Hong Kong’s financial regulator announced it will allow retail investors to trade certain cryptocurrencies starting June 1, perhaps contributing to a small boost to Bitcoin’s price in the past 24 hours.
The leading cryptocurrency is up by 1.3% so far today at $27,384 following the policy change by Hong Kong’s Securities and Futures Commission.
With this new development, what are the best cryptos to buy now?
The move comes after the agency reviewed 152 written submissions on the proposal, with most respondents supporting the relaxed rules.
However, Bitcoin has struggled to hold onto gains as it faces significant headwinds from China’s hardline stance against cryptocurrencies.
Bitcoin lacked momentum in May, struggling to break through the $28,000 level amid pressure from Chinese regulators.
While Hong Kong’s status as a global financial hub could help the crypto industry, the city has tread carefully due to China’s crypto crackdown.
Eddie Yue, chief executive of the Hong Kong Monetary Authority, said the agency wants to enable a crypto ecosystem but will have “tight” regulations.
The modest price boost from Hong Kong’s rule change suggests it may take time for major moves in the crypto market.
Bitcoin has dominated other cryptocurrencies, maintaining over 45% of the total crypto market dominance since March.
But anticipated spikes in Bitcoin transaction volume and value around “pizza day”, the annual anniversary of the first real-world Bitcoin transaction, did not materialize this year.
The flat trading and muted rallies suggest Bitcoin is still searching for direction even as more mainstream institutions adopt cryptocurrencies.
Hong Kong could provide one path, but China’s shadow looms large. Until Beijing softens its stance, the boost from Hong Kong’s modest rule changes may be fleeting.
While the policy pivot is a step forward, Hong Kong’s cautious approach suggests a long road ahead for wider crypto adoption.
For investors looking to capitalize on this news, some of the best cryptos to buy now include CFX, COPIUM, NEO, AI, KAVA, SPONGE, and ECOTERRA, as they showcase strong fundamentals and/or favorable technical analysis.
Despite posting an intraday high of $0.3488, Conflux (CFX) faced significant selling pressure after retesting the area around Fib 0.618 level at $0.3525.
It currently stands at $0.3157, reflecting a 2.02% decline so far today. This immediate drop in price warrants a closer look at a few technical indicators that might provide some insight into CFX’s potential movement in the near future.
CFX is currently trading above all its EMAs (20-day, 50-day, and 100-day), which are at $0.2989, $0.3035, and $0.2724, respectively.
Trading above these exponential moving averages hints at a prevailing bullish trend and is generally seen as a positive sign.
The RSI currently stands at 54.37, down slightly from yesterday’s 56.56. An RSI value above 50 indicates that buying pressure surpasses selling pressure, which might be perceived as a bullish sign. The slight decrease might also be indicative of a cooling down in buying pressure.
The MACD histogram shows a slight increase from yesterday’s 0.0063 to 0.0064. This increase could suggest a potentially bullish signal, as the MACD is often used to identify possible buy and sell signals.
Today’s volume is 250.175 million, which is lower than the previous day’s volume of 299.717 million, but still higher than the volume moving average of 157.097 million. Higher volumes can often indicate stronger price movements. This could mean that the current bearish trend could be short-lived.
Currently, Conflux’s immediate resistance lies at the Fib 0.618 level at $0.3525. To validate the ongoing bullish sentiment, CFX would need to break this resistance convincingly.
On the downside, immediate support lies at the Fib 0.5 level at $0.3105. This could act as a potential bounce-back point if the price continues to fall. If CFX breaks this support, it could signal a bearish sentiment, and investors might need to brace for further drops.
Despite today’s minor setback, Conflux still showcases a generally bullish sentiment based on the technical indicators.
Traders should monitor the price action closely, particularly around the immediate support and resistance levels, and be prepared to react accordingly.
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$COPIUM’s Token Burn Fuels Price Surge; One of the Best Cryptos to Buy Now
The highly anticipated token burn event of $COPIUM has now taken place, resulting in the permanent removal of 250 million tokens from circulation.
Crypto investors and enthusiasts alike were eagerly awaiting this event, which has had a significant impact on the cryptocurrency’s market conditions.
After the $COPIUM token burn event, analysts predict a substantial price spike, supported by a 36% increase in its price during morning trading hours in Europe.
The reduced supply resulting from the burn has triggered speculation of significant near-term growth, creating an inflationary effect on the token’s price.
The developers of the Copium token have implemented a liquidity lock to restrict fund withdrawals, thereby boosting investor confidence and allaying any fears of potential scam exits.
Despite its humorous and community-centered image, $COPIUM is not a joke cryptocurrency. Unlike utility-deficient meme coins, $COPIUM operates within the ecosystem of NFT rewards, giveaways, and exclusive product deals.
With a robust community of followers on social media platforms such as Twitter and Telegram, and key listings on centralized exchanges like AscendEx, LBank, Poloniex, MEXC Global, and Bitkan, along with Uniswap, a decentralized exchange, $COPIUM has established a strong presence in the cryptocurrency market.
Looking ahead, there are rumors of a possible buyback program, which could further sustain the token’s price momentum.
The community-driven nature of $COPIUM, coupled with its utility within the NFT ecosystem, sets it apart from other meme coins, making it one of the best cryptos to buy now for meme coin enthusiasts.
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NEO’s impressive 8.23% gain on the previous day has captured investor attention, and the digital currency is now testing a critical Fib level of 0.236, currently priced at $9.97.
However, despite an intraday peak of $10.49, it appears NEO’s price has been checked by the 50-day and 100-day exponential moving averages (EMAs). These EMAs, sitting at $10.38 and $10.45 respectively, are acting as the immediate resistance levels for NEO’s further bullish pursuit.
At the time of writing, NEO’s current price is hovering around $10.16, up by an appreciable 3.04% for the day. But investors need to watch these EMA resistance levels closely, as their breach would signal further bullish behavior.
The 20-day EMA stands at $9.74, slightly below the Fib 0.236 support level. It’s a healthy sign that the price is holding above both these levels, indicating the possible start of a new uptrend.
The RSI is at 53.52, up from yesterday’s 49.24. This suggests a mild bullish momentum but is still teetering around the neutral level, neither in the overbought nor oversold territories.
The MACD histogram shows an increase from 0.11 to 0.16. This is another encouraging signal for the bulls as it indicates a potential upward price swing.
However, NEO’s volume seems to have decreased from 1.43 million to 1.231 million. While the current volume still exceeds the volume moving average of 475.436k, the drop could suggest a weakening in buying pressure. Traders should keep an eye on this development.
Looking ahead, the primary resistance is the 50-day and 100-day EMA, followed by the Fib 0.382 level at $10.78. The potential support stands at the Fib 0.236 level at $9.97.
Given these technical factors, investors might want to observe the price action near the EMAs and the mentioned Fib levels.
If NEO manages to break above the resistance levels with increased volume, this could suggest the continuation of the bullish trend.
On the flip side, if NEO’s price begins to trend downward, traders may look for potential buy entries near the support level. As always, careful monitoring and measured decisions are key in this volatile crypto market.
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Capitalizing on Utility: Why AiDoge.com’s $AI Token is One of the Best Cryptos to Buy Now
AiDoge.com, an AI-powered crypto startup, has raised $12.5 million in a highly successful presale, positioning itself to disrupt the meme coin landscape.
The first-ever meme-to-earn (M2E) social platform has attracted significant attention from investors, indicating the potential for an explosive launch.
With less than 20% of presale tokens left, the startup is on track to enter stage 19 within the week, when the raise hits $13,230,000.
This step will mark a slight increase in the token price from $0.0000328 to $0.0000332, creating a sense of urgency among prospective investors.
Unlike many of its counterparts, AiDoge.com offers real utility. Its proprietary technology enables users to generate memes using AI, leveraging similar image-generative AI to MidJourney and DALL-e.
This makes it a highly scalable asset, with the potential for considerable growth.
The startup’s $AI token is more than just a transactional asset; it’s integral to the AiDoge ecosystem.
It will allow users to purchase meme-generating credits, stake for rewards, and serve as a payment currency within the community.
Analysts predict that AiDoge.com, running on the Ethereum layer-2 scaling solution, Arbitrum, has significant growth potential.
On listing, the $AI token is predicted to have a fully diluted market cap of $33.6 million, significantly lower than meme coins with less utility like Dogecoin and Shiba Inu, providing ample room for expansion.
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Traders are closely monitoring KAVA’s recent market activity, as the cryptocurrency maintains a bullish trend that has continued for two weeks.
It achieved a Year-to-Date (YTD) high of $1.550 before experiencing a minor pullback to its present level of $1.184, resulting in a 10.24% gain so far today.
The uptrend began after rebounding from a crucial support level at $0.753 on May 9, signaling a robust buy pressure that has propelled the digital asset into bullish territory.
The 20-day, 50-day, and 100-day Ema, which stand at $0.955, $0.901, and $0.903 respectively, signal a positive market sentiment for KAVA.
These EMAs, each trending above the $0.900 level, have aligned below the current price of $1.184, forming a bullish configuration that’s typically seen during uptrends.
The RSI shows a reading of 73.83, up from yesterday’s 67.56. This suggests that the asset is currently in an overbought zone, which may lead to a potential price correction or consolidation in the near term.
In addition to the RSI, the Moving Average Convergence Divergence (MACD) histogram reads 0.026, a slight increase from yesterday’s 0.020.
The positive value of the MACD histogram suggests that the bullish momentum is still strong.
Significantly, KAVA’s volume has surged to 82.032 million, drastically outperforming yesterday’s volume of 12.219 million and considerably above the volume moving average of 14.138 million.
This significant volume increase reaffirms the strong buying pressure present and could further cement the bullish stance.
Looking ahead, the immediate resistance for KAVA lies at the Fib 0.5 level at $1.225. If the bullish momentum continues and KAVA is able to break this resistance, the cryptocurrency may continue to ascend further.
Conversely, if a correction occurs, the immediate support is potentially at the Fib 0.618 level at $1.147, which coincides with the previous horizontal support level of $1.150.
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$SPONGE Makes a Splash: Dominates the Trending Tokens List on DEXTools
$SPONGE has quickly become a mainstay on the DEXTools trending list since its debut.
Referred to as the “Krabby Patty of memecoins,” SPONGE draws inspiration from the long-running Nickelodeon TV show, Spongebob Squarepants, creating a playful synergy of pop culture and blockchain technology.
The token burst onto the scene on May 4, launching directly on the Uniswap DEX with no presale, quickly stoking the fires of Fear Of Missing Out (FOMO) among investors.
This frenzied activity resulted in SPONGE swiftly ascending to the top of the trending tokens list on DEXTools, with its market cap peaking at an impressive $96 million.
SPONGE’s rapid rise to prominence can largely be attributed to the support it has received from influential alpha callers in renowned Discord and Telegram groups.
As a result, the project has secured listings on some of the hottest exchanges in the crypto industry, including MEXC Global, LBank, Poloniex, and Gate.io, further augmenting its visibility and accessibility.
As the Memecoin Mania season unfolds, SPONGE is diligently building its reputation as one of the most promising meme coins at the moment.
Behind the scenes, the project is making strategic moves to establish a solid foundation and longevity in a marketplace characterized by intense volatility and staggering potential.
With its charming integration of familiar pop culture and its solid performance thus far, SPONGE may very well soak up a considerable share of the meme coin market.
ecoterra: Empowering Companies and Users in the Fight Against Climate Change
ecoterra, a green crypto venture, has raised over $4.2 million so far in its presale through its pioneering Recycle to Earn program. The presale is currently in its seventh stage out of nine, with less than 40% of the tokens remaining.
The rapid success rate is evidenced by the $ECOTERRA token reaching the $4 million mark in just seven weeks.
Each stage of the presale comes with a price increase. Currently, the price of $ECOTERRA is $0.00850, which will increase to $0.009250 in Stage 8.
As the presale nears its end, those interested in buying $ECOTERRA must act quickly to secure tokens at the lowest possible price.
The project’s focus on combating climate change and incentivizing recycling with its Recycle2Earn app has attracted eco-conscious investors.
The app, set to launch later this year, provides a system to incentivize ecological impact actions and improve the environment.
The liquidity pool will handle token liquidity, balancing incoming $ECOTERRA from fees and outgoing $ECOTERRA used to reward users.
ecoterra’s Recycle2Earn app will enable companies and users to make eco-friendly efforts while also providing a marketplace for recycled materials.
The app will connect companies with recycling businesses, ensuring that specific demands for recycled materials are met.
It also will also integrate purchase history into a company’s trackable profile, which helps prevent greenwashing.
ecoterra has already started integrating global brands into its ecosystem, including Vittel, Heineken, San Pellegrino, and more. These products will be recognized as scannable materials, allowing users to earn rewards for recycling.
Investing in ecoterra’s presale presents a unique opportunity to be part of a revenue-generating project in its early stages.
The project has a clear business model and a unique Recycle2Earn solution that demonstrates how economic success and ecological preservation can be aligned for the benefit of investors and the planet.
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