Bitcoin (BTC) has fallen below the critical support level of $27,000 for the first time in almost two months, causing concern for the immediate future of the cryptocurrency market. With global macro conditions and lingering uncertainties surrounding the US debt ceiling and the possibility of a recession, the crypto market is facing challenging times alongside other risk assets. Despite the recent market developments, the best cryptos to buy now include AI, BGB, SPONGE, XLM, YPRED, ATOM, and DLANCE, which have strong fundamentals and/or technical analysis.
Bitcoin is currently trading at $26,342, experiencing a 2.07% decline so far today. This adds to an cumulative 11.5% drop for the month of May. While the latest Consumer Price Index (CPI) statistics provided some support for a positive shift in market sentiment, fears about the US debt ceiling and potential economic downturn exerted stronger downward pressure on BTC and the broader crypto market.
Nevertheless, bullish investors are now eyeing the opportunity to buy the dip if Bitcoin’s price drops to $25,000. Analysis of aggregated order books on exchanges reveals that investors have actively placed limit orders to purchase 8,900 BTC at this price level, significantly outweighing the 5% BTC in sell-orders. This strong demand, coupled with the confidence of long-term holders, suggests that prices could experience a rapid rise when market sentiment improves.
However, a potential hurdle lies in the presence of 1.6 million investors who bought 686,000 BTC at an average price of $27,500. Their sell orders might impede the bullish momentum. If the positive Bitcoin price prediction prevails, the bulls could gather enough strength to push the price back to $30,000. Conversely, a surprising drop below $25,000 could nullify the optimistic outlook.
AiDoge, for example, has successfully captured the attention of cryptocurrency investors with its fusion of artificial intelligence and meme-to-earn concept. Its native $AI token holds tangible value as it serves as the currency within the AiDoge platform, facilitating the purchase of credits to generate memes using AI technology. $AI token holders have the opportunity to stake their tokens, which grants them access to daily rewards and additional advantages.
Meanwhile, the Bitget token (BGB) is showing signs of bullish momentum in the short term, based on current technical indicators. The EMAs and RSI also point to bullish momentum in BGB. Cosmos (ATOM), on the other hand, has its technical indicators pointing to a sideways trend in the short term, with a breakout in either direction possible depending on how ATOM reacts at key support and resistance levels.
Stellar (XLM) has faced resistance from its 100-day EMA, indicating that the current downtrend may continue. The RSI also suggests that XLM is in oversold territory, signaling a possible bounce or relief rally on the horizon soon.
In summary, despite the recent bearish market conditions, certain cryptocurrencies still hold promise for investors. AI, BGB, SPONGE, XLM, YPRED, ATOM, and DLANCE are some of the best cryptos to buy now, providing a diverse range of investment opportunities amidst the rapidly changing market landscape.
Source: Cryptonews
