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Top Five Cryptocurrencies to Buy

The Crypto Republic Editor | September 16, 2021
Top Five Cryptocurrencies to Buy

A strong price momentum is a key indicator that investors consider before purchasing any cryptoasset. The rationale is to get a coin that is performing very well and to get in on the action before the hype fizzles out and the coin trends lower. That said, a strong price momentum isn’t the only thing to consider. Crypto is a volatile segment and you need to perform your own due diligence. More importantly, only invest what you are comfortable losing.

While Bitcoin is the most popularly known, there are numerous other blockchain firms that hold strong promise. Bitcoin is now termed a stable coin while most others are termed alternative or alt-coins. If you have been considering a crypto investment and have been wondering where to get started, take a look at the following five projects.

Polkadot (DOT)

Polkadot is among the most popular blockchain platforms available today. It is one of the prominent “Ethereum killers” – meaning blockchains that look to offer an alternative to Ethereum. Polkadot works using an interesting structure – it consists of parachains. These are individual chains that run concurrently and which get resources from a central ‘relay chain’.

DOT’s ‘relay chain’ is what ensures stability and security. It is also responsible for Polkadot’s cross-chain interoperability with other chains. Using this structure, Polakdot can reduce the transaction load on its chain and improve its performance.

Polkadot’s DOT token has been especially impressive this year. The current market rally has also been great for the coin, with DOT looking to test its all-time high of USD49.77 once more.

Over the past week, DOT showed a mixed performance. The coin started by trading down in tandem with the broader market, but it is now consolidating again. At its current price of USD35.89, DOT is down 2.4 percent in the past day and up 32.13 percent in the past week.

Technically, DOT is barely holding on. The asset is trading above its 20-day moving average of USD32.32, but it is now lower than its 200-day MA of USD36.66. The coin will need to post gains for the next day or two to get back above these levels.

DOT’s relative strength index (RSI) is at 66.67 — meaning it is underbought. The platform’s strong price momentum can be traced to the USD9 million raise from decentralised data aggregator SubQuery, which should help improve Polakdot’s integration with the decentralised finance (DeFi) sector.

Tezos (XTZ)

XTZ is another coin showing a strong price momentum. The coin governs activities on Tezos – a proof-of-chain, open-source blockchain that has also gained popularity in the past year.

XTZ has had a solid performance over the past week. The asset is up 63.1 percent in the past week alone, moving from $4.37 on 8 September to a current price of USD7.13. The gains appear to be due to increased attention from the non-fungible token (NFT) space. Over the past week, music star Doja Cat was reported to have launched an NFT on the Tezos blockchain. Reports also confirmed that the blockchain had recorded over 400,000 daily transactions for the first time.

With milestones across the board, Tezos is gaining traction – signaling great news for XTZ investors.

Prospective investors might be concerned, however, with XTZ now trading lower than its 20-day and 200-day moving average of USD7.14 and USD7.27, respectively. But, with its strong price momentum, the coin should be able to eclipse these points in the next day or two.

XTZ’s RSI stands at 46.44 – implying it is underbought. This is one coin to consider if you haven’t already.

Hedera Hashgraph (HBAR)

HBAR is the native coin for Hedera Hashgraph – an interesting blockchain that handles over 100,000 transactions a second, thanks to its unique structure. The blockchain is positioning itself to be a great tool for enterprises, and adoption has been ramping up.

Over the past month, Hedera Hashgraph has onboarded the Indian Institute of Technology, Madras and the London School of Economics and Political Science as members of its governing council. They will join existing council members like Google, Boeing, and BM to support the blockchain’s operations.

With adoption ramping up, HBAR has been doing quite well too. The coin is trading at USD0.52 – up 14.53 percent in the past day and 92.59 percent in the past week. The coin’s weekly performance has helped it technically, with HBAR trading well over its 200-day moving average of USD0.50. But, it is now lower than its 20-day MA of USD0.53. If the strong price momentum continues, the coin should be able to get back over both metrics.

HBAR’s RSI is a healthy 49.79, so investors should feel quite confident about this crypto asset too.

Celo (CELO)

Up until the past few weeks, Celo was relatively unknown. The platform acts as a global payment infrastructure, with the goal of targeting mobile users and allowing people to make seamless payments from wherever they are.

Its native token, CELO, received wide attention following a massive price rally in August. After hitting an all-time high of USD10.99 on 30 August, the coin has adjusted its price. But, its performance over the past week shows that CELO still has a lot of bounce to it.

CELO now trades at USD5.17 – up 1.79 percent in the past 24 hours, and 20.2 percent in the past week. The price jump appears connected to the USD100 million DeFi for the People initiative, which Celo launched in collaboration with Aave, SushiSwap, PoolTogether and 0x. The fund looks to improve Celo’s adoption and bring better mobile payments to everyone in the world.

Like many of the coins on our list, CELO’s fall has led it to technically murky waters. The coin is trading just above its 20-day moving average of USD5.12, and its 200-day MA isn’t so far behind at USD5.03. With an RSI of 56.06, it will be interesting to see how CELO beats these indicators in the days ahead.

Harmony (ONE)

Last, but definitely not the least, is ONE – the native token for the Harmony blockchain.

Harmony is an open-source and ‘permissionless’ blockchain that is targeting the DeFi sector. The blockchain has garnered an impressive online and offline community, onboarding new users since its launch.

ONE has had a very impressive week, underlined by its ability to set a new all-time high at USD0.23 on 13 September. The coin’s previous peak was at 0USD.22 on 29 March. ONE has retraced since then, and it currently trades at USD0.177 – up 1.66 percent in the past day and 54.5 percent in the past week.

ONE’s growth came primarily from a USD30 million ecosystem fund launched by Harmony to attract over 10,000 developers to build on the protocol. Developers can now apply to get ONE tokens and build on Harmony.

As for investors, they will be looking to see if the coin’s price can beat back its rising indicators. ONE’s 2-day and 200-day moving averages stand at USD0.174 and USD0.173, respectively. The pressure is especially on as the con’s RSI is now at 55.15.

If you’ve been meaning to invest in this space, we implore you to try and make the leap of faith. Set aside only a small sum and you can do it all on your smartphone. There is no need to visit a physical office or branch. Even you KYC compliance can be done using your phone. If you live by the maxim that “fortune favours the brave,” then get started now.

The Crypto Republic Editor

Crypto Republic is Elbyte’s affiliate website. It is driven by an artificial intelligence tool that scrapes crypto and blockchain related feeds at set intervals.

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