Bitcoin
Best Crypto to Buy Now May 20 – Fantom, Injective, Sui
Last updated: May 20, 2024 1:37 pm EDT | 3 minutes reading
As cryptocurrency markets rise on Monday, with Bitcoin (BTC) surpassing $68,000, traders await the release of the minutes from this week’s Fed meeting. Along with Nvidia’s upcoming earnings and the SEC’s decision to identify Ethereum ETFs, investors are looking for the best crypto to buy now that can provide them with quick gains.
While upcoming risk events could dampen sentiment, cryptocurrency markets maintain strong momentum amid macroeconomic tailwinds and following technical breakouts.
Humor at $68,000 #Bitcoin today pic.twitter.com/fIBrDUcGny
—Bitcoin Munger (@bitcoinmunger) May 20, 2024
Bitcoin it just pushed convincingly above late April highs. Above all of its major moving averages, the next upside target for Bitcoin is its April highs at $72,800.
Having found support in its 2024 uptrend, Ether (ETH), meanwhile, looks to break above key resistance around $3,150-3,200.
This could open the door for a quick rally towards $3,700.
Solana (SOL), meanwhile, has enjoyed strong momentum since breaking out of its $120 to $160 range between mid-April and mid-May. A return above $200 in the near future is very likely.
While top-tier cryptocurrencies appear to be performing very well in the short term, some impatient traders are looking for even faster gains.
Smaller and less known altcoins with lower market caps are more likely to make quick gains of 2x or more.
Let’s take a look at some contenders for the best crypto to buy right now.
Best crypto to buy now
Fantom (FTM)
Layer 1 blockchain competitor to Ethereum and Solana Ghost (FTM) is pumping strong on Monday, up 13.5% in 24 hours, according to CoinMarketCap.
Since breaking through resistance around $0.80, FTM appears poised for a quick retest of its 2024 highs around $1.23.
If this is the start of new bullish momentum, FTM could quickly rally 3.5x to return to its 2021 record highs above $3.50. This is why it might be the best crypto to buy right now.
Fantom will continue to rock and make everyone upset for all the right reasons.
You don’t understand how optimistic I am.
-hoem (@cryptoem) May 20, 2024
Injective (INJ)
Another flashy layer 1 blockchain altcoin Injective (INJ) is also pumping strong, up to 11% in 24 hoursas per CoinMarketCap.
If Injective price can break north of its 50DMA, a quick retest of resistance at $30 becomes likely.
A break above here would open the door for a quick return to March highs above $52.
Given that it could quickly achieve 2x gains, INJ could be the best crypto to buy today.
Sui (SUI)
On a day when layer 1 altcoins are leading the market higher, Sui (SUI) is another token performing well.
According to CoinMarketCapit rose 10% in 24 hours to $1.13, and its market value was about $2.6 billion.
Just like Injective, SUI may be able to double quickly to return to yearly highs.
But this depends on it breaking above key resistance such as around $1.40.
Cryptographic Alternatives to Consider
Altcoins are a great way to make quick gains in crypto. However, most of the coins mentioned above are already very well established to provide traders with gains of more than 10x.
To make bigger gains, traders will need to get into the newer coins very early.
For risk-tolerant investors looking to add positive exposure to their portfolios, pre-sale investment is potentially a good strategy.
Web3 Startups often sell their tokens at an early discount in pre-sales to fund development and generate excitement.
With so many pre-sales on the market, it can be difficult to know where to start. Here are some of Cryptonews’ top picks.
21 Best Crypto Presales to Invest in Now
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You can lose all your capital.