By Best Crypto to Buy Now August 14 – Hedera, Render, ApeCoin
Major cryptocurrencies are trading with a modestly positive bias on Monday, with the likes of Bitcoin (BTC) up close to 1% in the last 24 hours, and Ether (ETH) slightly in the green, with both still stuck within recent ranges.
Volatility levels remain stuck at historic lows, with Bitcoin just above $29,500 and Ether still close to $1,850, as markets await more clarity on themes such as US regulation and spot Bitcoin ETF approvals.
The macro landscape probably won’t provide much by way of catalysts this week, with Tuesday’s US Retail Sales data and Wednesday’s FOMC Minutes release unlikely to change narratives that the US economy remains robust and that the Fed’s aggressive tightening cycle is likely now down, with a few rate cuts coming next year.
Some altcoins are on the move, however.
Here are a few of the best to buy on Monday.
Hedera (HBAR)
HBAR, the token that powers the decentralized, open-source, proof-of-stake Hedera public ledger, has been rallying on Monday, and was last up around 16% on the day.
HBAR’s push higher comes after the US Federal Reserve’s FedNow service added a micropayments platform called Dropp, which is built on the Hedera blockchain, as a service provider.
FedNow is the Fed’s new instant payment service for US depository institutions and its nod to Dropp is a good sign for crypto adoption, as well as a great sign for Hedera.
HBAR, last trading around $0.066, has broken to the north of an uptrend that has been in play since June and its 200DMA, opening the door to a potential retest of yearly highs in the $0.098 region.
Render (RNDR)
RNDR, the cryptocurrency that powers the Render Network, a decentralized GPU-based AI rendering solution, was last up over 5% on Monday.
The token has continued to rebound after testing long-term support in the $1.58-1.63 area and was last trading around $1.73, with bulls now eyeing the possibility of a retest of the 200DMA at $1.80.
Beyond the 200DMA, there is also significant resistance around $1.85/1.86 in the form of the 50DMA and a downtrend from the earlier yearly highs
If RNDR can break to the north of these levels, this could open the door to a rally back above $2.0.
However, if it fails and the 50DMA crosses below the 200DMA (a so-called “death cross”), then technical selling pressures could rise, and a retest of recent lows in the low $1.50s could be on the cards.
ApeCoin (APE)
ApeCoin (APE), the Bored Ape Yacht Club (BAYC) affiliated native crypto token of the ApeCoin DAO which was also created by Yuga Labs, is another strong performer on Monday.
APE/USD was last around $2.07, up 3.5% for the day and having now broken to the north of its 50DMA at $2.0.
If APE can break to the north of a downwards trend channel it has been stuck within for the last few months, it could mount a challenge of resistance in the $2.50 area, where the late June highs and 100DMA reside.
Crypto Alternatives to Consider
For those looking for an even better possibility of near-term gains, one high-risk-high-reward investment strategy to consider is getting involved in crypto presales.
This is where investors buy the tokens of up-start crypto projects to help fund their development.
These tokens are nearly always sold very cheap and there is a long history of presales delivering huge exponential gains to early investors.
Many of these projects have fantastic teams behind them and a great vision to deliver a revolutionary crypto application/platform.
If an investor can identify such projects, the risk/reward of their presale investment is very good.
The team at Cryptonews spends a lot of time combing through presale projects to help investors out.
Here is a list of 15 of what the project deems as the best crypto presales of 2023.
See the 15 Cryptocurrencies
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
