CFX, SEI, and ICP stand out as top options for the best crypto to buy today amidst market turbulence. Image by cryptonews.com.
The cryptocurrency market is experiencing a sharp selloff, with Bitcoin leading the downturn following a recent analysis by Matrixport suggesting the SEC will likely reject all Bitcoin spot ETF proposals this month.
Bitcoin Spot ETF Proposals Face Potential SEC Rejection
Crypto investment services provider Matrixport has cast doubt on the approval of a Bitcoin spot exchange-traded fund (ETF) in the United States.
Matrix on Target projects a January rejection for Bitcoin Spot ETFs by the SEC, cautioning traders to hedge long exposure. With #SEC Chair Gensler’s skepticism towards #crypto, a potential -20% #Bitcoin price drop is anticipated upon #ETF denial, though a positive end-of-2024… pic.twitter.com/IgaMhBJtiP
— Matrixport (@realMatrixport) January 3, 2024
With the current commission at the SEC leaning Democratic and Chair Gary Gensler’s cautious stance on crypto, the firm anticipates a rejection of spot ETF listings.
Gensler’s comments from December 2023 suggest he believes the industry requires more stringent compliance measures.
The anticipation of a spot BTC ETF had contributed to Bitcoin’s surge, closing 2023 with nearly a 160% increase, reaching levels not observed since April 2022.
Matrixport attributed approximately $10 billion of the $14 billion invested in crypto since September to the ETF expectations.
Bitcoin’s price dropped more than 9% earlier today to set a three-week low of $40,490.
This significant hit occurred swiftly around noon UTC, reflecting investors’ reactions to the anticipated SEC decision.
Since then, Bitcoin has slightly recovered to around $42,800 as of writing but is still down by nearly 5% so far today.
The recent developments have led to heightened market caution, with a clear impact on today’s trading conditions.
As the market digests the news from Matrixport and awaits official word from the SEC, volatility has increased.
The crypto market’s future, particularly concerning regulatory acceptance in the United States, remains uncertain.
The outcome of the SEC’s decisions on Bitcoin spot ETFs could have broader implications for the legitimacy and adoption of cryptocurrencies.
Best Crypto to Buy in the News
Despite the bearish turn, upcoming crypto presales like Sponge V2 and Launchpad XYZ remain under the spotlight as new entrants worth checking in the market.
Established cryptocurrencies like Conflux, Sei, and Internet Computer are also seen as relatively strong options for the best crypto to buy today amidst uncertainty.
Investors are advised to closely follow developments to determine the best crypto to buy today as the situation unfolds.
With care and research, opportunities can still be found even in turbulent markets.
CFX Price Prediction: Will the Bearish Momentum Continue?
Source: TradingView / CFXUSDT
After posting gains of over 11% yesterday, the CFX price is currently down 13.57% so far today amidst the broader cryptocurrency market sell-off.
With the CFX price declining below immediate support levels, technical indicators are painting a bearish picture for the token in the near term.
The 20-day EMA currently stands at $0.1902 while the 50-day EMA is at $0.1799, with the CFX price trading below the 20-day EMA but above the 50-day EMA at $0.1854.
While trading above the 50-day EMA signals that longer-term momentum remains intact, trading below the 20-day EMA points to weakening short-term momentum for CFX.
This mixed EMA picture signals potential consolidation ahead for the CFX price as it trades between these key moving averages.
The RSI has plunged from yesterday’s 64.06 down to 48.87, coming off overbought territory.
Additionally, the MACD histogram has flipped from positive 0.0007 to negative -0.0005, indicating a failed bullish crossover.
This confluence of indicators points to potential further downside for the CFX price.
On the price chart, CFX faces immediate resistance between $0.2073 and $0.2127, which aligns with the Fib 0.236 level at $0.2095. This area provided support throughout the past week but will likely flip to resistance.
Below current levels, initial support is expected between $0.1851 and $0.1967, coinciding with the Fib 0.382 level at $0.1967.
Further strong support stands between $0.1688 and $0.1760, which contains the 50-day EMA, Fib 0.618 level and 100-day EMA.
With the CFX price breaking below short-term supports, sellers appear to be in control. However, oversold RSI conditions could spur a relief bounce.
Traders should watch for a break above $0.2095 resistance or below $0.1760 support to signal the next major move. Managing risk is key amidst the increased CFX price volatility.
SEI Defies Broader Market Sell-Off, Sets New All-Time High
Source: TradingView / SEIUSDT
The SEI price has continued its impressive run, bucking the overall cryptocurrency selloff by hitting a new all-time high of $0.8700 earlier today.
SEI is currently trading at $0.8135, up 14.27% so far on the day.
With technical indicators still showing plenty of bullish momentum, the SEI price appears set to continue its ascent.
The 20-day EMA for SEI stands at $0.4956, while the 50-day EMA sits at $0.3578. With the faster-moving short-term EMA well above the longer-term EMA, this is a distinctly bullish pattern for the SEI price.
The RSI jumped to 82.61, up from yesterday’s 79.07 reading. This shows SEI is heavily overbought, but still has room to run before hitting the 90+ levels that would signal a correction is imminent.
The MACD histogram rose to 0.0357, building on yesterday’s 0.0305 value. This growing positive momentum underscores the strength of the current SEI rally.
With the SEI price decisively taking out resistance levels on its way to new highs, traders should watch for a potential move toward the Fib -0.236 extension level around $0.9358 if bullish sentiment continues.
On the downside, the SEI price has initial support at the Fib 0.236 area of $0.6632. As long as SEI holds above this level, the path of least resistance remains to the upside.
SEI continues to stand out with its show of relative strength in the current crypto market environment.
The technical picture remains decidedly bullish for SEI in the near term, especially if buying volume continues to expand.
SEI traders should look to ride this momentum while managing risk accordingly.
ICP Price Rally Exhausted? Bearish RSI Divergence Raises Concerns
Source: TradingView / ICPUSDT
The Internet Computer ICP price continues pushing higher, hitting a multi-year peak of $16.30 earlier today.
ICP is currently trading around $14.468, up 3.59% on the day as it attempts to break out above key resistance levels.
The 20-day EMA for ICP stands at $10.451 while the 50-day EMA sits at $7.992.
With the faster EMA well above the slower EMA, the trend remains pointed upward for the ICP price.
However, the RSI dipped slightly to 80.98 from yesterday’s 79.76 reading.
While still in overbought territory, this lower RSI highlights a potential bearish divergence when compared to ICP’s peak RSI of 90.50 last week.
This divergence could foreshadow a potential correction in the horizon for the ICP price.
The MACD histogram ticked up to 0.386, building on the previous day’s 0.341 value.
The continued positive momentum underscores bullish sentiment, but traders should watch for signs of slowing momentum.
After rallying to its highest level since April 2022, the ICP price is now facing resistance between $15.422 and $15.862.
This area aligns with the Fib 0.618 level, adding to its significance.
If ICP can push through this zone, it could open the door for further upside.
Support lies at the Fib 0.236 level of $13.788, followed by the previous resistance turned support at $11.937 to $12.441.
While hitting multi-year highs, ICP’s bearish RSI divergence shows rally fatigue may be setting in.
ICP will need to see a renewed influx of buying volume to overcome its immediate resistance.
Until then, caution is warranted at these extended levels as ICP appears vulnerable to a pullback.
As traders monitor developing price action for CFX, SEI, and ICP, anticipation is also building around new crypto presales Sponge V2 and Launchpad XYZ. These fresh projects seek to make their mark in 2024.
Redefining Crypto Investment Choices: Diversifying With Bitcoin Alternatives in 2024
The cryptocurrency market in 2024 is evolving, with investor attention shifting from Bitcoin to a broad spectrum of alternative cryptocurrencies.
This change highlights the growing interest in novel investment opportunities beyond the well-trodden Bitcoin path.
Investors are increasingly exploring cryptocurrencies that are in earlier stages of development, attracted by the potential for value growth.
This trend is not just about diversifying investments but also about tapping into the potential of developing cryptocurrency projects.
Sponge V2, an upgraded iteration of the original Sponge meme coin, is increasingly getting recognition as a viable Bitcoin alternative, appealing to investors with its dynamic role in the meme coin sector and its vibrant, uniquely driven market.
Simultaneously, Launchpad XYZ is making advances with its AI-enhanced cryptocurrency analysis tools.
This development promises to bring fresh insights and strategies to the crypto investing scene.
Throughout 2024, investors are meticulously scanning the market for Bitcoin alternatives, with a focus on identifying the best crypto to buy today.
Their strategy involves assessing the future growth potential and possible investment returns of these alternatives.
With the advent of diverse options like Sponge V2 and Launchpad XYZ, the cryptocurrency market is showcasing a rich variety of investment opportunities.
For those seeking to expand their portfolio, these Bitcoin alternatives present intriguing opportunities worth keeping an eye on.
Sponge V2: The Best Crypto to Buy Today for Memes and Crypto Gaming
The meme coin scene has a new entry in Sponge V2, building on the momentum of the original Sponge V1 token.
Inspired by viral SpongeBob SquarePants memes, Sponge V1 saw rapid growth in May 2023, rising nearly 100 times its launch price.
Join us in absorbing the damp!
Sponge united 30,000 members with its 100x V1 token. Whose ready to surpass those heights with V2!
— $SPONGE (@spongeoneth) January 3, 2024
Now, Sponge V2 intends to replicate its predecessor’s success with an incentivized presale program.
This lets participants acquire Sponge V2 tokens by staking the original Sponge V1.
The more V1 tokens staked and the longer the stake lasts, the greater the V2 rewards.
This presale method effectively depletes the remaining V1 supply while distributing V2 tokens to engaged holders.
Sponge V2 will also introduce a SpongeBob-themed play-to-earn game, adding utility and enabling users to earn token rewards.
The project outlines a three-stage roadmap. The first stage focuses on the presale launch and initial exchange listings to drive early traction.
Building on that, the second stage works on expanding the community by growing token holders while also developing the play-to-earn game.
Finally, the third stage seeks for top exchange listings to further increase volume and liquidity.
The tokenomics distribution plan allocates over 40% to staking rewards, displaying a strategy for sustained growth.
With its unique presale structure, utility-adding play-to-earn crypto game, and multi-phase roadmap, Sponge V2 demonstrates thoughtful planning as it seeks to build on Sponge V1’s rapid ascent.
The project appears well-positioned to leverage the original token’s community and brand awareness.
Investor’s Guide to Finding the Best Crypto to Buy Today: Launchpad XYZ’s LPX Token Presale
The exclusive presale event for Launchpad XYZ is generating eager anticipation among cryptocurrency aficionados, with the presale countdown now in its final week.
Launchpad XYZ intends to democratize advanced analytics and trading strategies powered by artificial intelligence for crypto investors.
The project differentiates itself through features like a decentralized exchange, NFT marketplace, and fractional investment capabilities.
Dive into discussions with fellow traders on #LaunchpadXYZ.
— Launchpad.xyz (@launchpadlpx) January 2, 2024
The core of Launchpad XYZ is the LPQ system, which aggregates data from over 400 sources to create customized trading strategies tailored to each user’s goals and risk tolerance.
This allows traders of all experience levels to leverage advanced analytics for more informed trading decisions.
Launchpad XYZ intends to launch a decentralized exchange and Web3 gaming hub in 2024 as it continues expanding its all-in-one Web3 trading platform.
The project seeks to bridge Web2 and Web3 functionalities to enable long-term growth in the crypto space.
The LPX token presale offers tiered participation levels catering to traders of all experience levels.
Starting at the $50 Doge Level, participants gain basic access along with weekly market summaries.
Moving up, the $200 Shiba Level adds beginner analytics and weekly insights for newcomers.
For regular traders, the $500 Pepe Level provides comprehensive analytics and two weekly LPQ-validated trades.
Seasoned traders can opt for the $5,000 Vitalik Level, tailored with VIP channel access and five weekly validated trades.
Finally, the $25,000+ Elon Level is aimed at professionals, granting exclusive perks, unlimited platform access, and founder session access.
With the LPX token presale wrapping up in under a week, investors looking for the best crypto to buy today are seizing what may be a unique early adopter opportunity with Launchpad XYZ and its future as a leading AI-powered cryptocurrency platform.
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 Today January 3 – Conflux, Sei, Internet Computer appeared first on Cryptonews.