{"id":427036,"date":"2023-08-05T13:07:27","date_gmt":"2023-08-05T13:07:27","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=427036"},"modified":"2023-08-05T13:07:27","modified_gmt":"2023-08-05T13:07:27","slug":"best-crypto-to-buy-now-august-5-aave-chimpzee-chainlink","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/best-crypto-to-buy-now-august-5-aave-chimpzee-chainlink","title":{"rendered":"Best Crypto to Buy Now August 5 – Aave, Chimpzee, Chainlink"},"content":{"rendered":"

We cover some contenders for the<\/span> best cryptocurrency to buy right now<\/span><\/a>, potentially worth adding to your watchlist over the coming days.<\/span><\/p>\n

The dust in the DeFi sector may be settling down gradually as the weekend exploiter responds to rational dialogue. <\/span><\/p>\n

On the 3rd of August, the joint effort of Curve, Metronome, and Alchemix proposed a workable solution to the situation. They offered the hackers a chance to keep 10% of the stolen funds if they would refund the remaining 90%. <\/span><\/p>\n

Fortunately, the exploiter responded positively to the amnesty offer. With the new development, the DeFi sector is gradually returning to where it was before it hit. <\/span><\/p>\n

\"Global<\/p>\n

Global Crypto Market Cap Chart<\/strong><\/em><\/p>\n

Best Crypto to Buy Now<\/b><\/h3>\n

Hence, assets in the DeFi sector are making impressive progress, and they might be the best cryptos to buy now. Even CRV, that’s been on a declining trend all week, saw a boost of about 7% in the last 24 hours. As the direction unfolds, the tokens in the sector might find their way back to the top of the gainers’ list before the end of the new week. <\/span><\/p>\n

1. Chainlink (LINK)<\/b> <\/span><\/h3>\n

Chainlink is among the altcoins to watch this month. Even though the performance of the link towards the end of the previous month wasn’t so impressive, the trend is quite different now. <\/span><\/p>\n

LINK is retracing its price actions as the new month progresses. Similarly, the DeFi sector is following the same trend.  For over 14 days, LINK has been on a declining trend. Consequently, its price decreased by nearly 7% in that period. <\/span><\/p>\n

Before the decline, the asset price went up by about 15% between the 20th and 21st of July, making it one of the biggest gainers of that period. <\/span><\/p>\n

Fortunately, the trend is about to change. Investors should watch closely; the probability that it will soon swing into recovery is relatively high. The signal from its price moment confirms this. <\/span><\/p>\n

\"Chainlink<\/p>\n

A good example is the price consolidation trends on its chart in the last 24 hours. Also, its relative strength index identifies that the token is getting closer to its oversold range. <\/span><\/p>\n

Hence there might be a period of reversal any moment from now. LINK is likely testing its $7.2 resistance before the new week kicks in, and by the end of the coming week, it might be back at its $8.0 resistance zone. <\/span><\/p>\n

Part of the trend that would contribute to the token’s performance is the DeFi sector’s recovery. LINK, and other platforms in the crypto oracle category, play a significant role in DeFi. With the recovery of the industry, LINK and other assets would see a boost in their prices too. <\/span><\/p>\n

While LINK may be one of the best cryptos to buy now, it is necessary to remember that LINK is notorious for its high volatility and might only hold its grounds for a short time. <\/span><\/p>\n

2. Aave (AAVE) <\/b><\/h3>\n

The price of Aave may have suffered some damaging hit from the DeFi downturn, but it is not entirely out. The hopes are gradually getting restored with the current price trend. Today, the token is showing signs of recovery. <\/span><\/p>\n

Its trading volume is starting to pick up steam. While this may have nothing to do with price action, it may indicate that the market is getting renewed confidence in the asset.<\/span><\/p>\n

Furthermore, the token is now in the oversold range, with its price down from $74 to $62. But the token has started testing the $66 resistance since the early hours of yesterday. <\/span><\/p>\n

\"Aave<\/p>\n

AAVE may find the rally it needs to break above this zone. The fact that it had made two attempts in the last 48 hours shows the possibility is relatively high. With its GHO coin still in play, it could break through. <\/span><\/p>\n

Hence, it might be best to look closely at these assets. Due to recent trends, <\/span>Aave might be one of the best cryptos to buy now<\/span><\/a>. <\/span><\/p>\n

However, AAVE is not without its downsides. The asset is quite volatile. According to Coincodex, its volatility rating exceeds 5.7%. Also, its current price is much below its 200-days moving average. Consequently, it might only hold its gains for a short time. <\/span><\/p>\n

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The Aave DAO has successfully launched @GHOAave<\/a> on the Ethereum Mainnet. Congrats to the Aave community on this historic moment! pic.twitter.com\/Br3QGqMU8X<\/a><\/p>\n

— Aave Labs (@aave) July 15, 2023<\/a><\/p><\/blockquote>\n