Major cryptocurrencies saw declines on Monday following an announcement by bankrupt crypto exchange FTX detailing its holdings as of August 31.
Bitcoin fell to lows around $25,000, while Ethereum dropped below $1,560 in trading on Monday. Other major cryptocurrencies like Binance Coin and XRP also saw drops of 3.57% and 5.87% respectively.
In response to this new twist in the FTX drama, what are the best cryptos to buy now?
The sell-off comes after FTX, which filed for bankruptcy protection last year, disclosed a breakdown of the crypto assets it held as of late August.
FTX said it held over $1.16 billion worth of Solana (SOL) tokens, making it the largest holding. Bitcoin, Ethereum, and Aptos holdings were listed at $560 million, $192 million, and $137 million respectively. FTX also reported holding $120 million of Tether (USDT) and $119 million of XRP.
In total, FTX reported having $7 billion in crypto assets as of August 31 across 438 investment portfolios. The exchange said it is still tallying other assets, which could bring the total even higher.
FTX filed for bankruptcy in November 2022 amid allegations of misuse of customer funds by founder Sam Bankman-Fried, who faces criminal charges.
The exchange has received over 36,000 creditor claims totaling $16 billion as of late August.
Liquidation of FTX’s holdings has sparked concerns about the potential dumping of billions worth of tokens onto the market, further weighing on crypto prices.
FTX is seeking court approval to liquidate assets to pay creditors, with some analysts predicting increased volatility if large sell-offs occur.
Although the FTX collapse has created some uncertainty, opportunity still exists in the cryptocurrency market. Kaspa, Wall Street Memes, Monero, Bitcoin BSC, and Bitcoin Cash are some of the best cryptos to buy now given their robust fundamentals and favorable technical outlooks.
Kaspa (KAS) Gears Up for Potential Upside
Kaspa (KAS) has successfully breached its prior horizontal resistance zone spanning from $0.038877 to $0.041021. It is currently retesting this area, which could potentially turn into a support zone. The technical indicators hint that KAS may be gearing up for a potential move to the upside.
The 20-day EMA for KAS currently stands at $0.037879, whereas the 50-day EMA is slightly lower at $0.037168. The 100-day EMA lags behind at $0.033551. The bullish alignment of these EMAs suggests a strong underlying momentum.
The EMAs’ positioning above the current price, which is $0.039411 (down by 2.57% so far today), could indicate a potential upside for KAS in the near term, especially if the price manages to consolidate around the current levels.
The RSI (Relative Strength Index) – a momentum oscillator that measures the speed and change of price movements – for KAS currently stands at 54.52. It’s a neutral position, but leaning more towards the bullish side.
An RSI above 50 typically signals more gains in price, meaning that the buying pressure is higher than the selling pressure. Additionally, with the MACD histogram standing at 0.000656, it further bolsters the bullish perspective of KAS.
For traders, the immediate resistance level to watch out for is the Fibonacci 0.786 level of $0.045105, followed by the swing high resistance ranging from $0.050413 to $0.051878. If KAS manages to break these resistance levels, investors could expect a more substantial upside move.
On the flip side, the immediate support to keep an eye on is the Fibonacci 0.618 level of $0.039788. This level is in confluence with the horizontal support zone of $0.038877 to $0.041021. This area is crucial for KAS it could serve as a springboard for the next potential rally.
The technical indicators for KAS are painting a promising picture of a potential bullish future. However, traders should remain vigilant and watch for confirmations of these bullish signs before making any trading decisions.
Wall Street Memes: Fueling Potential Returns as One of the Best Cryptos to Buy Now
Wall Street Memes is set to launch on September 27 after raising over $25 million in their presale, betting that investor appetite remains strong for meme coins despite the ongoing cryptocurrency market downturn.
With founders from WallStreetBets, Wall Street Memes seeks to capitalize on the episode that led small investors to drive up GameStop prices in 2021.
Wall Street Memes has also launched a staking service, where holders can earn an annual percentage yield (APY) of 65%. Over 30% of the presale allocation of one billion tokens has already been staked, with the staking pool standing at 306,149,950 tokens as of writing.
Wall Street Memes’ staking feature is designed to incentivize long-term holding of the coin and contribute to its price stability. It’s a strategy similar to that of BTC20, a ‘version 2’ coin with a 21 million token supply that has shown resilience against current market downturns.
Wall Street Memes isn’t limiting its plans to staking either; according to informed sources, a significant product release is expected either before or soon after the coin lists.
This is part of the broader effort to channel the spirit of retail stock buying movements like the one seen on WallStreetBets into the cryptocurrency market.
For those interested in buying the Wall Street Memes token, it is available for purchase on the Ethereum blockchain and BNB Smart Chain using ETH, BNB, or USDT.
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Monero’s (XMR) Price Outlook: Descending Triangle Points to a Possible Downward Move
Monero (XMR) faces a potentially challenging market scenario. The cryptocurrency’s price action reveals a descending triangle formation that has persisted for the past 25 days.
This pattern, combined with a series of bearish technical indicators, suggests the possibility of a looming downward price move.
The 20-day EMA currently stands at $143.4, above the current XMR price of $138.9. This suggests a bearish trend, as the price is consistently getting rejected at this level.
Similarly, the 50-day and the 100-day EMAs, standing at $148.4 and $151.6 respectively, indicate that the medium and long-term trends are also currently bearish.
Adding to the bearish outlook is the RSI. The RSI has dropped to 38.47 from yesterday’s 45.97, indicating that the selling pressure for XMR is increasing.
Traditionally, an RSI below 30 signifies an oversold condition, so while we’re not in that territory yet, the steady decline is a negative sign.
The MACD histogram has fallen to 0.5 from yesterday’s 0.8. This suggests that the bearish momentum is accelerating, further supporting the forecast for a potential downside.
Looking at the immediate resistance and support levels, the 20-day EMA at $143.4 coincides with the descending triangle’s upper trendline, serving as a significant barrier for any short-term bullish movements.
On the flip side, immediate support exists in the horizontal zone of $136 to $137.7, which aligns with the descending triangle’s bottom support line and the Fibonacci 0.786 support at $136.
Should the descending triangle pattern materialize, and the price break below this support zone, traders should anticipate a retest of the $131.1 to $133.8 region. This could translate to a potential 4-6% move to the downside.
The confluence of bearish indicators and patterns suggests that traders should tread with caution. A potential short-term bearish strategy could be to monitor the $136 support level while being prepared for a possible downward move toward the $131.1 to $133.8 range.
Bitcoin BSC: Merging the Legacy of Bitcoin with New Technology
Since its launch in 2009, Bitcoin has enjoyed a meteoric rise to become the most valuable and widely recognized cryptocurrency on the market. Now, Bitcoin BSC is vying to follow in Bitcoin’s footsteps and become the next big thing in cryptocurrencies.
Bitcoin’s history is marked by dramatic growth. For instance, in 2010, two pizzas were purchased for 10,000 BTC, worth over $258 million today.
However, Bitcoin’s massive rise has plateaued somewhat, with its value decreasing by 62.44% from its all-time high of $68,789.63. This has led some to question its growth prospects.
Bitcoin BSC isn’t just a mere replica of the original Bitcoin. Rather, it’s a BEP-20 token built on the Binance Smart Chain (BSC) that’s focused on long-term growth.
Different from Bitcoin, Bitcoin BSC doesn’t use the energy-intensive proof-of-work system. Instead, it uses proof-of-stake, which is more efficient, scalable, and environmentally friendly. This could potentially make it more attractive to a wider array of investors and users.
Since its launch on September 5, Bitcoin BSC has raised over $1.2 million so far. Its token supply during the presale is 4 million tokens, each priced at $0.99, a price that is reminiscent of Bitcoin’s early days.
While Bitcoin remains the pioneer in cryptocurrencies, its utility for daily transactions remains limited. Bitcoin BSC, on the other hand, with its proof-of-stake mechanism, provides a more streamlined crypto experience that could be more appealing to everyday users.
One of the unique features of Bitcoin BSC is that it allocates 69% of its token supply, which is approximately 14,455,000 tokens, to stakers every 10 minutes. This strategy could allow investors to steadily grow their crypto assets.
Bitcoin BSC’s foundation on the BNB Smart Chain, known for its quick and cost-effective transactions, further enhances its appeal. A Bitcoin BSC transaction on this blockchain could cost as little as $0.10, making it a more wallet-friendly option compared to other digital currencies.
As Bitcoin’s journey continues, Bitcoin BSC is stepping onto the stage, merging the legacy of Bitcoin with new technology and staking benefits.
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Is a Price Slump in Store for Bitcoin Cash (BCH)? Bearish Momentum Detected by Technical Indicators
Recent technical indicators paint a potentially gloomier picture for Bitcoin Cash (BCH), suggesting a downward trend may be on the horizon.
The 20-day EMA of $196.8 has crossed the 100-day EMA at $198.5, a pattern commonly referred to as a death cross. Historically, such an event has often been an ominous sign, hinting at a potential selloff period for the given cryptocurrency.
Further substantiating this bearish outlook, the MACD histogram recently displayed a shift from 0.4 to -0.1. This negative reading indicates a bearish crossover, typically seen as a further signal of a potential downward price movement.
Adding to this set of bearish indicators, the RSI has fallen to 36.75 from yesterday’s 40.85. An RSI reading below 50 may suggest a bearish momentum, reinforcing the potential for a downtrend.
At the moment, BCH’s current price stands at $183.7, having declined by 3.47% so far today. The immediate resistance for BCH lies at the 20-day EMA level of $196.8, followed closely by the 100-day EMA of $198.5.
If BCH fails to break above these levels, traders might see this as confirmation of the bearish trend.
However, all is not lost for BCH holders. The immediate support level is at the Fib 0.618 level of $181.4, which is in confluence with the horizontal support zone of $177.1 to $184.4.
This zone has held firm for the past 25 days, providing a potential line of defense against a further price drop.
Should the bearish indicators materialize and the BCH price break below this support zone, the next line of defense lies at the horizontal support zone of $144.3 to $149, closely followed by the Fib 0.786 level of $141.3.
While the technical indicators for BCH are currently leaning towards a bearish trend, much will depend on the ability of the immediate support zone to hold.
Traders and investors should carefully monitor these levels, ready to react based on how BCH responds to these important price levels.
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.