protocol, providing passive income opportunities for $ECOTERRA holders.
The $ECOTERRA presale, at the intersection of blockchain and sustainability, paves the way for a green future and offers investors a chance to support this vision while potentially earning rewards.
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Render Token (RNDR)
Recent price action indicates that RNDR is caught within a trading range, oscillating around the key level of the 20-day EMA of $2.405, which it has been unable to break through for the third time in the past four days.
This level of rejection highlights the substantial selling pressure, an obstacle to bullish advancements.
RNDR’s current price of $2.279, despite being slightly up by 0.57% today, indicates that it still has a fair way to go before challenging the resistance level established by the Fib 0.5 at $2.290.
Should the price manage to close above this Fibonacci level, the 20-day EMA would then be expected to serve as the next significant hurdle for RNDR.
When analyzing the momentum, the RSI, currently at 46.55, reveals a marginal improvement from yesterday’s 45.98, indicating a slight uptick in buying pressure.
However, being still below 50, this momentum indicator points towards a continuation of the current bearish trend.
The MACD histogram for RNDR currently stands at -0.062, which is almost the same as yesterday’s value of -0.063. This suggests a possible balance between sellers and buyers.
The lack of significant movement in the MACD may indicate a consolidation phase for RNDR, prompting traders to monitor the situation closely.
A breakout in either direction could potentially trigger the next significant price movement.
Looking at the support levels, the 50-day EMA stands at $2.2222, serving as the first line of defense for RNDR.
If the price were to fall below this mark, traders could anticipate a further descent toward the Fib 0.382 level at $2.134, presenting a potential buying opportunity for those looking to capitalize on lower prices.
While RNDR shows some minor signs of upward momentum, the technical indicators suggest that a solid base is yet to be formed for a sustained bullish trend.
Investors and traders should remain cautious and stay on the lookout for any further signals of either a bearish or bullish reversal.
A successful break above the 20-day EMA could set the stage for a potential bullish continuation, while a fall below the 50-day EMA could spell further downside.
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Crystal-Ball of Cryptocurrency: yPredict Looks to Define the Future of Trading
Despite being a work-in-progress, yPredict has attracted a sizeable volume of $2.2 million from forward-thinking investors.
This intense interest is drawn towards the platform’s promise of offering AI-powered trading analytics.
$YPRED, the project’s native token, underpins yPredict’s operations by fostering a tiered subscription model.
The token, currently going for $0.09, entices investors with its utilitarian role within the platform.
The brains behind yPredict include professional traders, AI gurus, and software developers, who plan to give investors a leg up in the complex crypto trading environment.
The use of AI isn’t new in stock or cryptocurrency trading; however, yPredict’s approach is unique.
By combining AI-derived insights with top-grade predictive models, it plans to offer users a comprehensive toolkit for informed decision-making.
One of the platform’s standout features is its ability to autonomously identify over 100 chart patterns. It’s designed to scan social media for market sentiment analysis and also evaluates a broad range of technical indicators.
Transaction and tick data analysis are other core functionalities, providing traders with valuable data-centric insights.
yPredict’s architecture is based on the fast and efficient Polygon layer-2 network. Its design encompasses a staking mechanism and elements of play-to-earn and learn-to-earn, all aimed at enhancing community engagement.
The yPredict token, $YPRED, has a capped supply of 100 million, with 80% offered for purchase during the presale stages.
Currently, in stage 6, the token price is set to leap from $0.09 to $0.12 post-presale.
The project’s financial target stands at around $6.5 million, with leftover tokens planned for exchange liquidity (10%), development (5%), and the project’s treasury (5%).
A listing with Bitmart, a leading exchange, has already been secured, and additional listings are expected shortly.
Given its cutting-edge AI features, planned listings, and growing user base, yPredict is shaping up to be the best crypto to buy now.
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Stacks (STX)
Stacks (STX) is showing signs of concern for investors with a recently formed bearish EMA crossover.
The key technical indicators depict a precarious balance between bearish and bullish sentiments in the market, with a potential downtrend in the offing should the STX fail to uphold its current support levels.
The 20-day EMA of $0.6212 has dropped below both the 50-day EMA of $0.6646 and the 100-day EMA of $0.6683, signaling a bearish trend.
This development raises concerns about the immediate future of the STX cryptocurrency as the 50-day EMA has now become a resistance level, a hurdle that the cryptocurrency has to overcome to embark on an upward trajectory.
The RSI has slipped from yesterday’s 49.54 to 48.24. An RSI below 50 typically suggests a bearish sentiment in the market, hinting that the Stacks (STX) might be in oversold territory. This downward movement of the RSI underscores the current bearish trend.
The MACD histogram shows a marginal increase from yesterday’s 0.0063 to 0.0066 today, suggesting a potential bullish crossover.
However, given the broader bearish context, traders should be cautious about interpreting this as a buy signal.
Meanwhile, the market capitalization of STX has contracted by 1.80% to $861 million, and the 24-hour trading volume has seen a significant reduction, down by 60.20% to $76 million.
These figures, according to CoinMarketCap, might indicate reduced investor interest in the token.
STX price currently stands at $0.6216, marking a decline of 1.25% so far today.
The immediate resistance is observed at the 50-day EMA, followed by a horizontal resistance level between $0.6684 and $0.6813, aligning with the 100-day EMA.
On the downside, STX has an immediate support zone from $0.6141 to $0.6295.
Given these indicators, traders and investors need to tread cautiously. If STX fails to maintain its immediate support, it could potentially trigger a fall to the next support level, which is 18% lower than the current levels.
Conversely, if STX manages to breach the immediate resistance, it may witness a positive reversal, potentially retesting the 100-day EMA.
Traders should maintain vigilance and carefully monitor these indicators, as the ongoing bearish trend could persist and undermine any bullish signals.
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Crypto Presale Showdown: Swords of Blood Rises
If one seeks to plunge their virtual sword into the crypto market, Swords of Blood, an upcoming AAA-quality hack-and-slash game on the Polygon network, may be the best crypto to buy now, as it slashes its way towards its $1.37 million fundraising goal.
Swords of Blood’s plot is steeped in lore, with players tasked to restore peace in the World of Ezura, ravaged by the Dragon Betrayer.
Players can adopt various roles, from fearless dungeon crawlers to powerful warriors, learning new attack combinations and grinding for loot as they progress.
Transitioning to the investment side of the game, the presale of the project’s native token, SWDTKN, has witnessed impressive momentum.
On the cusp of concluding its presale stage, SWDTKN offers early-stage investors the chance to capitalize on unrealized gains once it lands on tier-1 exchanges.
Further intensifying the appeal of Swords of Blood is its integration of NFTs, or Game Utility Tokens (GUTs), into gameplay.
These allow for player progression and engagement with the storyline, and open avenues for profits through the marketplace.
Of particular note is the limited-edition Founders Box collection, which has been introduced ahead of the presale conclusion.
Offering a range of in-game items that give players an advantage, these Founders Boxes manifest as Basic, Medium, and Big variants, each with differing quantities of items and pricing tiers.
The versatility of SWDTKN – necessary for game progression, trade, and marketplace interaction – ensures its demand among gamers, a factor that may influence its appeal to potential investors.
The promising plotline, coupled with NFT integration and the opportunity for early-stage investment creates an inviting stage for Swords of Blood.
As we inch closer to the conclusion of the presale, the chance to partake in what might just be the best crypto to buy now slowly draws to a close.
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