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Not so long ago, the cryptocurrency industry was drowning in so much red ink that many thought of cutting their losses and throwing in the towel, then, an unforeseen and ironic catalyst came to the rescue.
As you’ve probably heard, e-commerce giant Amazon (NASDAQ: AMZN) sent the virtual asset market soaring when it launched a post of tasks looking for a “blockchain and virtual currency product manager. “Rumors were temporarily circulating that Amazon was thinking about the concept of bitcoin bill integration (CCC: BTC-USD), just as Tesla (NASDAQ: TSLA) did for its electric vehicles. Naturally, you could not ask for greater approval of cryptocurrencies.
Amazon’s access to a market usually indicates the sadness of old players, but in the case of cryptocurrencies, the genuine vacuum cleaner for family circle businesses is precisely what cryptocurrency advocates were for.
But is this the rally? Before you fully start with cryptocurrencies, you should keep in mind that there are still many threat points. First, Amazon has denied rumors that it is contemplating integrating Bitcoin into its e-commerce ecosystem. The administration, of course, may be timid, but it is not sensible. I bet everything on this news.
In addition, there is the concept that Bitcoin and cryptocurrencies have entered a contango market, a scenario in which the value of an asset’s futures is higher than its spot value, which is not exactly a uptick signal. early April this year, inspiring many positive calls. Prices rose just two weeks before BTC-USD collapsed. Therefore, be very careful with those cryptocurrencies of choice.
Here are 7 cryptocurrency options to buy as Bitcoin bounces:
No one knows for sure where cryptocurrencies will end up. So, I’ll concentrate on the vital value thresholds to look at the Fibonacci retracement analysis, but I’ll say this: be careful not to read too much into narrative methodologies, if it were enough to identify the contango or offset the markets for profit, everyone would!
Binance Coin, a crypto of choice that emerges from nowhere, is connected to the Binance exchange, one of the world’s largest crypto platforms. of the other popular exchange and virtual wallet services.
At the time of writing, Binance Coin ranks fourth among cryptocurrencies in terms of market cap, with a price tag of $52. 4 billion. During the week following (to July 27), the BNB-USD rose about 16%.
But can it keep the momentum going? According to its maximum value of $690. 93, here are the degrees of BNB-USD Fibonacci retracement:
As I write this, Binance Coin is trading around $ 311, which is encouraging because towards the end of June, the BNB-USD suffers above the 38. 2% retracement. It’s not in a smart place though, so we want to see the bulls push. Binance Coin towards $ 400 to justify additional speculation.
Although Bitcoin naturally attracts maximum attention as a pioneer and reference among cryptocurrencies, being the first is necessarily the best, especially when it comes to a generation platform. True, BTC-USD has demonstrated the concept that a decentralized peer-to-peer (P2P) network can be functional and profitable. At the same time, its underlying architecture proved cumbersome.
Efforts in this scenario have failed to find a consensus among participants of the Bitcoin network. As a result, there was a hard fork, in which cryptocurrency advocates who wanted Bitcoin to stay true to its original P2P philosophy introduced a new chain of the original architecture. The end result is Bitcoin Cash.
While BCH-USD has particularly advanced from its recent lows, investors will need to keep an eye out for those value thresholds at their peak value of $1,549. 23 in 2021:
As I write this, Bitcoin Cash is trading around $500, which puts the BCH-USD well below its 38. 2% retracement point, which is a base you don’t need to cross-see.
One of the latest cryptocurrencies available, Solana has soared, recently reaching 16 in terms of market capitalization (nearly $7. 6 billion at the time of writing). Best of all, SOL-USD is not one of the virtual assets only motivated through mass speculation. .
As Coinmarketcap. com, “Solana is a highly functional open source mapping that relies on the unauthorized nature of blockchain generation to provide decentralized funding (DeFi) solutions. “In addition, the Solana protocol is designed to facilitate the creation of decentralised programmes (DApps). It aims at scalability by introducing a history evidence (PoH) consensus combined with the underlying Proof of Stake (PoS) consensus of the blockchain.
But is the SOL-USD value a bet right now?Here are the degrees of recoil to observe at its peak of $58. 30:
Stuck in penny stock territory before the pandemic, Theta has in fact been a big beneficiary of the crypto rally that began in earnest towards the end of 2020.
According to Coinmarketcap, Theta is a particular blockchain-driven network designed for video streaming. Launched in March 2019, Theta’s core network is proposed as a decentralized network in which users percentage bandwidth and computing resources into a peer-to-peer (P2P) allocation is requested through Steve Chen, co-founder of YouTube and Justin Kan, co-founder of Twitch.
THETA-USD turns out to have a higher correlation with Bitcoin than with other cryptocurrencies, with its peak value of $15. 90 arriving in mid-April. Based on this rate, here are the Fibonacci retracement levels:
But will it? More conservative investors should see the THETA-USD cross the $8 before pulling.
While cryptocurrencies are invariably related to gaming behaviors, Filecoin represents a booming movement of blockchain projects that load basic to decentralized innovation. In this case, Filecoin is a decentralized garage formula that aims to disrupt the classic cloud-based garage infrastructure.
According to Coinmarketcap, “Decentralized garage systems like Filecoin allow other people to be their own guardians of their data and make the Internet more available to other people around the world. “It also makes file-sharing corporations participatory in nature by rewarding them. who wish to contribute to the capacity of the garage with cryptocurrencies.
Among the cryptocurrencies on this list, it is difficult to accept them as true with FIL-USD. With an existing cost of around $50, the virtual currency is trading about 10% below the 23. 6% retracement point. speculator, I would stay on the sidelines.
Although blockchain inventions and cryptocurrencies offer a massive prospect to cause a paradigm shift in our monetary system, they tend to have a bad boy reputation, due to their cryptic nature, bad actors prefer virtual currency notes for their destructive activities.
Naturally, many blockchain advocates resent this association. Apparently, however, this is the case with the developers of Monero, most of them decide to remain in the greatest anonymity. Launched in 2014, Monero has one main goal according to Coinmarketcap: charge privately and anonymously. “
As I write this, XMR-USD is trading at just $230, which puts it at 14. 5% above the 38. 2% retracement point. At the same time, it is also at 12. 5% below the 50% point. What is symmetry like?
In general, conservative investors would possibly have to wait until the XMR-USD has reached $300 before pulling.
PancakeSwap, one of the least known cryptocurrencies in the past that is emerging through the ranks, is just the 30 most sensitive virtual assets through market capitalization. Although it possibly has a funny name, PancakeSwap means a serious matter.
As you know, in classic trading, market makers provide the liquidity that allows bullish trading to thrive, but it’s a limited and rarefied area. On the other hand, platforms such as PancakeSwap allow access to the Internet to provide such liquidity, giving way to a totally new concept in the capital markets.
On April of this year, CAKE-USD peaked at $44. 18 From there, we have the following Fibonacci retracements:
Currently, CAKE-USD is trading at $14. 92, which may be a drawdown for over-speculators or a sign of concern for conservative investors. Personally, I’d like to see PancakeSwap cross at least 38. 2% pullback to be assured that it may not temporarily fall back into single-digit territory.
At the time of publication, Josh Enomoto held a LONG position in BTC-USD and BCH-USD. The perspectives expressed in this article are those of the author, the subject of investorplace’s publication Guidelines. com.
The cryptocurrencies of the seventh choice to buy when Bitcoin bounces gave the first impression on InvestorPlace.