Best Crypto to Buy Now August 24 - Render, Aave, Chainlink

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

‘What is the best crypto to buy right now?’ is a common question investor ask – in this article, we explore a range of tokens to watch.

There’s been a sudden increase in the overall precision of assets in the last 24 hours. Even more surprising is that the global coin market cap rose by about 1.7% in the period.

However, there’s a fear that this might be a bull trap as trading volume did not respond similarly. Instead, there’s been a decline in global crypto trading volume with a difference of about 20%.

Global Crypto Market Cap Chart

Best Crypto to Buy Now

With the trends today, there is a decreased confidence in the market. The fear/greed index stalls at 34, and the dwindling trading volume also signals it. The growing pessimism might adversely affect the overall performance of crypto investment portfolios. Hence, there’s a need to take a different perspective in the future. Investors should consider the potential of presale cryptocurrencies and how they might contribute to profitability in the long run. Today’s article features a presale with the potential of becoming a winner in the degen category. Read to the end for more details.

1. Render (RNDR)

Render is one of the highest crypto gainers in the last 24 hours with over 11% increase in price. The sudden pump in its price is coming after many days of price decline.

The AI crypto consolidated over the past few days before swinging into an uptrend that lasted 48 hours. However, would RNDR find the rally it needs to maintain the trend?

Besides the price gains, Render is also printing an increase in trading volume. The increase in trading volume has also been consistent for about 48 hours, going from $21 million to $41 million.

In the last 24 hours, the trading volume increased by over 88%. The trend could signal that the confidence of investors is gradually being restored.

On the upside, Render can be one of the best cryptos to buy now. Its technical analysis reveals that the token is on an uptrend current trend and is quite bullish in the short term.

Similarly, its relative strength index indicates the overbought signals, making RNDR a safe bet for the short term.

And from its fundamentals, RNDR outperforms 94% of the top cryptocurrencies on various metrics. Its liquidity is also remarkable, with a market cap of $571,031,754 at press time.

On the other hand, there are RNDR downsides that investors can’t afford to ignore. The first drawback is its inflationary trend, which has a rating of over 45%. It could trigger fluctuation in its price.

Also, the current price is still below its long-term moving averages, which reveals there might be some level of pessimism around the asset.

2. Injective (INJ)

Injective maintains his gains after a few days of decline. However, there remain a few hurdles in its future. Investors who have paid attention to the trend of INJ would identify the token as one of the most resilient throughout the downtrend. The token’s price has increased since the introduction of tokenomics 2.0 on the 16th of the month.

1/ Injective today is releasing its largest tokenomics upgrade yet which can dramatically increase the amount of INJ burned weekly.

Now all dApps built on Injective can contribute to the $INJ burn auction with no limit on how much they can burn.https://t.co/VCoc2lSjaA

— Injective 🥷 (@injective) August 16, 2023

In the last 24 hours, the price of INJ spiked by about 4%, positioning it as one of the day’s top gainers. With that, the token could reverse the fall that forced the asset’s price below the $7 support. That would have drained a sizable chunk of its gains so far.

In the meantime, is INJ one of the best cryptos to buy now? Technical analysis of INJ reveals that the trend is bullish across various price ranges. Its current price indicates an impending bullish trend compared to its long-term moving averages. Also, its declining RSI value indicates that the oversold signal is in play.

Investors should add INJ to their watch list and see how the token performs in the coming weeks. Meanwhile, there’s a need to remember INJ token unlock, which could trigger inflation. At press time, the circulating supply of INJ constitutes only 83.76% of its total supply.

3. Aave (AAVE)

Aave topped the gainers’ list for many weeks in the previous month but lost its path after turbulence that bedeviled the industry, especially the DeFi sector. However, there are signs of recovery in the crypto market, and the token is gradually beating its way up the charts again.

AAVE’s price has increased by 5% in the last 24 hours, according to its data on CoinMarketcap. Today’s performance pushed the token closer to the $60 – $65 rejection zone.

The inflationary effect of AAVE’s token supply is one of the downsides responsible for its weakness at the $60 resistance zone.

However, its circulating supply is now 90% of its total supply. The inflation rate would be considerably lower.

At press time, CoinCodex values the inflation rate of the token at 3%. At that rate, AAVE might finally find enough momentum to retain its uptrend.

As the market moves into full recovery, AAVE and some other DeFi assets might become some of the best cryptos to buy due to their performance.

In the meantime, the overall performance of AAVE indicates that inventors can take advantage of its short-term price gains. Some of the strong points that make the token appealing are its high liquidity and bull dominance in the last 15 days.

On the flip side, some downsides might hurt the performance of the assets in the future. Its price trends are one of them.

There’s a bearish trend on the horizon, as indicated by its short and long-term moving averages.

4. Chainlink (LINK)

Chain link is back on the uptrend and might be seeing more gains for the rest of the week. The token printed gains of up to 5% in the early hours of the day before reseeding back to 2%. Today’s pump complements the 8% rise of yesterday.

However, the bears may have taken a swing at the asset, forcing the trend to tilt toward a decline.

Nonetheless, LINK is showing signals that there might still be more room for gains, and LINK might return to its uptrend in the coming days.

The current price of LINK falls more in the oversold range and might trigger a reversal, which we saw earlier today. It might continue the trend, though.

Furthermore, Chainlink is making fundamental moves that might impact the value and the perception of outfit assets in the coming weeks. It recently partnered with Scroll Foundation. The team-up will likely open up a new frontier for Chainlink, helping it provide its services at scale.

As a blockchain-agnostic Web3 services platform, #Chainlink supports every blockchain ecosystem's approach to scaling.

In this post, we explore how Chainlink is supporting Ethereum's rollup-centric approach to scaling its ecosystem's throughput.https://t.co/OQRfP88X7t

— Chainlink (@chainlink) August 23, 2023

Additionally, the platform has growing use cases across several blockchains and networks. The growing demand for its services would likely increase the value of its assets. Hence, the current price might be largely discounted, making it one of the best cryptos to buy now.

5. Sonik Coin (SONIK)

Many wonder if Sonik Coin will become the new Pepe, but there are still a few milestones for its presale.

The speed crypto’s presale is gradually racing to the moon, with over $400k raised so far. Will Sonik Coin become the best crypto to buy? With a goal so bold as SONIK’s, one can only imagine how the project will unfold.

Zoomy zoomey much fast! 🚀
$400K raised and we're just warming up!

buy now: https://t.co/s1fTdXDQCK pic.twitter.com/QdrEpiM6BL

— SONIK COIN (@Sonikcoin) August 24, 2023

The goal of becoming the fastest cryptocurrency to reach a market cap of $100 million is as bold as any ambition. Hence, there’s a need to bring the team and community together.

So far, the performance has been impressive. In a few days of presale, the token has achieved over 20% of its milestone, demonstrating the growing interest in the upcoming crypto.

Sonik Coin still extends invitations to the crypto communities and degen investors to join the vision and make the dreams a reality.

The presale price is fixed at $0.000014, and the platform comes with robust tokenomics that would 10x the investment within moments of the asset going live on the market.

Visit Sonic Coin presale.