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5 Cryptocurrencies to Buy to Win From Market Price Slump

Here’s 5 cryptocurrencies to buy in this slump that will keep your portfolio in the green. The cryptocurrency market has witnessed a deep pullback in […]

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Here’s 5 cryptocurrencies to buy in this slump that will keep your portfolio in the green. The cryptocurrency market has witnessed a deep pullback in the past month, with bitcoin off 50% from its all-time high of $64,000.

The market is still in a significant bear market, and anyone looking for the best cryptocurrencies to buy needs to be careful.

While the bulls are looking to take the market back, it is evident that the bears are still firmly in control. However, this also presents an opportunity for investors. Market slumps are a great time to buy the dip, and we’ve got a list of some of the cryptocurrencies you can buy below. These assets have been chosen for their market resilience and strong fundamentals.

We recommend dollar-cost averaging into the market through buying relatively small amounts but often, say every two weeks or monthly. This way you smooth out the volatility. You could even buy a larger portion when you think the market is nearer its bottom, like now perhaps.

Take a look at our 5 cryptocurrencies to buy right now:

1. Bitcoin (BTC)

Bitcoin kicks off our list of 5 cryptocurrencies to buy. It is by far the most valuable cryptocurrency, and movements in its price tend to determine the fate of other assets.

best cryptocurrencies to buy - Btc price chart June 8

In truth, Bitcoin has been on a lengthy bearish trend for the past month. The asset is currently trading at $32,871 – down 9 percent in the past 24 hours. This is a bit higher than the asset’s bottom of about $28,000, which it hit last month. Bitcoin has been fighting to climb above the $40,000 mark for the past two weeks. While it is unable to do that just yet, its susceptibility to sporadic moves makes it an attractive asset to hold.

2. Binance Coin (BNB)

The native token for Binance, BNB, has done an incredible job in 2021 already.  It’s one of the top cryptocurrencies to buy right now. The asset entered the year trading at $38.21, and its value has shot up since. BNB hit an all-time high of $691 last month- just a few days before the bear market came into effect. In less than a week, the asset lost over 50 percent of its value and bottomed out at $215. Since then, however, BNB has done pretty well to pick itself up.

best cryptocurrencies to buy - Bnb price chart June 8

The asset’s value has jumped as high as $421, although it is currently trading at $351. BNB gets its value from several things – to offset transaction fees on the Binance exchange, asset transfers, and run smart contracts on the Binance Smart Chain (BSC). The BSC is seen by many as a top alternative to Ethereum for decentralized finance (DeFi), and transactions on the blockchain have been surging. So BNB has strong fundamentals overall.

3. Polygon (MATIC)

MATIC is the native token for Polygon – a multichain scaling solution built on the Ethereum blockchain. The asset features on our list of the best cryptocurrencies to buy primarily because of its performance amid the market downturn. While most top cryptocurrencies saw their prices plunge, MATIC managed to weather through pretty well. In fact, its value hit an all-time high of $2.6 on May 18, while other assets were seeing double-digit slumps.

best cryptocurrencies to buy - matic price chart June 8

Of course, the market eventually caught up to the asset and it dropped as low as $0.76. However, MATIC’s recovery is already on the move, and it has risen back as high as $1.7 – save for today’s 13 percent drop that took it back to $1.44. MATIC is definitely an asset worth exploring.

4. Yearn.Finance (YFI)

YFI is a top DeFi token that earns a place on our list of best cryptocurrencies to buy right now due to its historical performance. The token is native to Yearn Finance – a yield farming project that helps users maximize their returns in the DeFi space. Its price has tumbled pretty hard, with YFI dropping from an all-time high of $94,612 on May 12 to a low of $25,505 on May 23. It is currently priced at $38,949.

best cryptocurrencies to buy - yfi price chart June 8

Among other things, YFI is valuable because of its scarcity. The asset has a hard cap of 30,000 tokens – although a proposal was introduced earlier this year to mint 6,666 more tokens. Like Bitcoin, YFI is susceptible to sporadic moves. So, investors will be anticipating big gains once the market slump is done.

5. Aave (AAVE)

Rounding out our list of the best cryptocurrencies to buy is AAVE -the native token for DeFi lending platform Aave. Aave recently took back its palace as the leading DeFi protocol, crossing $20 billion in total assets locked. To put that in perspective, total assets locked in DeFi are valued at $60 billion. With such considerable dominance, Aave is setting up for bigger gains.

best cryptocurrencies to buy - aave price chart June 8

As for the token, there is some work to be done to regain the $663 high it reached last month. It already jumped by 54.8 percent from the $208 bottom, currently sitting at $322.55. As the market recovers, Aave’s standing in the DeFi sector will most likely help AAVE.

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Source: https://insidebitcoins.com/news/5-cryptocurrencies-to-buy-to-win-from-market-price-slump

Blockchain

QNT Technical Analysis: Price Below the Fibonacci Pivot Point of $72.67

QNT price has tested and fallen below the 23.6% FIB retracement level of $72.18. The price may soon fall below the 23.6% FIB extension level of $69.82 as well. Thus, as of now, the bearish forces are strong. Therefore, we can expect the price downtrend to continue today as well as tomorrow.

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The Quant Network is the first blockchain network to develop the Overledger DLT gateway – an enterprise-grade DLT (Distributed Ledger Technology) gateway. This gateway ensures enterprises achieve interoperability across multiple blockchains systems and DLTs. It also aids in cross-chain interconnectivity. It is a speedy, straightforward, and secure ecosystem. QNT is the native token of this network. Technical Analysis of QNT is as follows.

Past Performance

On Jun 12, 2021, QNT opened at $51.71. On Jun 18, 2021, QNT closed at $71.01. Thus, in the past week, the QNT price has increased by roughly 37%. In the last 24 hours, QNT has traded between $71 – $76.

https://d229noksprj98s.cloudfront.net/wp-content/uploads/2021/06/qnt-technical-analysis-price-below-the-fibonacci-pivot-point-of-72-67.png

https://zephyrnet.com/wp-content/uploads/2021/06/qnt-technical-analysis-price-below-the-fibonacci-pivot-point-of-72-67.png

Day-Ahead and Tomorrow

Currently, QNT is trading at $75. The price has increased from the day’s opening price of $71.01. Thus, the market seems bullish.

READ  Will Ethereum undergo a 27% surge or a 16% drop?

The MACD line has turned negative while the signal line is still positive.  In other words, a bearish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum has turned bearish.  Hence, we can expect the price to start falling.

Currently, the RSI indicator is at 25% – deep into the ‘oversold’ region. It faced rejection at 60% and fell to the current level. Hence, selling pressures are very high. Heavy offloading of crypto will push its price further down. It is a good time for traders to go long.

Besides, the OBV indicator has also fallen steeply. Thus, selling volumes are higher than buying volumes. High selling activity will exert downward pressure on the QNT price. In short, all three indicators have shown bearish signals.

READ  Miller Value Funds to Invest in Bitcoin via Grayscale Bitcoin Trust

QNT Technical Analysis

Currently, the price is below the Fibonacci pivot point of $72.67. It may soon fall below the first Fibonacci pivot support level of $70.76. If the bears remain strong till day end, then the price may fall below the subsequent support levels of $69.58 and $67.67, respectively.

The price has tested and fallen below the 23.6% FIB retracement level of $72.18. The price may soon fall below the 23.6% FIB extension level of $69.82 as well. Thus, as of now, the bearish forces are strong. Therefore, we can expect the price downtrend to continue today as well as tomorrow.

#QNT #The Quant Network

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Source: https://www.cryptoknowmics.com/news/qnt-technical-analysis-price-below-the-fibonacci-pivot-point-of-72-67

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Blockchain

Coinbase Co-Founder Talks DeFi, NFTs, and Crypto Regulation

Fred Ehrsam, the co-founder of Coinbase cryptocurrency exchange talked about state of cryptocurrencies and the era of NFT in his latest interview.

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Fred Ehrsam, the co-founder of Coinbase cryptocurrency exchange talked about the state of cryptocurrencies and the era of NFT in his latest interview with Bloomberg TV.

NFTs Will Have No Value in Three to Five Years

In an interview on Bloomberg TV on June 17th, Coinbase co-founder Fred Ehrsam drew parallels between the rise of cryptocurrencies and the dotcom boom of the 1990s in relation to the state of NFTs in three to five years:

“I go so far as to say that 90% of NFTs produced, they probably will have little to no value in three to five years. You could say the same thing about early internet companies in the late ’90s.”

READ  S&P 500 SPY IWM QQ XLF XLV XBI VIX Oil NatGas Technical Analysis Chart 6/13/2019 by ChartGuys.com

According to him, it’s inevitable that people will “try a bunch of stuff” and that most of it won’t work in the beginning:

“People are going to try all sorts of things. There’ll be millions and millions of cryptocurrencies and crypto-assets, just like there were millions and millions of websites. Most of them won’t work,”

“The technology itself is really important and really valuable over the long run, and there will be a few things that end up being fundamental building blocks that really do matter,” he adds.

At the same time, Ehrsam says said that people shouldn’t be so quick to dismiss meme-based cryptocurrency Dogecoin, saying:

“If crypto has taught us anything, it’s never to dismiss a good meme that could later manifest into more concrete progress.”

READ  New York Stock Exchange to Launch “First Trade” NFTs

In the same interview, the Coinbase co-founder calls DeFi as the “bleeding edge” of the blockchain world.

Ehrsam founded Coinbase with Brian Armstrong in 2012

Furthermore, the Coinbase co-founder believes China could beat the United States in terms of crypto adoption adding that the U.S. and other countries can still close the gap with China, following their recent clampdown on cryptocurrency trading and mining.

He also stated that cryptocurrency is the next big thing and has the potential to create as many more jobs as the internet has done.

Ehrsam founded Coinbase with Brian Armstrong in 2012 and left the company in 2017 to found his own crypto investment firm Paradigm.

#Coinbase #Fred Ehrsam

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Source: https://www.cryptoknowmics.com/news/coinbase-co-founder-talks-defi-nfts-and-crypto-regulation

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Blockchain

Dogecoin Price On Discount, Will The Bulls Jump In To Make Profit?

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The post Dogecoin Price On Discount, Will The Bulls Jump In To Make Profit? appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide

The Bitcoin price nowadays is undergoing a phase of extreme uncertainty as the surge appears to be a fake breakout. And hence it has badly impacted the other crypto assets as well, which may include Dogecoin price too. DOGE price which maintains a stagnant trend in the past couple of months had showcased a slight …

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The Bitcoin price nowadays is undergoing a phase of extreme uncertainty as the surge appears to be a fake breakout. And hence it has badly impacted the other crypto assets as well, which may include Dogecoin price too. DOGE price which maintains a stagnant trend in the past couple of months had showcased a slight uptrend, yet failed again.

The recent price movement suggests the continued downtrend as the dogecoin bulls did not showcase their power after the false breakout. And hence the price is struggling to surge above $0.3 levels. The depleting volume also points out towards the lessened activity on the platform as many may have snubbed DOGE after recently speculated manipulation.

Also Read: Hoskinson Disses Dogecoin! Questions its Relevance

dogechart

Now, considering the present scenario, two possible price movements can be overseen. One, the bulls remain passive and allow the price to tank to the lower levels. In such case, the price may fail to rebound above $0.3. And the revisit the next support levels around $0.22 to $0.21. And after this plunge, the price may take quite a long time to regain the lost positions above $0.3. However, reaching towards ATH levels may appear a milestone which may not occur in near future. 

On the other hand, if the bulls get accelerated, which is mandatory at the press time, the price may successfully clear $0.3 support levels. And later move upwards to attain the next target around $0.38 to $0.4. However, the ATH or $1 target still remains off the beaten track.

Collectively, the dogecoin price appears to trade within a decisive phase as the bulls need to get aggregated. Else a major slump for the DOGE price is on the way which may take a long time to retrace.

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Source: https://coinpedia.org/price-analysis/dogecoin-price-on-discount-will-bulls-invest/

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Blockchain

KLAY Technical Analysis: Will Remain Low Between $1.01 and $0.99

KLAY price has tested and fallen below the 38.2% FIB retracement level of $1.06. The price may soon fall below the 61.8% and 76.4% FIB retracement levels of $1 and $0.99 respectively, as well. If by day end, the price retests and breaks out of these levels, then probably a price uptrend has set in. In that case, the price upswing may continue tomorrow as well.

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Klaytn is a user-friendly, enterprise-level, and service-oriented public blockchain network. It is a decentralized ecosystem based on DLT (Distributed Ledger Technology) with high scalability and low latency. The Klaytn community includes many renowned brands spread across the world. KLAY is the governance token of this network. Below is the technical analysis for KLAY.

Past Performance

On Jun 12, 2021, KLAY opened at $1.01. On Jun 18, 2021, KLAY closed at $1.10. Thus, in the past week, the KLAY price has increased by roughly 9%. In the last 24 hours, KLAY has traded between $0.97 – $1.055.

https://d229noksprj98s.cloudfront.net/wp-content/uploads/2021/06/klay-technical-analysis-will-remain-low-between-1-01-and-0-99.png

https://zephyrnet.com/wp-content/uploads/2021/06/klay-technical-analysis-will-remain-low-between-1-01-and-0-99.png

Day-Ahead and Tomorrow

Currently, KLAY is trading at $1.02. The price has decreased slightly from the day’s opening price of $1.10. Thus, the market seems bearish.

READ  Trading Bitcoin – Looks Like FOMO is Here $10k Left in Dust

The MACD and signal lines are negative. Thus, the overall market momentum is bearish. However, a bullish crossover by the MACD line over the signal line has occurred. Hence, we can expect an intermittent price rise amidst an overall declining trend.

Currently, the RSI indicator is at 43%. It faced rejection at 54% and fell to the current level. Hence, selling pressures are high. Heavy offloading of crypto will push its price further down.

Besides, the OBV indicator has gradually started falling. Thus, selling volumes are slowly overtaking buying volumes. High selling activity will exert downward pressure on the KLAY price.

In a nutshell, when we look at all three oscillators together, the downtrend seems strong. However, we can expect temporary price increases as corrective action amidst a bearish trend.

READ  Telegram Withdraws Appeal Over TON Blockchain Project

KLAY Technical Analysis

Currently, the price is below the first Fibonacci pivot point of $1.04. It may soon fall below the first Fibonacci pivot support level of $1.01. If the bears remain strong till day close, then we can expect the price to fall below the subsequent support levels of $0.99 and $0.96, respectively.

The price has tested and fallen below the 38.2% FIB retracement level of $1.06. The price may soon fall below the 61.8% and 76.4% FIB retracement levels of $1 and $0.99, respectively, as well. If by day end, the price retests and breaks out of these levels, then probably a price uptrend has set in. In that case, the price upswing may continue tomorrow as well.

#KLAY #Klaytn

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Source: https://www.cryptoknowmics.com/news/klay-technical-analysis-will-remain-low-between-1-01-and-0-99

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