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The geopolitical tension in the Middle East has triggered a cautious sentiment within the crypto market. Amid the current crisis, risk assets such as gold are projected to hit an all-time high of $2700. Conversely, BTC is expected to drop, reaching a low of $38,000. As of press time, Bitcoin trades at $59,640, slipping below the $60,000 mark.
Moreover, the market has witnessed increased selling pressure, as digital asset liquidation saw. Historically, increased selling pressure allows investors to make smart market entries. As of today, tokens such as Avalanche, XRP, and Render present such opportunities, placing them among the top cryptocurrencies to buy now.
Top Cryptocurrencies to Buy Now
The adoption of the AVAX network is steadily increasing, with over six million active addresses, which indicates rising user interest. This growing engagement has contributed to a 19.73% surge in the token’s value over the past week. Meanwhile, the DAWGZ token has already hit a significant milestone, reaching $2.8 million. Additionally, market sentiment around XRP has turned bullish, as evidenced by a 0.27% price increase over the past day.
1. Render (RENDER)
Render is a distributed GPU rendering network built on the Ethereum blockchain. It aims to connect artists and studios in need of GPU compute power with mining partners willing to rent out their GPU capabilities.
Recently, Render witnessed fluctuations. However, several indicators suggest a potential recovery soon. Despite recent declines, the current resistance and support levels indicate a relatively stable price range, thus providing a solid foundation for potential upward movement.
Over the next three months, RENDER could rise by more than 20% if bullish momentum picks up. Key technical indicators, such as the Relative Strength Index (RSI), hint at a possible turnaround, marking this period as critical for potential gains. Therefore, investors could see a significant rebound as market sentiment shifts positively.
At the time of writing, the token is exchanging hands at $4.68, showing a weekly increase of 23.19%. It is currently trading near its cycle high and has high liquidity based on its market cap.
2. XRP (XRP)
India has completed its first crude oil transaction with the UAE using local currencies, bypassing the traditional reliance on the US dollar. It integrates with the XRP Ledger System and the CryptoTradingFund (CTF). This move is part of a broader effort to reduce the costs associated with dollar conversions and to foster trade using native currencies. It signals a potential shift towards a more diversified global currency landscape.
This collaboration allows users to earn CTF tokens as a form of cashback when they make payments in XRP, either online or offline. These tokens can be used to purchase products, converted into cash, or held in anticipation of future growth in the cryptocurrency market.
Furthermore, this system offers users a unique way to benefit from international trade while leveraging the advantages of blockchain technology. Blockchain technology makes transactions more efficient and reduces the transfer costs traditionally associated with USD. This development could pave the way for the increased use of different currencies in international trade, challenging the dominance of the US dollar.
In light of this development, market sentiment around XRP has turned bullish, reflected in a 0.27% price increase over the past day, with a trading volume reaching 1.5 billion. XRP is currently trading above its 200-day simple moving average, a positive indicator for investors. Additionally, the token has seen 17 green days out of the last 30, suggesting strong market momentum.
3. Base Dawgz (DAWGZ)
Base Dawgz, a project primarily operating on the Base chain, has recently gained significant attention due to its growing community and innovative multi-chain compatibility. The project captures the adventurous essence of base jumping, expanding its functionality across various blockchains.
Congrats on passing 2.8 million $DAWGZ 🥳
We’re getting closer. And hopefully we can give you an update next week 🤝 pic.twitter.com/mRvjOMwD6F
— Base Dawgz (@BaseDawgz) August 3, 2024
The DAWGZ token has already reached a milestone of $2.8 million. Each token is currently priced at $0.007414, and the price is anticipated to increase shortly.
A distinctive feature of Base Dawgz is its Share-to-Earn system. This initiative rewards meme creators and content contributors with DAWGZ tokens, aiming to build a loyal and engaged community by incentivizing content creation and sharing. This system aligns with the project’s broader goals of fostering community growth and increasing user engagement.
Furthermore, its roadmap outlines several future initiatives, including plans for community expansion, exchange listings, and further development. These steps aim to sustain and boost interest in the project over time, making it one of the top cryptocurrencies to buy now.
Early investors find the project appealing due to its attractive returns. Base Dawgz allocates 20% of its token supply for hourly distributions over a year, offering an annual percentage yield (APY) of over 881%. This model rewards early supporters and enhances the project’s overall appeal.
4. Ondo (ONDO)
Ondo Finance is a decentralized financial protocol that uses blockchain technology to offer institutional-grade financial products and services. Its goal is to function as an open, permissionless, decentralized investment bank.
Despite a general decline in major tokens, Ondo’s token (ONDO) trades between $0.54 and $0.94, suggesting growth potential. Moreover, if ONDO breaks past its nearest resistance at $1.19, it could gain up to 100%.
Recently, the Aptos Foundation announced the launch of Ondo Finance’s yield-bearing stablecoin, Ondo US Dollar Yield (USDY), on the Aptos blockchain. According to the announcement, USDY will be available for non-US residents using the Aptos blockchain.
Furthermore, the ONDO token has experienced an intraday surge of 0.90%, hitting $0.7767. Additionally, it has high liquidity, evidenced by a volume-to-market cap ratio of 1.8855. The current market cap is $956.22 million, while the 24-hour trading volume is $1.80 billion.
5. Avalanche (AVAX)
Avalanche is quickly becoming a popular choice for smart contracts and decentralized applications. The platform offers a fast, low-cost, and eco-friendly alternative to Ethereum, gaining the trust of many developers. The platform’s consensus protocol allows transactions to be confirmed almost instantly.
Along with its expanding ecosystem, Avalanche attracts a wide range of decentralized finance (DeFi) platforms, NFT projects, and enterprise applications. The network’s adoption is growing, with over six million active addresses showing increased user interest.
Despite the broader market declines, AVAX has proven resilient, gaining 19.73% in the past week. Trading activity has also spiked, hitting its highest daily volume in six months.
Codebase Season 2 is here, and we’re looking for 5 early-stage projects building the next breakout apps on Avalanche!
Selected startups will participate in a 10-week intensive program to help transform ambitious builders into extraordinary founders, with a final pitch day prize… pic.twitter.com/m8V3UzzSgr
— Avalanche 🔺 (@avax) August 8, 2024
Currently, Avalanche trades about 36% above its 200-day Simple Moving Average (SMA) of $15.75. The token also shows high liquidity for its market cap, indicating strong market confidence.
Positive signs, like more development activity and higher transaction volumes, point to a continued uptrend. However, this depends on whether the platform can attract and retain users. According to Coincodex, AVAX’s price might increase by 226.85%, potentially reaching $67.22 by September.
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