[CryptoNews]
With Bitcoin still trying to surmount the $35,000 level, analysts have flagged Aave (AAVE), Solana (SOL), The Sandbox (SAND), Bitcoin Minetrix (BTCMTX), and Meme Kombat (MK) as some of the best crypto to buy now.
AAVE stalled after an 86% surge earlier this year, trading sideways for much of 2023.
Renewed upside momentum emerged in mid-September, however, propelling AAVE toward the $100 resistance level for the first time since August 2022. Breaching this key barrier after months of consolidation suggests further gains may lie ahead if bullish momentum persists.
AAVE appears well-positioned to recapture previous highs by end-of-year, underpinned by its widely accepted status as a leading decentralized finance protocol.
With core utility in crypto lending and liquidity pools, AAVE stands to benefit as the adoption of DeFi accelerates.
Solana (SOL) also had a strong October, with its price spiking nearly 80% to reach a high of $38.62 on October 31. A potential factor driving the price was Solana’s annual Breakpoint conference from October 30 to November 3, where several key announcements were made.
1/ What a kickoff for #Breakpoint2023!
Google BigQuery live
Solana is integrated with AWS Node Runner
@jump_firedancer live on testnet
Immaculate vibes, art, and connections made
And so, so much more by the Solana community. pic.twitter.com/FqKOP9ZxUC
— Solana (@solana) October 31, 2023
These include Firedancer testnet going live, a collaboration with Google Cloud, and increased institutional interest reflected in a surge of Solana’s TVL to $438.28 million as of writing.
Finally, The Sandbox’s SAND token jumped over the past week after revealing its Mastercard integration enabling SAND payments and a FallO’ween event.
Despite SAND losing over 95% of its value after its 2021 rally, analysts remain optimistic thanks to The Sandbox’s continuous partnerships.
SAND broke above its 100-day exponential moving average recently, testing resistance at $0.36.
With a unique metaverse offering, The Sandbox may be a strong prospect if its ecosystem expands.
In addition to the continued potential of AAVE, Solana, and The Sandbox, two crypto presales gaining attention are Bitcoin Minetrix and Meme Kombat.
Given crypto’s bullish Q4 momentum, analysts highlight AAVE, Solana, Sandbox, Minetrix, and Kombat as prospects to watch closely.
We’ll analyze the technical and fundamental factors driving these top prospects to identify the best crypto to buy now.
AAVE Targets $95: Can It Break Through Resistance?
The AAVE price has exhibited a notable bullish breakout, following a symmetrical triangle pattern that took shape from October 24 to October 31.
The breakout was punctuated by yesterday’s 9.48% move to the upside, setting AAVE on course for its immediate resistance level.
AAVE is currently trading at $92.61, displaying a 3.87% increase so far today.
While the recent upward movement is encouraging for investors, a potential bearish RSI divergence has surfaced, indicating the possibility of a trend reversal.
The 20-day EMA for AAVE stands at $78.54, significantly above both the 50-day ($71.24) and the 100-day ($67.82) EMAs.
In general, a short-term EMA crossing above long-term EMAs is perceived as a bullish signal.
However, the current bullish movement of the AAVE price is in potential contrast with the RSI, which has slightly declined from yesterday’s 75.90 to today’s 71.93.
This bearish divergence could signify an impending price correction.
Meanwhile, the MACD histogram has risen to 1.18 from yesterday’s 0.92.
This increase, typically indicative of bullish sentiment, supports the upward trajectory of the AAVE price.
Yet, the MACD’s reinforcement of the bullish trend is at odds with the RSI’s subtle warning of a potential price reversal.
AAVE is currently facing a horizontal resistance zone ranging from $92.03 to $95.55.
Overcoming this resistance could signal a continuation of the bullish trend.
On the downside, immediate support can be found at the previous swing high level of $88.
Should this level fail to hold, AAVE could find robust support in the horizontal zone between $83.47 and $84.60.
The AAVE price has shown promising bullish behavior, yet the technical indicators hint at an uncertain future.
The bullish breakout and rising MACD histogram contrast with the potential bearish RSI divergence, indicating that the market might be overbought.
Investors should remain cautious and be prepared for potential volatility in the AAVE price.
The key for traders will be the $95.55 resistance level. A sustained break above this point could confirm the continuation of the bullish trend.
Conversely, a fall below the $88 support level might validate the bearish RSI divergence, potentially leading to a price correction.
Therefore, traders should carefully monitor these levels while considering their next move in the AAVE market.
Solana SOL Price Retreats: Is it Time to Reassess the Bullish Momentum?
SOL price has been on a robust upward trajectory in recent weeks, surging more than 23% to set a new year-to-date high of $46.90. However, after this impressive rally, the price seems to be taking a breather today.
The SOL price currently stands at $39.96, marking a 2.89% decline so far today.
From a technical perspective, the SOL price is exhibiting a few notable patterns.
The 20-day EMA for the SOL price is currently $31.62, comfortably above the 50-day and 100-day EMAs at $26.85 and $24.35, respectively.
This is typically a bullish pattern, but the recent price decline cautions investors to interpret this with discretion.
The SOL’s Relative Strength Index (RSI) currently stands at 79.13, down from yesterday’s 84.58.
Although the RSI is slightly lower today, it’s still well within the overbought territory (above 70), indicating that the SOL price might experience some short-term selling pressure.
The MACD histogram remains unchanged at 1. This shows that the bullish sentiment is still present, but the momentum may be slowing if the MACD line crosses below the signal line in the coming days.
Looking at the key price levels, SOL price faces a horizontal resistance zone between $46.58 and $48.44.
However, with the price experiencing a deeper retracement today, the Fib 0.236 level of $40.80 could likely become an immediate resistance level in the following days.
On the support side, the immediate support is the Fib 0.236 level of $40.80, but with today’s decline in SOL price, it appears this level won’t be able to hold.
The next significant support level lies between $37.04 and $39.95. This zone is in confluence with the Fib 0.382 level of $37.02, making it a critical level to watch.
Given the above, investors and traders should monitor the SOL price closely in the coming days.
If the SOL price can find strong support and rebound above the $40.80 level, it may attract further buying momentum.
However, if the $37.02 support level doesn’t hold, we could see a deeper correction in the SOL price.
As always, trading within defined risk limits and waiting for clearer signals would be the most prudent strategy in this scenario.
The Sandbox SAND Price Consolidates as Bulls and Bears Clash
The Sandbox (SAND) price set a new multi-month high today, hitting an intraday peak of $0.38 before pulling back to trade at $0.3602 at press time.
While still up 1.01% on the day, SAND is facing immediate resistance just above its current price level.
With the SAND price unable to break through the $0.3623 to $0.3698 resistance zone over the past four days of trading, bulls are eager for a convincing breakout to propel the coin to its next leg up.
However, caution may be warranted until SAND can close decisively above this stubborn barrier.
Looking at technical indicators, the short term is gaining ground on the long term for SAND.
The 20-day EMA currently stands at $0.3282 while the 50-day EMA sits slightly lower at $0.3194.
With the faster moving average crossing above the slower moving average, this signals improving momentum in the near term.
At the same time, the RSI for SAND has inched up to 69.83 from yesterday’s reading of 68.72.
While not yet in overbought territory above 70, the steady climb hints that upward price momentum may be building despite the resistance roadblock.
The MACD histogram tells a similar story, printing at 0.0049 compared to 0.0051 yesterday.
Though the indicator ticked down slightly, the positive value reflects growing bullish momentum.
With SAND struggling to best formidable overhead resistance, bulls may need strong buying volume to absorb selling pressure and drive the SAND price to new highs.
On the downside, initial support comes in around the 100-day EMA at $0.3421. Further support lies between $0.3357 and $0.3404, where SAND found buyers on several recent pullbacks.
While technicals currently favor the bulls, traders may want to watch for a convincing break above $0.3698 before entering new long positions.
Otherwise, a move below the 100-day EMA could signal waning momentum and potential consolidation ahead for the SAND price.
Patiently awaiting a catalyst or definitive chart signal is recommended at this time.
With AAVE, Solana, and Sandbox trading near key levels, analysts also suggest watching for breakouts from lower-profile cryptos.
Upcoming presale launches Bitcoin Minetrix and Meme Kombat allow entry at discounted rates before major cryptocurrency exchange listings.
Overlooked Bitcoin Alternatives Worth Watching
Bitcoin may dominate the headlines, but it’s far from the only viable option in the cryptocurrency space.
Savvy investors know that diversifying into other cryptocurrencies has the potential to pay off handsomely.
Despite Bitcoin having the largest market capitalization, the cryptocurrency space keeps changing as new projects are always starting up.
Getting exposure early to promising cryptocurrencies besides Bitcoin can supercharge your portfolio’s upside potential.
One strategy is participating in presale events for upcoming cryptocurrency launches.
Presales allow you to acquire newly minted coins at discounted rates before they hit major crypto exchanges.
Two hotly anticipated presales on the horizon are Bitcoin Minetrix and Meme Kombat.
Bitcoin Minetrix utilizes blockchain to distribute mining rewards to token holders while Meme Kombat is developing a play-to-earn fighting game centered around viral meme characters.
Both of these projects represent exciting Bitcoin alternatives that could generate substantial interest upon launch.
Bitcoin Minetrix’s BTCMTX Presale for Bitcoin Mining: Is It the Best Crypto to Buy Now?
Bitcoin Minetrix is making headlines in the crypto community, raising over $3.1 million in the final days of its current BTCMTX presale stage.
This milestone comes as the price of Bitcoin has risen over 100% year-to-date and recently stabilized above $34,000.
BTCMTX seeks to allow retail investors to participate in Bitcoin mining by converting tokens into cloud mining credits.
The credits can then be redeemed for designated mining time slots to earn Bitcoin rewards.
When integrated into an #Ethereum smart contract, the $BTCMTX #Token acts as the gateway to access #Bitcoin cloud mining.
Eager users can effortlessly purchase and employ #BTCMTX tokens to secure cloud mining credits, ultimately traded for hashing power. pic.twitter.com/c3Ojzq25h0
— Bitcoinminetrix (@bitcoinminetrix) November 2, 2023
Jacob Bury, a leading crypto analyst, highlighted the achievement in a recent video, noting the presale’s rapid growth.
However, with less than five days remaining at the current presale price of $0.0114, the window is closing for investors to get in at this stage.
The progress of BTCMTX’s raise comes amid excitement around a potential Bitcoin spot ETF approval, which could bring billions in institutional inflows.
While unconfirmed, analysts suggest the prospect has fueled defiance in Bitcoin’s on-chain performance.
Some experts predict Bitcoin could reach as high as $135,000 or even $750,000 on the news, though significant headwinds remain.
Regardless, experts say alternatives like BTCMTX could vastly outperform Bitcoin itself given the lower market cap.
BTCMTX also offers staking rewards of up to 186% APY. The extra tokens will grant larger mining power once the stake-to-mine feature launches.
Between potential value accrual and mining rewards, BTCMTX seeks to give retail traders diverse exposure to the expanding Bitcoin ecosystem.
However, the closing presale window means that the opportunity to get in on one of the best crypto to buy now may soon pass.
Meme Kombat: The Hot New Meme Coin That Could Be the Best Crypto to Buy Now
Crypto enthusiasts are flocking to get in early on the new meme coin project Meme Kombat, which just crossed the $1 million mark in its ongoing presale event.
By merging the massive popularity of meme culture with the exploding crypto gaming sector, Meme Kombat has its sights set on being the next meme coin to top the charts.
We're building out here
MK Community grows every day.
Staking is almost live.
And Kombat will shock the worldpic.twitter.com/WZxAkupn4H
— Meme Kombat (@Meme_Kombat) November 1, 2023
The presale features the project’s native $MK token, which is available at increasing prices until it reaches $0.279 in approximately 10 weeks.
The token is valued at $0.183 at the moment and will climb to $0.189 on November 9.
Investors participating in the presale will earn staking rewards immediately, with staking APYs touted up to 112%.
Meme Kombat is targeting between $5 to 10 million raised through the sale of 50% of the total $MK supply.
Should Meme Kombat catch on and attract a large user base, its total market cap has the potential to increase notably, mirroring the market caps reached by other mainstream meme cryptos.
The project has recently received media coverage from major crypto news outlets like Cointelegraph and Coinpedia, plus mentions from YouTube influencers.
With meme coin and gaming sectors booming, Meme Kombat’s blend of battle gameplay and crypto wagering provides unique utility compared to leading meme coins like Dogecoin and Shiba Inu.
Risk-tolerant crypto investors may kick themselves later if they pass up $MK token’s potential as one of the best crypto to buy now.
Visit Meme Kombat Now
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.
The post Best Crypto to Buy Now November 2 – Aave, Solana, The Sandbox appeared first on Cryptonews.
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