By Best Crypto to Buy Now October 3 – GALA, Polygon, EOS
The launch of nine new exchange-traded funds (ETFs) tied to Ethereum futures contracts received a lukewarm reception on their first day of trading, Oct. 2.
The ETFs, which track futures contracts linked to the price of Ethereum’s cryptocurrency Ether, saw less than $2 million in combined trading volume as of midday Eastern Time, according to Eric Balchunas, a senior analyst at Bloomberg.
With Ethereum futures ETFs getting off to a slow start, what is the best crypto to buy now?
Of the new ETFs, five hold exclusively Ether futures while four track a mix of Ethereum and Bitcoin futures.
Valkyrie’s Bitcoin Strategy ETF, which invests in both Bitcoin and Ether futures, saw the highest first-day volume at $882,000.
The ETF had previously traded as a Bitcoin-only futures product since October 2021 before shifting its strategy to include Ether.
In contrast, the ProShares Bitcoin Strategy ETF saw over $1 billion in volume when it debuted in October 2021 amid surging cryptocurrency prices.
However, Balchunas noted the volume for the new Ether ETFs was “quite a lot” compared to traditional ETF launches. The SEC scheduled the simultaneous launch of the nine products to prevent any single ETF from dominating the new market segment.
The cryptocurrency market is pulling back today after seeing substantial gains on Sunday. Bitcoin hit a multi-week high of $28,597.22 yesterday but ended up closing the daily candle lower at $27,510, a 1.74% drop for the day.
The selling has continued into today, with Bitcoin currently trading around $27,351, down 0.22% so far as it tries to find support and consolidate around $27,500. This level aligns with the Fib 0.618 retracement level of $27,469.
Overall, the total cryptocurrency market capitalization stands at $1.062 trillion as of now, down 0.31% so far today. While Bitcoin and the broader crypto market saw strong momentum on Sunday, some profit-taking appears to be happening as prices retreat slightly from the recent highs.
As Bitcoin tries to find its footing at around $27,500, GALA, Meme Kombat, Polygon, TG.Casino, and EOS stand out as potentially the best crypto to buy now given their promising fundamentals and/or upbeat technical analysis.
GALA Price Momentum Grows With Bulls Eyeing the 50-Day EMA
After a period of rangebound trading between September 21 to September 29, the GALA price is showing signs of renewed momentum to the upside.
With the cryptocurrency rallying 8.87% today to $0.01608, bulls appear to be regaining control. However, with GALA approaching key resistance, the sustainability of this upside move remains in question.
GALA’s 20-day EMA currently stands at $0.01460, beginning to curve upwards and looking well-positioned to cross above the 50-day EMA at $0.01657.
Typically, a bullish crossover like this signals strengthening momentum. However, the two EMAs remain in close proximity, indicative of continued choppiness and uncertainty in GALA price action.
The RSI on the daily timeframe has risen to 59.61, up substantially from yesterday’s reading of 48.82. This shows waxing bullish momentum and suggests GALA may have room left to run before becoming technically overbought.
The MACD histogram has ticked higher to 0.00045, building on the previous day’s increase. This illustrates growing upside momentum, which could propel GALA price higher near-term.
GALA’s market capitalization now stands at $395.9 million, a 7.34% gain, while 24-hour trade volume is surging by 47.89% to $108.4 million so far today. The spike in volume underscores rising interest in GALA as it pushes to break out to the upside.
GALA currently faces initial resistance between $0.01566 and $0.01699, where the Fib 0.382 level at $0.01596, the Fib 0.5 level at $0.01688, and 50-day EMA at $0.01657 converge. Clearing this zone could open the path to further upside.
On the support side, GALA has an immediate floor between $0.01481 and $0.01505, along with the Fib 0.236 level at $0.01481. Further down lies the 20-day EMA at $0.01460. Losing this support could lead to a retest of recent swing lows.
With GALA bouncing off its 20-day EMA and technical indicators turning bullish, the path of least resistance appears higher. However, resistance looms overhead and will need to be surmounted to sustain the uptrend.
Traders are advised to remain nimble and utilize judicious risk management is prudent while price action consolidates. A decisive break above $0.016 resistance or drop below $0.014 support should set the near-term trend.
Bet on Your Favorite Meme Characters With Meme Kombat, One of the Best Crypto to Buy Now
Meme Kombat is developing a gaming platform that will let users bet on battles between viral meme characters. Its presale has attracted over $250,000 in funding so far, working toward a goal of $1 million.
With meme cryptocurrencies like Dogecoin and Shiba Inu witnessing a significant rise in popularity over the past couple of years, Meme Kombat is strategically aligning itself to merge memes and crypto with gaming and gambling.
According to data from Statista, the global online gambling market is projected to reach $131.9 billion by 2027, representing a compound annual growth rate of 8.5% from 2023 onward.
With blockchain technology providing critical transparency and security features, Meme Kombat aims to tap into this explosive growth.
The platform will allow users to bet on meme character battles, with outcomes determined transparently on-chain.
AI technology will power the visuals and gameplay, while blockchain ensures verifiable results. Players can wager using the platform’s native token, $MK, which can also be staked to earn rewards.
Meme Kombat has already garnered coverage from major crypto publications like Cointelegraph and CryptoSlate. Popular YouTube channels have also highlighted its potential, with analyst Joe Parys naming it one of his top meme coin picks.
The presale has so far reached 25% of its $1 million goal, with $MK priced at $1.667. The total supply is capped at 12 million tokens, with 50% sold during the presale.
According to the project’s whitepaper, staking rewards will compound daily and a staking dashboard is slated to launch within weeks. For those seeking passive income, this makes Meme Kombat a strong option for the best crypto to buy now.
Meme coins attract skeptics, but platforms like Meme Kombat keep pushing boundaries. Its presale success and industry hype suggest an eager user base for its meme-battling game.
If executed well, Meme Kombat could spearhead a new age of community-driven crypto gaming.
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Polygon (MATIC) Price Rebounds: Is the Bullish Momentum Back?
After posting four consecutive days of gains, the MATIC price suffered a reversal yesterday, with prices falling 3.85% amidst declining trading volumes.
However, MATIC appears ready to continue its upward trajectory today, with the cryptocurrency bouncing back and currently trading at $0.5728, up 4.68% so far.
As MATIC pushes back towards crucial resistance levels, traders are analyzing whether this uptrend will continue or if we will see further consolidation around the current levels.
The 20-day EMA for the MATIC price stands at $0.5361, while the 50-day EMA sits at $0.5612. With the price consolidating above the 20-day EMA over the past few days, this signals MATIC may have found a short-term bottom.
The RSI jumped to 60.39 today, up from 53.62 yesterday. This bounce back towards 60 suggests bullish momentum is returning for MATIC. However, the RSI remains below 70, so there is still room for additional gains before becoming overbought.
The MACD histogram ticked up to 0.0080, an increase from the previous day’s 0.0065. The positive momentum indicates improving bullish sentiment that could lift the MATIC price further.
MATIC currently faces immediate resistance at the 50-day EMA of $0.5612 and the Fib 0.5 level at $0.5658. If the MATIC price can break above these levels, it will turn them into support and make the zone between $0.5801 to $0.5885 the next target.
On the downside, MATIC has been consolidating above the Fib 0.382 level of $0.5487 over the last few days. This marks the immediate support level to watch. A break below could open the door for a steeper decline.
While MATIC suffered a pullback yesterday, key indicators suggest bullish momentum is returning. MATIC is attempting to break crucial resistance around the 50-day EMA and Fib 0.5 level. If successful, this could signal a continuation of the uptrend.
However, if MATIC fails to hold support at $0.5487, it risks a deeper correction ahead. Traders may look to buy on dips above $0.5487 or sell rallies below $0.5612 until a clearer trend emerges.
TG.Casino: The Best Crypto to Buy Now for Privacy-Conscious Casino Players
Crypto investors are making a big bet on a new Telegram-based project called TG.Casino, pouring over $379,000 into its presale so far.
With promising tokenomics and a unique value proposition, TG.Casino is making its case one of the best crypto to buy now.
The project takes advantage of Telegram’s huge user base and privacy features to create an anonymous crypto casino experience right within the messaging app.
This allows users to conveniently gamble on games and sports anywhere in the world without undergoing KYC procedures or creating a separate wallet.
According to TG.Casino’s whitepaper, the project is fully licensed and regulated, giving users peace of mind. This could give it a leg up on competitors like Stake.com, which recently suffered a major hack.
Driving much of the excitement around the presale is TG.Casino’s lucrative staking rewards program. The project is offering APY of up to 1,500% to presale participants who stake the platform’s ERC-20 token, TGC.
Unlike many projects, these rewards are funded not just through inflationary token emissions but also from a portion of the platform’s revenue.
As TG.Casino grows in popularity, more revenue will be used to buy back and distribute TGC as staking rewards. This unique mechanism has caught the attention of crypto analysts, who believe it could greatly increase demand for the token.
With 40% of the total supply available during the presale, the remaining tokens allocated to exchange liquidity, platform rewards, and marketing, experts say TGC has promising tokenomics.
Given the parabolic growth seen in other crypto casino tokens like RLB, investors are hungry to get in early on what some are calling “the next Rollbit.”
As the online gambling industry continues shifting to blockchain technology, projects that can take advantage of crypto’s benefits like privacy and accessibility while also offering unique features like Telegram integration may prove to be big winners.
For TG.Casino, the presale hype indicates many crypto investors are betting it will do just that.
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EOS Price Targets Immediate Resistance Zone: Can It Break Out of the Consolidation?
The EOS price has shown signs of upward momentum in recent days, bouncing off support levels and looking to break out of its long consolidation period.
With the price of EOS currently sitting at $0.602, up 2.56% so far today, the cryptocurrency seems ready for a move higher after 47 days of range-bound trading.
The 20-day EMA for the EOS price stands at $0.581, while the 50-day EMA sits at $0.602. With EOS trading above both these short and long-term EMAs, this demonstrates a growing bullish sentiment that could continue pushing the price upwards.
The RSI indicator for EOS is presently at 57.52, up from yesterday’s reading of 52.26. This uptick towards the 60 level indicates decreasing bearish momentum and upside potential for the EOS price.
The MACD histogram remains unchanged at 0.005, showing that while bullish sentiment is building, buyers do not yet have full control.
As the EOS price continues mounting the 50-day EMA resistance at $0.602, breaking above this level could open the door for further gains.
The next target for EOS appears to be the horizontal resistance zone of $0.619 to $0.644, along with the Fib 0.382 level at $0.639 which EOS tested earlier today when reaching an intraday high of $0.622.
On the downside, initial support lies at the Fib 0.236 level of $0.592. If this fails to hold, the 20-day EMA at $0.581 represents the next critical support area for the EOS price.
With EOS gaining positive momentum above key EMAs, the path of least resistance appears to be higher.
Breaking past the 50-day EMA resistance would likely accelerate buying interest and propel EOS out of its long consolidation.
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.
