Bitcoin and the broader crypto market are facing a bearish run today, adding further pressure to the already tense market sentiment.
Despite hitting a 13-month high of nearly $31,700 last week, bitcoin is losing momentum, with its price falling below its 20-day exponential moving average (EMA) in a row this week. The indicator can now act as a dynamic resistance.
The current market data suggests that traders are putting downward pressure on the crypto price.
This is in contrast to the trends seen in the stock market, where positive sentiment and investor enthusiasm have recently pushed stock prices upwards.
Although cryptocurrencies and stocks share some similarities as fundamentally risk-sensitive assets, their trajectories have diverged this year due to different outlooks on interest rates and recession risks.
The Dow Jones Industrial Average posted its longest winning streak since 2017 on Thursday.
In contrast, the S&P 500 gained nearly 4% over the past month, while bitcoin declined 1% over the same period.
On Thursday, the Nasdaq index, which has a history of being closely correlated to cryptocurrencies, fell 2.1%.
This decline can have an impact on the cryptocurrency market. However, Nasdaq futures gained momentum on Friday and have outperformed bitcoin in recent times.
Bitcoin is trading around $29,858There has been an increase of only 0.15% till date. If the buying pressure remains weak in the coming days, there is a high probability of a decline towards the $29,000 lows.
With the current state of the cryptocurrency market, Chainlink, Chimpzy, Compound, dLance and Stellar are some of the best cryptos to buy due to their strong underlying fundamentals and/or bullish technical analysis.
Chainlink (LINK) broke the Fibonacci level: a strong bullish bias signals further upside
Chainlink (LINK) has been in the limelight recently after a massive rally of 20.91%, setting a new 13-week high.
The market saw LINK breaking higher from the Fib 0.618 level at $7.259 and the Fib 0.786 level at $7.937. ascending triangle pattern,
From a technical perspective, LINK’s exponential moving averages suggest a strong bullish bias. The 20-day EMA is currently at $6.853, the 50-day EMA at $6.495, and the 100-day EMA at $6.518. These levels, below the current price of $8.138, confirm a strong upward movement for LINK.
Despite the 2.67% price drop today, the RSI is indicating a positive trend.
Although the RSI has declined slightly to 69.98 from yesterday’s 74.24, it is still well below the generally overbought range of 70.
This suggests that the market is currently witnessing a healthy price correction rather than a trend reversal.
The MACD histogram, which is considered a reliable indicator of the strength of a trend, has moved up to 0.158 from yesterday’s 0.131.
This increase implies that the bullish momentum is still present, although it has been dampened by today’s price decline.
LINK’s market cap increased by 0.12% to $4,378,643,850 while trading volume decreased by 38.78% to $728,484,172.
This gap between market cap and volume suggests that LINK may be entering a consolidation phase as it digests its recent gains.
In terms of price levels to watch, immediate resistance for LINK lies at the year-to-date (YTD) high of $8.798 set on April 18. On the downside, an immediate support is the Fib 0.786 level at $7.937.
Although today’s price action suggests a possible short-term consolidation, the overall bullish sentiment remains intact.
Thus, traders may consider adopting a ‘buy on dips’ approach, keeping an eye on the $8.798 resistance.
Chimpzy: One of the best cryptos to buy now for investors looking to make a difference
Inching towards the $1 million mark in its pre-sales, Chimpzy continues to impress with its pre-sales progress.
Chimpzy recently unveiled its Chimpzy Gold Passport non-fungible token (NFT), available in eight different designs.
Investors participating in the ongoing “Gold Stage” presale earn the privilege of minting these NFTs for up to 750,000 $CHMPZ tokens after the presale.
Contributing to environmental protection, Chimp recently donated $20,000 to the WILD Foundation to help protect black jaguars.
This follows previous initiatives such as planting 1,200 trees in Brazil and 20,000 trees in Guatemala and donating $15,000 to Save the Elephants.
Adding to its appeal as one of the best cryptos to buy now, Chimpzy will soon introduce a merchandise store and a trade-to-earn NFT marketplace with a play-to-earn game called “Zero Tolerance”.
Furthering the project’s philanthropic mission, a portion of the profits from The Chimp Shop will be donated to the listed charities.
Chimpzy’s upcoming $CHMPZ token launch has significant investment potential.
The token, which is currently only worth $0.0007, is set to launch on major crypto exchanges this year at $0.00185.
$CHMPZ’s deflationary model ensures token value increases over time, with tokens purchased for the Chimpzy Passport NFT and tokens left over from each presale phase being burned.
As environmental concerns take center stage around the worldChimpzy Chimpzy Presents a Win-Win Opportunity for Interested Investors Make a profit while contributing to ecological conservation,
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Market Timing: Is COMP One Of The Best Cryptos To Buy Right Now?
After hitting a one-year high of $85.90 on July 16, COMP price declined from the Fibonacci 0.786 level to $72.45 under selling pressure.
The comp is currently trading at $71.66, down 2.38% so far today, indicating a struggle to regain some of its lost momentum.
The technical indicators present an interesting scenario that could potentially impact COMP’s immediate future.
The 20-day EMA at $64.96 could act as a support level to cushion potential downsides in COMP’s price in case its bearish trend continues.
Meanwhile, COMP’s 50-day and 100-day EMAs stand at $53.41 and $47.36, respectively, further underlining this support network.
The RSI has declined slightly to 61.79 from yesterday’s 64.17. This could potentially incite minor selling, which could pressure the comp to test its support levels.
The MACD histogram has also been added to the narrative. The MACD histogram is currently at -0.45, down from -0.17 yesterday.
The MACD is a trend-following momentum indicator, and a negative value may suggest a potential bearish reversal.
Keeping these technical indicators in mind, traders are advised to keep a close watch on COMP in the coming days.
Bearish signals from the RSI and MACD, combined with potential support from the EMA, suggest a possible test of the 20-day EMA support at $64.96.
Dealans: Investing in the Future of Freelancing
As the $DLANCE token presale nears its end, investors are racing to secure tokens for DeeLance, the highly anticipated metaverse built for freelancers.
DeeLance has raised over $1.59 million through its token presale to date. After the presale ends in more than a week, $DLANCE tokens will only be accessible through cryptocurrency exchanges, and the price is likely to be higher than during the presale.
DeeLance is built on the principles of decentralization and transparency of the blockchain.
It seeks to create a level-playing field, distancing itself from traditional freelancing platforms like Fiverr and Upwork, which have often been criticized for their high fees.
With the intention of disrupting the freelancing industry, dylance proposes a unique mechanism to tokenize freelance work products in NFTs.
This process ensures the safe and reliable transfer of work ownership, while addressing important issues such as copyright infringement and payment fraud.
The DeeLance Project has seen a steady increase in engagement on the social media platform, with its Twitter account reaching 40,000 followers.
Its Telegram and Discord channels have also expanded to over 72,000 and 10,000 members, respectively.
Deelance has been recognized by traditional news websites as well as reputable news and analysis websites Most Promising Crypto Presale Projects of 2023,
Crypto analysts Jacob Crypto Bury and Crypto Gains, among others, predict substantial growth potential for $DLANCE in the coming year.
After passing through a successful audit and certification by SolidProof and Coinsales and securing a pre-ICO listing on CoinMarketCap, Deallance continues its journey towards establishing a fair and efficient blockchain-based freelance metaverse.
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XLM Price Drop Could Present An Opportunity: One Of The Best Cryptos To Buy Right Now?
After a three-day streak in the green, Stellar (XLM) is experiencing a slight cooling off in its recent price movement.
The cryptocurrency price is now undergoing a correction, down 2.57% to date, testing the Fib 0.382 level at $0.1586 as a potential support.
Technical indicators suggest that XLM could be entering a period of consolidation at this point before moving on to the next level.
The 20-day EMA for XLM is currently at $0.1259, above the 50-day EMA at $0.1092 and the 100-day EMA at $0.1012. The positions of these EMAs indicate a bullish trend over the past few weeks.
Generally, when the shorter-term EMA is above the longer-term EMA, it is a positive sign for traders, indicating upward momentum. However, the current price action suggests a pause in this trend as XLM seeks support.
The RSI currently stands at 70.41, down slightly from yesterday’s 73.40. An RSI value above 70 typically indicates overbought conditions, which can often be followed by a price correction as traders lock in profits. This may be what we are seeing with the current decline of XLM.
The MACD histogram has declined slightly to 0.0045 from yesterday’s 0.0046. While this is not a major change, it does confirm the idea of a cooling-off period for XLM.
From a support and resistance perspective, XLM is currently testing the Fib 0.382 level at $0.1586 as a potential support area.
If the price can consolidate around this level, it could provide a solid base for a future upward move.
On the other hand, the Fibonacci 0.236 level at $0.1735 is the immediate resistance that XLM needs to overcome to continue its upward trajectory.
Current technical indicators suggest that Stellar (XLM) price Fii may enter a consolidation phase at the 0.382 level ($0.1586) before attempting to move higher.
Traders should keep a close eye on this level for potential buying opportunities, keeping in mind the Fibonacci 0.236 level ($0.1735) as the next immediate resistance.
Disclaimer: Crypto is a high risk asset class. This article is provided for informational purposes and does not constitute investment advice. You can lose all your capital.