Best Crypto to Buy Now August 22 - Compound, Nexo, Hedera

Join Our Telegram channel to stay up to date on breaking news coverage

Each day we review some picks for the best cryptos to buy now based on the latest market movements, blockchain news, and trending narratives.

The price of the giant cryptocurrency finally finds the stability it needs around the $26,000 price point and has been hovering around that price since the start of the week. As the week progresses, it might settle for a specific direction.

Similarly, other top assets have been indecisive regarding their prices. ETH, for example, kicked into the uptrend over the weekend, only to succumb to the pressure from the bears. However, in the case of ETH, the fund transferred by Vitalik may have influenced the direction of the asset.

Global Crypto Market Cap Chart

Best Crypto to Buy Now

Despite the uncertainties notwithstanding, what are the best cryptos to buy now? Today’s review features Compound ($COMP), Hedera ($HBAR), Nexo ($NEXO and THORChain (RUNE). Each of these cryptocurrencies is not only printing impressive performance at the moment, but they also made the list of gainers today. Additionally, Wall Street Memes also made our list today. The crypto industry should brace up for the arrival of one of the most successful presales to date. The details of the token are included below.

1. Compound (COMP)

On the 15th of the month, Compound became one of the first DeFi LPs protocols to go live on the BASE platform. The announcement was made in a post on its official Twitter handle.

ICYMI – Compound is now live on @BuildOnBase 🔵

View the new market here: https://t.co/F8I02yp2wC

— Compound Labs (@compoundfinance) August 15, 2023

However, the thrill was short-lived by the down market that followed a few days later. After the launch of Compound v3, the token’s price started on an upward trend before being forced into a decline.

COMP’s price today deviates from its latest trend. There’s been a sudden shift from the bearish sentiment towards a more bullish trend. The token saw a price increase of about 5% in the early hours of today, with a boost in its trading volume. The token’s trading volume increased by 97% in the last 24 hours.

The bullish trend around the asset could help it cross above the first resistance at the $45 price. The sustained rally could push the price of the asset further up. If the bulls successfully make the value of the help above the $45 range, the COMP’s value might rally toward the $50 mark before the end of the quarter.

While COMP might be one of the best cryptos to buy now, its long-term outlook is not as encouraging. Its current price lies much below its 200-day moving average The token would require a pump of over 250% in price to record a golden cross.

Unfortunately, it would result in a dump from long-term holders, causing a fresh round of bearish sentiment. In that case, it’s best to stick with a short-term strategy to maximize the COMP’s trend.

2. Hedera (HBAR)

The strong fundamentals of the Hedera ecosystem have helped it overcome the recent uncertainties of the cryptocurrency industry. HBAR received a pump in precise earlier today due to the sudden increase in its trading volume.

While the price pump was short-lived, it validates the claim that Hedera, HBAR, is one of the best cryptos to buy now.

The growing adoption of the hedera network is one of the reasons behind the pump in its value. Just last week, the platform announced that one of the projects in its ecosystem had been included in the FedNow payment providers list.

Again, the platform has followed that announcement with yet another one, which borders around its moves into asset tokenization.

A post shared on its Twitter handle calls on devs to join hands with the Hedera platform to achieve full democratization of the finance sector.

As the platform continues its drive towards providing robust value to the crypto industry, it solidifies the continued improvement of the price of its token. While the token’s price is much below its value at launch, it’s gradually pushing its way up the chart.

Real-world asset #tokenization is fast becoming a core pillar of #web3 – bringing higher liquidity, easier access & fractionalization to assets for all investors. @TOKO_network is on a mission to democratize finance, & we are proud to be a part of their journey. #BuiltOnHedera pic.twitter.com/IsrBNj8Apx

— Hedera (@hedera) August 21, 2023

HBAR has recorded over 100% increase in value Y2D at press time, and it’s still on a growth path.

HBAR has the potential to become a viable long-term asset with the potential for gains in the long run. Its best crypto investors take a closer look as the trends unfold.

3. Nexo (NEXO)

Is Nexo the best crypto to buy now? The price of NEXO is rising and might offer a short-term advantage to traders and investors. It has recorded over 3% increase in the last 24 hours, putting it in the list of top crypto gainers today.

One of the prominent factors that may have triggered the recent price pump can be traced to the promotion move that offers to shell out $10000 value to users who participate.

🚨 Last chance for a SOL-id win!

✨ $10,000 prize pool & Saga Phone grand prize are up for grabs.

🎯 Just top up or buy at least $100 worth of $SOL by the end of the day and you're in.https://t.co/x3f1TvPqTN

— Nexo (@Nexo) August 22, 2023

Sadly, technical indicators reveal that the token might face a few hurdles in the long run. Firstly, it has 89% bearish signals, indicating that the ability of NEXO to sustain its gains remains in doubt. Furthermore, NEXO is headed towards its $0.6 – $0.7 resistance zone.

With the current downtrend in the market, it’s unlikely that NEXO would find enough momentum to break above these ranges.

Other downsides to watch out for include its low liquidity. Despite being one of the most prominent players in the crypto exchange, its liquidity has been on a declining trend lately. A continued decline in liquidity might make NEXO less attractive to investors.

Hence, the token’s performance only makes it one of the best cryptos to buy now for traders who want to earn returns on the short-term shift in the asset price.

4. THORChain (RUNE)

THORChain earned a reputation as one of the best-performing assets in the recent down market. Even today, the token continues its outstanding stride with a price increase of 4% in the last 24 hours.

The rising activity around the THORChain must have triggered the surge in price. At the current pace, RUNE’s trend positions it as one of the best cryptos to buy now. Its chart is printing some impressive stats.

The token has recorded 21 green days in the last 30 days, even though most assets are batting with declining prices. Similarly, over 90% of its moving average points return the buy signals, and its current price trends are much below its 200-day moving averages.

Hence, investors may expect RUNE to print more bullish output in the coming weeks. Moreover, its trend is already upward, with over 69% increase in the last 30 days. Arguably, the prospect of a positive Q3 is higher for RUNE now than ever.

Sadly, RUNE is not without its downsides as well. Firstly, the volatility of RUNE is considerably higher than most high-performing cryptocurrencies.

Also, the circulating supply of the asset is less than 68% of the total supply, meaning that RUNE is at risk of high inflation in the long run.

Overall, the token’s potential in the short run is relatively high, with impressive liquidity. Investors should add the token to the watchlist and monitor its progress.

5. Wall Street Memes (WSM)

It’s only 35 days to the launch of Wall Street Memes. The project has enjoyed one of the most successful cryptocurrency presales ever, raising over $25 million.

The community and investors await the coin listing on multiple tier 1 exchanges. The door is still open for investors to come on board.

The offer to escape the grip of traditional financial systems is still open to investors. The fundamental vision of the WSM platform is to help its community break free from the influence of institutional investors.

US economics 101 pic.twitter.com/ZRUbFxCdm0

— Wall Street Memes (@wallstmemes) August 19, 2023

At press time, the WSM is offered at $0.0337 to allow more people to benefit from participating in the presale.

With a Twitter community strength of over 260 thousand followers, the price of WSM would likely skyrocket within days of its launch. There’s still a chance to get in and take advantage of the It’s a chance to join the first movers and benefit from the initial rally.