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With the recent bullish run, savvy investors are on the prowl, looking for the best cryptocurrencies to buy this week. August is fast coming to an end, and it is easily the best month that the crypto market has had since the downturn hit. With prices looking up for the third straight week, there is a great deal of excitement that we could be getting back to the pre-downturn levels soon. In this article, we look into some of the best options available now.
1. Bitcoin (BTC)
Kicking off our recommended coins to buy this week is none other than Bitcoin. The most popular cryptocurrency has headlined the current market rally, per usual. Strong performances across its market have definitely helped it.
To be fair, the price frenzy took a bit of a breather heading into the weekend. After Bitcoin passed $47,000 on Saturday, the bears tried to bull it back and succeeded in getting it under the $46,000 peg on Sunday morning. However, the bulls managed to hold the line. Bitcoin is now back above the $47,000 line, showing that investors can expect more gains.
With a price of $47,226, Bitcoin is up 2.9 percent in the last 24 hours and 8.2 percent in the past week. The asset’s technicals are also pretty strong, with a relative strength index (RSI) of 68.70 and a 20-day moving average (MA) of $46,067.
Capital at risk
2. Solana (SOL)
Solana is a high-performance, high-scalability blockchain platform that has become incredibly popular in 2021. With many blockchains scaling up to accommodate apps and marketplaces, Solana has managed to become one of the big-ticket platforms.
SOL is the native token used in the Solana ecosystem. The coin is used to perform micropayments, and it is passed to nodes in exchange for validating the blockchain’s output. SOL has performed pretty well in recent weeks, bringing it to the notice of investors looking for coins to buy this week.
The past weekend was a fun one for SOL investors. The coin surged to a new all-time high, breaking through the $60 barrier for the first time. SOL also briefly cracked the top 10 rankings on CoinMarketCap, although Unisap’s UNI token managed to bring it down again.
There isn’t much to tie to SOL’s jump. New reports suggest that an NFT sale had happened over the weekend, with 10,000 art pieces selling out. The minting fee for the pieces was 6 SOL, so the surge affected the SOL price.
Regardless, SOL is now worth $61.5 – up 39 percent in the past day and 60 percent in the past week.
SOL’s technicals are holding up, with a 20-day MA of $44.6. But, its RSI is a staggering 86.6, showing that buy orders are swarming.
Capital at risk
3. Dogecoin (DOGE)
Everyone’s favorite memecoin is also quite attractive for investors looking to buy this week. Dogecoin has spent a great deal of time in the doldrums, with the hype for the coin dying down after it fell from its all-time high of $0.74. However, DOGE is starting to creep back up.
Over the weekend, DOGE jumped from $0.25 to $0.33 – a respectable 32 percent jump. Its current price peg of $0.3369 is a 15 percent jump in the past 24 hours and a 37 percent gain in the past week.
Per usual, there’s no explanation for DOGE’s jump. The market rally is in full swing, and memecoins like this will also see gains. DOGE is well over its 20-day MA of $0.238, and its RSI is holding steady at 79.02. That should be enough to fetch some gains.
Capital at risk
4. THORChain (RUNE)
THORChain is an independent blockchain that was developed using the Cosmos SDK. It offers a cross-chain decentralized exchange (DEX), using an automated market maker like other DEXs.
The protocol’s native token, RUNE, serves as a base swap pair, serving as an intermediary and allowing traders to move between different asset pools.
July was a particularly tough month for THORChain, with the protocol losing millions in two different security exploits.
The first came on July 16, with THORChain losing about $7.6 million in assets. The second came a week later, and THORChain lost about $8 million in that hack.
But, the project has assured users that it has the funds to keep operating. There haven’t been any complaints, so THORChain seems to be moving on pretty well. RUNE’s price definitely shows that, jumping by 13 percent in the past day and 31 percent in the past week to land at $9.42.
The price is still far from RUNE’s all-time high of $21.2, but the coin appears to be gaining momentum. With an RSI of 70.4, RUNE is still relatively underbought. The coin is well above its 20-day MA of $7.05, so it is set up for gains. RUNE just might be a great sleeper coin to buy this week.
Capital at risk
5. Revain (REV)
Revain is a blockchain-based review platform that curates and rewards users who give honest feedback on products. Like TripAdvisor and Yelp, the platform encourages independent authors to give reviews and rate products and services.
When posts are made, Revain aggregates and averages them displaying the corresponding scores and rankings on its page. Resin is built on both TRON and Ethereum, and it uses their technologies to prevent anyone from tampering with the reviews. Users are rewarded with REV tokens for their feedback.
REV serves two functions – it is offered by companies to encourage reviews, and it serves as a vehicle for withdrawing RVN – Revian’s dollar-based stablecoin – to exchanges.
REV has been able to benefit from the rally in coin prices, with its price performing rather well this past week. The coin is currently valued at $0.011 – up 16.5 percent in the past 24 hours and
76 percent in the past week. The coin also looks promising, beating its 20-day MA of $0.0074. But, its RSI, which stands at 88.91, might be cause for concern for some investors.
Capital at risk
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