Best Crypto to Buy Now August 2 - Injective, Chimpzee, Chainlink

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InsideBitcoins regularly provides a rundown of the best cryptocurrencies to buy now, considering their recent price performance.

Barely hours to Litecoin halving, the trend across the cryptocurrency market remains calm. However, LTC trading volume has increased by over 30%.

Similarly, the market downturn is over, and the prices of major assets across the cryptocurrency market have adjusted to their previous trends. However, there is still some level of uncertainty because some of the trends are giving off cues of a bear trap.

Global Crypto Market Cap Chart

Nonetheless, what are the best cryptos to buy now? Today’s review identifies some tokens likely to perform at their best in the short and long run.

While careful efforts have been made to ensure the listed assets meet vital metrics, it’s best to conduct further research for the best investment decision.

Best Crypto to Buy Now

All eyes are currently on the DeFi sector, with many speculating more uptrend across the board. However, investors with bolder risk appetites can also consider memecoins. And talking about memecoins, there are several ongoing memecoins presale. Also, some popular projects have taken their goals and mission beyond the ideals of memecoins.

An example is the Chimpzee presale which blends blockchain technology with social entrepreneurship. The details of the project are shared below.

1. Injective (INJ)

Injective has made a name for itself as one of the biggest gainers this year. It ended Q1 with over 271% increase in price. At the end of Q2, it had a price increase of 70% over its Q1 performance. The surprising part of its trend is that INJ went on to print gains in Q2 despite the crisis that hit the cryptocurrency industry then.

At the close of the second quarter, injective had a price of about $7.4. Since then, it has climbed further by another $0.8 to print $8.12 with an intraday gain of over 5%.

Even though the token struggles with the resistance at the $9 zone, its days of gains might not be over yet. Considering its charts, its RSI (14) reading sits slightly above the oversold range, with a value of 46.

Eventually, the rejection trend it faced at $9 may now be swinging into an uptrend. It might imply that INJ is one of the best cryptos to buy now. However, it’s unlikely that the token will find the needed momentum to break marginally above $9. Yet, they might test the zone in the coming days.

Nonetheless, the volatility of INJ may prevent any prospect of further rally. With that, it is preferable to approach INJ with a short-term hedging strategy or medium-term investment strategy at best.

2. Chainlink (LINK)

Chainlink has been on a declining trend since the later days of the past month after it encountered rejection at the $8.2 price point. The token has made several attempts to break above the $8 price, but on all occasions, it’s met with resistance from the bears.

The trend is quite different today as the LINK price is up nearly 4%. Its charts show that the current upward trend might last till the end of the third quarter. However, there are possibilities of occasional dip and boom along the way.

Nonetheless, LINK will likely end Q3 above the $9 price. If that happens, it could begin a protracted growth path for the asset. One of the factors that might influence the uptrend is the growing adoption of the CCIP.

The platform recently hinted at the possibility of a cross-chain DeFi in a post published on its official blog and shared on its Twitter handle.

Cross-chain DeFi is a new paradigm of decentralized finance powered by secure cross-chain interoperability.

Understand how #Chainlink CCIP unlocks a new wave of smart contract innovation👇https://t.co/UBJdatgzV2

— Chainlink (@chainlink) August 1, 2023

If this holds, it might open a new frontier for the platform, thereby accelerating utility and demand for its services, driving up its price. With that, LINK might be one of the best cryptos to buy now.

The only downside, however, is that LINK is known to have a history of high volatility. Therefore, keeping a close eye on its price action is best.

3. Dash (DASH)

Dash is giving off an impressive performance. Being a Litecoin fork, it was intended to become a digital cash, which accounts for the name of the token, DASH.

Dash is an open source blockchain and decentralized global payment network designed to take on sound money’s properties and solve major blockchains’ slow transaction problems.

DASH’s price today is $31.75, about 2% higher than its price 24 hours ago. What’s equally impressive is that its trading volume has increased by over 130% within the period.

While this might be a sudden increase in value, it is not unexpected. Ideally, it’s barely hours until the halving of Litecoin implies that its forks would also receive a share of the attention.

However, the downside is that the DASH’s gains might only hold for a short time as the price would return on a downtrend after the vibe dies out. However, swing traders can ride the wave to short-term profit before the asset hits the next resistance, as it already trades close to its resistance level.

Also, activities around the network are at their lowest and can impact the confines of the token. Consequently, there will likely be a dump very soon because the token trades below its 200-day EMA. Thus, DASH only qualifies as the best crypto to buy now, especially for short-term hedging.

3. NEAR Protocol (NEAR)

Will NEAR protocol become the best crypto to buy now? NEAR has not been investors’ delight, especially in the last 30 days. The token has spent most of the past 30 days in the red, raising concerns about its quarter performance.

Also quite disturbing is that its trading volume trended downwards, and activities within its network are declining. The most impressive move made by the platform in recent times is the collaboration with QuickswapDex, which it shared on its Twitter handle.

Notwithstanding, NEAR provides short-term opportunities with its recent up trend. However, there is a need to note that NEAR is notorious for its volatility. It could swing into a declining movement with the slightest changes in the industry.

In the meantime, near saw an intra-day increase of about 3%, and its RSI (14) currently tends towards the oversold range. It will likely hold on to its gains for a little longer before returning to the downtrend.

On the flip side, its recent gains might be a bull trap because its 10-day and 20-day EMA currently trend below its 200-day and 100-day EMA. What this indicates is the death cross.

Want to learn your way around QuickSwap's interactive #Polygon #zkEVM dashboard, powered by @NEARProtocol? 🎓

Then you're just one step away… dare we say, #NEAR-ly there 😉

Check out the tutorial below for all the deets 👇🏻 pic.twitter.com/tHO07g24rB

— QuickSwap 🐲 DragonFi 2.0 (@QuickswapDEX) July 27, 2023

Consequently, it might burst into a declining trend much sooner. It is best to keep a close eye on the price movement when dealing with the token.

5. Chimpzee (CHMPZ)

The Chimpzee project focuses on changing how the world interacts with wildlife and their habitat. Hence, the team still invites more investors to join the Chimpzee.

https://twitter.com/RealChimpzee/status/1686587677640929280/photo/1

Chimpzee is taking a different approach to tackling the age-long problem of environmental degradation. The platform is not only tackling the problem but also doing it profitably.

It incorporates robust tokens that reward investors for participating in the solution. The first one is a 100% bonus coin for early investors. After that, the platform will move towards burning the total supply until its under 60 million. The deflationary trend would put the demand above the supply in the long run.

Above all, the token is currently offered at a discounted price. At stage 7 of the presale, CHIMPZ goes for $0.000775. However, the price is bound to increase to $0.00085 in about 48 hours.

Information about other benefits of participating in the movement and additional details are provided on the presale page. The commitment of the team and the engagement within its social media commitment signals that CHIMP might become one of the best cryptos to buy now.

Visit Chimpzee Presale.