Following a major security breach that compromised $70 million in crypto assets last week, Hong Kong-based exchange CoinEx has begun gradually resuming withdrawals and deposits on its platform.
CoinEx anticipates the complete restoration of its wallet system by tomorrow, September 21.
With CoinEx starting to restore services after the hack, what is the best crypto to buy now?
According to a statement posted on the company’s website on Thursday, the exchange is also updating deposit addresses for major cryptocurrencies like Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Dogecoin, Shiba Inu, and Binance Coin.
CoinEx warned users to only use the new deposit addresses, as “the old addresses will no longer work and assets sent to them will be permanently lost.”
The company noted it anticipates a high volume of withdrawals in the coming days, which may result in slower processing times as it works to ensure the stability of the new wallet infrastructure.
The suspected hack of CoinEx’s hot wallets occurred on September 12, when data showed large unauthorized withdrawals from the exchange’s reserves.
By beginning to restore some accounting functionality, CoinEx appears to be slowly resuming normal operations following the security breach.
However, the exchange emphasized that ensuring the complete security of user assets remains its number one priority before reactivating withdrawals more broadly across the platform.
Meanwhile, Bitcoin is trading with low volatility, currently at $27,187, down 0.13% so far today. The total crypto market cap is also declining down 0.19% so far today to $1.055 trillion.
Bitcoin is attempting to hold support above $27,000 and potentially consolidate before testing resistance at the Fib 0.618 level of $27,373, near the 100-day EMA of $27,477.
Beyond Bitcoin, other altcoins like XDC Network, Wall Street Memes, Kaspa, Bitcoin BSC, and TonCoin are making their case as the best crypto to buy now thanks to their unique use cases and/or upbeat technical analyses.
XDC Network (XDC) Price Prediction: Will Resistance Levels Hold?
From setting a year-to-date high at $0.09450 on August 4, the coin has seen a sharp descent, with a slight but short-lived reprieve between August 27 and August 29, where it gained nearly 34%.
However, this slight uptick was not enough to sustain the XDC price above the Fib 0.382 level of $0.05415.
A look into the EMAs reveals a bearish trend, with the 20-day and 50-day EMA experiencing a bearish crossover.
The 20-day and 50-day EMA both rest at $0.05467 and $0.05469, respectively, just above the critical Fib 0.382 level. The 100-day EMA, at $0.05074, has now become the last line of defense.
Should the XDC price fail to hold above this, we might see the XDC price heading lower and potentially signaling a deepening bear market.
The RSI currently sits at 46.32, down from yesterday’s 48.87. This change suggests a potential rejection from the significant RSI 50 level, indicating that the selling pressure may still be stronger than the buying pressure.
Meanwhile, the MACD histogram is at -0.00002, up from yesterday’s -0.00006. This uptick might suggest a slight decrease in selling momentum, but the negative value still indicates that bears have the upper hand.
The XDC price currently sits at $0.05345, down by 1.96% so far today. Despite this downtrend, the market cap and 24-hour trading volume have seen increases of 1.95% and 36.90% respectively.
At a market cap of $750 million, XDC still holds a considerable place among cryptocurrencies.
Looking forward, resistance is expected at the Fib 0.382 level of $0.05415, followed closely by the 20-day and 50-day EMAs. On the flip side, immediate support lies in the horizontal zone of $0.05003 to $0.05123, in confluence with the 100-day EMA.
Given the current technical indicators, it is a challenging terrain for XDC price in the immediate future.
For traders looking for the best crypto to buy now, it may be wise to monitor the XDC price trends closely and exercise caution.
A sustained break above the 20-day and 50-day EMA could signal a potential reversal, while a break below the 100-day EMA could indicate further declines.
Wall Street Memes (WSM): The Meme Coin with Audits, Staking, and Community Rewards
Internet culture is colliding with crypto again in the form of Wall Street Memes (WSM), a new meme coin based on the viral r/WallStreetBets Reddit community.
Drawing inspiration from the forum’s irreverent humor and grassroots momentum during the 2021 GameStop short squeeze, WSM seeks to evolve the meme coin concept by prioritizing transparency, staking utility, and community rewards.
According to crypto analyst Satoshi Stacker, who previewed WSM in a sponsored YouTube video, the project has several factors working in its favor.
WSM has no team token allocation, with most of the supply dedicated to locked liquidity and community rewards.
The project also benefits from an existing community of over 1 million traders and crypto enthusiasts across its social channels.
The WSM team previously created the successful Wall St Bulls NFT collection in 2021, which sold out on OpenSea in just 32 minutes.
They have since expanded their reach through crypto influencer marketing and press coverage on outlets like Cointelegraph and Yahoo Finance.
WSM is offering staking rewards of up to 56% APY as of writing and is running a $50,000 airdrop promotion ahead of its September 25 presale deadline.
The meme coin lists on major crypto exchanges on September 27, a move that Stacker notes is uncommon for new projects.
By investing heavily in marketing and receiving audits from firms like Solid Proof, WSM has taken steps to establish legitimacy according to Stacker.
The project currently ranks first on CoinSniper’s list of newly audited and vetted cryptocurrencies.
While meme coins carry higher risk, the transparency and community backing of WSM give it more credibility compared to projects prone to insider pumps.
With the presale nearing its end, investors will soon find out if the Wall Street Memes revival can capture sustainable growth and be one of the best crypto to buy now.
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Kaspa (KAS) Price Hits New Year to Date High, but Can It Sustain the Momentum?
Today’s trading session saw the KAS price reaching a new year-to-date high at $0.053999.
Despite the bullish start, Kaspa (KAS) was unable to retain its peak as gains quickly turned into losses, currently trading at $0.050806, marking a 4.02% drop so far today.
This pullback suggests that KAS’s recent uptrend might be premature, potentially indicating a need for further consolidation.
KAS’ 20-day EMA is currently at $0.044287, followed by the 50-day EMA at $0.040562 and the 100-day EMA at $0.035980. These figures still suggest a bullish trend, with the KAS price comfortably trading above all three EMAs.
However, KAS’ RSI is down to 64.35, from yesterday’s 69.47. This change indicates a potential rejection from the critical RSI 70 level, suggesting that the cryptocurrency might be overbought and a correction or consolidation phase could be on the horizon.
The MACD histogram now shows a value of 0.001136, slightly below yesterday’s 0.001246. This minor fall implies a small decrease in bullish momentum, but it’s not clear yet if this is a momentary pullback or the start of a trend reversal.
In terms of market cap and trading volume, KAS has seen an uptick, with the former up by 3.84% to $1.049 billion and the 24-hour volume up by an impressive 47.13% to $23 million.
This surge in volume indicates an increased interest in the cryptocurrency, potentially providing the necessary liquidity for future price movements.
Looking forward, the KAS price has significant resistance to overcome if it is to continue its bullish trajectory.
If the current support zone of $0.050407 to $0.051885 holds, the Extended Fib 1.236 level of $0.059404 will be KAS’s next target. However, if KAS fails to maintain this support zone, it may turn into a resistance level.
The immediate support lies in the previous swing high support zone of $0.050407 to $0.051885, which KAS is currently retesting.
If this level does not hold, the next support zone would be the Fib 0.786 level of $0.045141.
While the KAS price has shown promising signs of a bullish trend, caution should be exercised. The technical indicators suggest a possible need for further consolidation before the uptrend can continue.
Bitcoin BSC: Scaling Up Bitcoin’s Legacy; Best Crypto to Buy Now?
Bitcoin BSC, which bills itself as “Bitcoin on the BNB Smart Chain,” has ignited a frenzy less than a month after its quiet launch.
The project has already raised more than half of its $6 million hard cap, amassing over $3.7 million in presale contributions as of writing.
Bitcoin BSC seeks to emulate key aspects of the original Bitcoin, including a fixed supply of 21 million tokens. However, unlike Bitcoin, Bitcoin BSC runs on the BNB Smart Chain instead of using energy-intensive mining.
The project utilizes a proof-of-stake model that enables token holders to earn rewards through staking. According to the website, staking currently provides a 151% APY.
Over half of the total supply of Bitcoin BSC sold so far has been staked. This helps mitigate downside risk for investors.
The presale is nearing its soft cap target of $3.96 million, with momentum building recently as buyers seek early participation. The hard cap is set at $6.12 million.
Once the presale sells out, Bitcoin BSC will list on decentralized exchanges. With its capped supply and staking incentives, many analysts see strong growth potential in the months ahead.
As with any cryptocurrency investment, interested buyers should thoroughly research before purchasing.
The crypto markets remain highly volatile. But Bitcoin BSC’s unique features make it one of the best crypto to buy now.
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Toncoin’s (TON) Overbought Levels and Potential Cooling-Off Period
Toncoin (TON) has been showcasing a robust bullish trend over the past few weeks, making it a potential candidate for the best crypto to buy now.
As of the current trading session, the TON price is up 76.19% for the past month and 34.23% over the past week, standing at $2.4368.
Despite setting a new multi-month high of $2.60 yesterday with a 7.67% move to the upside, the cryptocurrency is now retracing, down by 5.37% so far today.
If this bearish momentum persists, TON could potentially retest the Fib 0.786 level at $2.3869 before resuming its uptrend.
TON’s 20-day EMA currently stands at $2.0298, followed closely by the 50-day EMA at $1.7618, and the 100-day EMA at $1.6762.
With the TON price comfortably trading above all three EMAs, this indicates a strong bullish momentum in the short to medium term.
The RSI is now at 71.16, down from yesterday’s 79.86. This retracement suggests that TON has been trading above overbought levels for the past few days, hinting at a potential cooling-off period before the uptrend can resume.
The MACD histogram reads 0.0582, slightly lower than yesterday’s 0.0644, indicating a minor decrease in bullish momentum. However, given the overall positive trend, this could be a temporary pullback.
The immediate resistance for the TON price lies in the current swing high resistance zone of $2.5758 to $2.6003, which aligns with the psychological resistance level of $2.60.
This level has proven significant earlier this year, with price rejection occurring on two separate occasions, on January 28 and March 1.
If TON successfully remounts this level, it may potentially set a new YTD high and aim for the extended Fibonacci 1.236 level at $2.8357.
On the downside, the immediate support is the horizontal support zone of $2.3336 to $2.3866, which also aligns with the Fib 0.786 level at $2.3869.
Despite today’s retracement, the TON price maintains a strong bullish trend. However, potential investors should closely monitor the key resistance and support levels and the broader market sentiment.
The upcoming trading sessions will confirm whether TON can sustain its uptrend or if a deeper retracement is in order.
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.
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