By The best crypto to buy now – Injective, Stacks, Axelar, Sponge V2, and Bitcoin Minetrix surge amid bullish technical and fundamental factors. Image by cryptonews.com.
The INJ price has soared as the platform’s final Injective token unlock approaches, positioning it as a top cryptocurrency to watch in early January 2024.
At the same time, Stacks and Axelar are also exhibiting bullish momentum thanks to positive price movements and developments, solidifying their place among the best cryptos to buy now.
As these major cryptocurrencies take the spotlight, new crypto presales like Sponge V2 Token and Bitcoin Minetrix offer alternative crypto investment opportunities worth checking out.
Let’s explore why these cryptocurrencies are gaining traction.
Best Cryptos to Buy Now in the News
Injective Protocol’s native token, INJ, has seen a price surge of over 15% so far today as it continues its effort to retake the $40 psychological mark.
JUST IN: #Bitcoin hits $47K for the first time since March 2022. pic.twitter.com/rN2mZ6o8ru
— CoinGecko (@coingecko) January 8, 2024
This rise coincided with Bitcoin’s move above $47k and a general uptrend in crypto markets.
INJ seeks to achieve a new all-time high above $44.860 as excitement builds for the upcoming total unlock of INJ tokens on January 21.
This event will introduce 3.66 million new tokens into circulation, completing Injective’s release of its 100 million token supply.
While some analysts foresee selling pressure, others anticipate increased liquidity and interest following the unlock.
Despite recent price corrections, INJ exhibits a bullish pattern signaling the potential for an upcoming rally.
Stacks’ (STX) impressive price performance continues, with the token gaining 32% over the past week to breach the $2 mark for the first time since January 2022.
Although below its all-time high of $3.39, Stacks has consolidated at a healthy price, outperforming other cryptocurrencies amid a bullish trend so far this month.
As a leading Bitcoin Layer 2 solution, Stacks stands to benefit from growing institutional and retail interest in Bitcoin.
Its functionality enabling smart contracts on Bitcoin offers developers and users key advantages.
Meanwhile, Axelar’s AXL token has fluctuated between $1.0399 and $1.28 after reaching an all-time high of $1.2940 on December 17, 2022.
The AXL price has been consolidating in a tigh range above the 20-day EMA for the past few days, hinting at potential increased volatility in the coming days.
With a market capitalization around $624 million, Axelar continues to exhibit potential, especially as cross-chain interoperability gains more traction.
While these major cryptocurrencies take the spotlight, new crypto presales like Sponge V2 Token and Bitcoin Minetrix offer alternative investment opportunities.
As we advance into 2023, Injective, Stacks, Axelar and top crypto presales like Sponge V2 Token and Bitcoin Minetrix seem well-positioned as some of the best crypto to buy now.
INJ Price Consolidates: Is a Bullish Breakout on the Horizon?
Source: TradingView / INJUSDT
After posting strong gains in early December, the Injective (INJ) price has entered a period of consolidation so far in 2023.
With INJ hovering above key support, technical indicators suggest the potential for a breakout amidst recovering trading volumes.
The INJ price currently faces resistance at its all-time high of $44.86 set on December 24. A decisive break above this level could signal a resumption of INJ’s uptrend.
Simultaneously, INJ has found support around the $36.51 level, which aligns with the 20-day EMA of $36.76.
This area marks a crucial line of defense for INJ – losing this support could lead to a steeper pullback towards the 50-day EMA at $30.31 which is also in confluence with the Fib 0.5 level of $28.796.
The RSI for INJ stands at 60.80, recovering from yesterday’s 53.14. This bouncing out of oversold territory indicates gathering bullish momentum that could lift prices higher.
Additionally, the MACD histogram has narrowed to -0.473 from -0.784, moving towards a potential bullish crossover. This points to building positive traction behind the INJ price.
With Injective stabilizing above key support, technical indicators remain at an inflection point.
A decisive move above resistance at $44.86 could signal a bullish breakout, while failing to hold support around $36.51 could lead to further downside.
Trading within defined risk limits while awaiting confirmation of the next trend may be optimal. INJ appears positioned for a substantial move in either direction.
STX Price Breaks Through Key Levels: Bulls Take Control
Source: TradingView / STXUSDT
After an extended period of consolidation for the past two weeks, the Stacks (STX) price appears set for a bullish breakout in early 2024.
With STX surging past key resistance levels, technical indicators are aligning for a potential run toward multi-year highs.
The STX price currently faces resistance at the psychological $2.00 level after bursting through the $1.72-1.79 zone.
This area had previously capped upside moves throughout the second half of 2022.
A daily close above $2.00 could open the door for STX to challenge secondary resistance around $2.10.
Simultaneously, STX has established support around $1.52, which aligns with its 20-day EMA.
This marks a crucial floor – losing this could lead STX back towards the 50-day EMA at $1.24.
However, the recovery in trading volumes alongside a bullish RSI suggests upside potential remains favored.
The RSI for STX has climbed to 72.32 from 63.36, moving into overbought territory.
While this hints at short-term overextension, previous breaches above 70 have foreshadowed sustained STX upswings.
Additionally, a bullish MACD crossover has formed, with the histogram improving to 0.0129 from -0.0066. This tips market momentum in favor of the bulls in the near-term.
With Stacks racing past resistance, STX appears positioned for a continuation higher after finding its footing. Still, trading within defined risk limits is prudent.
A daily close above $2.00 could signal a rally to multi-year highs around $2.45. Failure to hold the $1.52 area could lead to a pullback.
AXL Price Prediction: Support Holds, Bulls Await Confirmation
Source: TradingView / AXLUSDT
After posting a strong 14% intraday gain earlier today, the Axelar (AXL) price has erased most of its daily advance as selling pressure persists.
With AXL stabilizing above initial support, technical indicators remain neutral ahead of the next major move.
The AXL price is facing immediate resistance at $1.22-1.30, an area that aligns with its all-time high of $1.29.
Topping this zone is critical for AXL to resume its uptrend.
On the downside, the 20-day EMA at $1.10 is providing initial support.
Further down lies the $1.04-$1.09 zone which must hold to avoid a steeper correction towards the 50-day EMA at $0.95.
However, the bullish RSI and MACD suggest dips could see buying interest.
The RSI for AXL stands at 54.92, recovering from yesterday’s 54.11.
This bounce from neutral territory hints at gathering bullish momentum, especially if the 55-60 area can be reclaimed.
Meanwhile, the MACD histogram has narrowed slightly to -0.024 from -0.0244.
However, it remains in negative territory–a decisive crossover into positive ground could spark an AXL upside move.
With Axelar struggling to sustain a breakout, its technical outlook remains mired in uncertainty.
A move above $1.22 resistance is needed to revive upside potential while holding the $1.04 support is key to prevent a deeper pullback.
AXL could see volatility expand on either side of its recent range, so be cautious.
With established cryptocurrencies dominating market activity, new crypto presales work to build their footing by offering pioneering models and strong value propositions.
Sponge V2 and Bitcoin Minetrix are two ongoing presales gaining traction in the cryptocurrency market.
Exploring New Bitcoin Alternatives: Broadening Horizons Beyond Bitcoin
Investors are breaking from their Bitcoin fixation in 2024 to explore the potential of upstart cryptocurrencies.
This change is motivated by an interest in early-stage crypto projects, with their potential for growth being a major attraction.
The goal here goes beyond just diversifying portfolios. Investors are looking to tap into the unique avenues these newer cryptocurrencies present.
Sponge V2 Token and Bitcoin Minetrix are steadily gaining a foothold as Bitcoin alternatives worth considering.
Entering the new year, the pursuit of the best crypto to buy now has intensified among investors.
They are thoroughly evaluating the long-term potential and possible returns of these Bitcoin alternatives.
With the introduction of Sponge V2 Token and Bitcoin Minetrix, new and promising investment options are becoming available in the cryptocurrency space, expanding the focus beyond Bitcoin.
For those investors looking to diversify their portfolios, these up-and-coming cryptocurrency projects offer intriguing opportunities worth keeping an eye on.
Best Crypto to Buy Now: Sponge V2 Presale Takes Center Stage
The presale for the highly-anticipated Sponge V2 token has captured the attention of the cryptocurrency community.
Sponge V2 is the next generation of the popular Sponge meme coin that delivered 100x returns for early investors when it launched in May 2023.
Excitement is building about the launch of Sponge V2 Token, a new meme coin that some are hailing as the best crypto to buy now given its strong community and the bullish conditions expected in 2024.
Sponge V2 will be launching through that platform’s one-of-a-kind token bridge system that allows investors to purchase Sponge V1 tokens in a presale event first.
Those Sponge V1 tokens can then be locked to receive Sponge V2 tokens when the new token officially launches later this year.
This novel token bridge approach seeks to ensure a smooth transition from Sponge V1 to the highly anticipated Sponge V2.
Presale participants also stand to claim a 100% purchase bonus in V2 tokens, further boosting enthusiasm.
Over 11,700 token holders have already shown their support for the project by participating in the presale.
With over 28,600 Twitter followers, Sponge boasts one of the largest social media presences of any new meme coin.
While any cryptocurrency carries risks, the fundamentals appear solid for Sponge V2 ahead of its expected 2024 launch.
Sponge V1 is currently trading at around $0.00090, giving it a respectable $20.3 million market capitalization to build from.
Crypto investors attracted to up-and-coming projects will be tracking the Sponge V2 token presale and launch closely in the coming months.
The future looks bright for this rapidly growing community-driven cryptocurrency.
Bitcoin Minetrix: The Best Crypto to Buy Now for Easy Bitcoin Mining
The presale event for Bitcoin Minetrix (BTCMTX), a new cryptocurrency protocol focused on democratizing Bitcoin mining rewards, is nearing its completion after attracting over $7.8 million from participants.
As stage 18 of the presale nears its conclusion with less than 3 days remaining, Bitcoin Minetrix is offering investors a final chance to get in at the lowest possible price before its next increase.
#BitcoinMinetrix reaches another noteworthy milestone!
Surpassing $7,800,000. pic.twitter.com/61vRZDus2v
— Bitcoinminetrix (@bitcoinminetrix) January 8, 2024
Bitcoin Minetrix seeks to open up Bitcoin mining to a wider audience through a staking model that provides holders with “mining credits,” enabling them to earn rewards similarly to traditional mining without personally operating hardware and incurring high energy costs.
According to the project’s website, stakers of BTCMTX tokens can achieve yields as high as 82% APY through a combination of mining Bitcoin and staking rewards.
This has led to significant hype and rapid presale contributions from crypto investors seeking passive income potential.
Despite being a relatively new project, Bitcoin Minetrix has already focused efforts on improving security and user experience.
The onboarding process for buying and staking tokens leverages widely-used wallets like MetaMask for convenience.
Looking ahead, the Bitcoin Minetrix roadmap outlines exchange listings, mobile apps, and expanded mining capacity through partnerships after the presale concludes.
With the chance to still buy BTCMTX at $0.0127, the opportunity exists for profit if momentum holds through exchange debuts.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
The post Best Crypto to Buy Now January 8 – Injective, Stacks, Axelar appeared first on Cryptonews.
