5 Best Cryptocurrency To Buy For The Recovery August 2021 Wk 4
Looking for the best cryptocurrency to buy for recovery? This article takes you through a rundown of the top cryptocurrencies moving the market with the potential for massive gains. Let’s dive right in.
1. Decentraland (MANA)
Decentraland is a blockchain-based gaming platform that’s established around a digital reality world, where users can buy and sell plots of land as non-fungible tokens (NFTs).
The ERC-20 token used for governance and payment tasks on the blockchain is MANA, and it is one of the best cryptocurrency to buy now for various reasons.
MANA has a strong standing in the market as it ranks among the top 70 most valuable cryptocurrencies currently. The asset also has a market cap of $1.6 billion.
Today, MANA is trading at $0.9469 and is up by 8.15% in the last 24 hours. The technicals show that MANA is trading above its 20-day moving average (MA) of $0.9447 and the 200-day MA at $0.9418. The digital asset’s relative strength index (RSI) stands at 63.06, showing that MANA is trading close to the overbought region, a sign of a good rally.
Decentraland’s profitable virtual business also makes the ERC-20 token one of the best cryptocurrency to buy. The blockchain has seen businesses key into the concept of advertising on the platform in recent times. Earlier this month, global drinks brand Coca-cola partnered with the firm to launch an auction of its first-ever NFT collection.
2. Celsius (CEL)
The Celsius network has gotten a great deal of attention in recent times due to the active improvement of its network. The blockchain is a banking and financial services-focused platform that aims to outperform traditional banks by offering services at lower rates.
Celsius offers services such as loans and payments and gives users rewards for depositing coins into the platform. The project recently became one of the largest firms in decentralized finance (DeFi) after revealing it now holds more than $20 billion in digital assets.
According to the announcement, Celsius holdings grew more than 1,900% in less than a year, from $1 billion in June 2020 to $20.3 billion this month. This news followed the company’s move to add Anchorage Digital as a custodian for a portion of the CEL Treasury. Institutions can also now custody their CEL tokens at Anchorage.
Trading at $5.59, CEL is up by 0.26% in the last 24 hours. The virtual currency’s RSI is at 48.84 while CEL trades above its 20-day MA, showing a bullish run at the price of $5.57.
3. Binance Coin (BNB)
Binance Coin is next on our list of the best cryptocurrency to buy for recovery. BNB is the native token of the popular Binance exchange and ranks as the fourth-largest cryptocurrency by market cap in the world.
Over the last month, BNB has increased remarkably in price and is currently doing well on the chart. The BEP-20 token is up by 2.27% and is trading at $479.51.
Although the virtual asset is currently trading below the 20-day MA price at $481.92, investors should not be deterred as it only signals a bit of consolidation. RSI stands at 70.32, showing that more investors are buying BNB.
According to a recent tweet by Chinese Journalist Colin Wu, Binance is looking to secure investment and protection from the Singapore government that would see it at a valuation of $200 billion. The exchange’s Singapore branch has been active lately as it just hired a new Chief Executive Officer (CEO) in the person of Richard Teng.
4. Chiliz (CHZ)
The CHZ token of the Chiliz blockchain is also one of the best cryptocurrency to buy currently. The platform is focused on bringing together sports, entertainment, and blockchain technology for sports fans.
Under the Chiliz blockchain is the Socios.com Fans Engagement and reward app where sports fans get to participate, influence, and vote in the club–focused surveys and polls. Fan Token holders also get exclusive rewards from their teams and enjoy incredible experiences.
The CHZ token has a lot going for it. The asset is trading at $0.368 and is up by 0.55% in the last 24 hours. It is one of the promising NFT tokens in the market and is poised to continue to surge as sports teams key into the idea of tokenization.
On the technical front, CHZ is on a bull run and is trading slightly above the 20-day MA of $0.365. 200-day MA price is at $0.361, while the RSI is above the oversold zone at 59.66. This reinforces that the CHZ token is one of the best cryptocurrencies to buy now while we await the market’s recovery.
To the community’s delight, Chiliz has been making major moves recently and has become affiliated with top sports teams around the world. Through Socios.com, Chiliz added Leeds United to its platform this month. Leeds United became the fourth Premier League team to join their ranks, following the earlier additions of Manchester City, Arsenal and Everton.
5. Theta Fuel (TFUEL)
Theta Fuel (TFUEL) is one of the native tokens on the video streaming blockchain platform Theta network. It serves as a gas token and is the utility token in decentralized video and data delivery. The growth in the Theta blockchain in recent times has impacted the TFUEL token positively leading to the asset’s climb in price. TFUEL hit an all-time high (ATH) of $0.6807 in June this year before plummeting to $0.2305 in July. It has since climbed up from the $0.2 mark but is still far from the record price.
At press time, TFUEL is trading at $0.3243 and down by 0.68%. Investors have the chance to lock in TFUEL’s present price as the asset is one of the best cryptocurrency to buy for recovery.
The trading chart shows that TFUEL’s 20-day and 200-day MA prices are trailing each other at $0.3234 and $0.3232 respectively. The RSI is at 60.34 showing that investors have bought the asset quite a lot.
TFUEL has a good standing because it is a token that involves NFTs and these digital collectibles are a major part of THETA’s ecosystem. The network has an NFT marketplace in the works called Theta Drop.
In addition, Singapore-based mixed martial arts (MMA) ONE Championship partnered with Theta to launch its NFT marketplace. The marketplace would feature collectibles that celebrate ONE’s athletes and their most memorable moments.