As the market recovers by 2.5% in the past 24 hours, we run through the best crypto to buy today, covering Pepe (PEPE), dogwifhat (WIF) and Optimism (OP).
All three of these coins have outperformed the market as a whole, which has rebounded today after a very disappointing start to the week.
Its losses stemmed in part from negativity surrounding the possibility that the Federal Reserve would hold rates as they are or even raise them, largely because inflation still remains relatively high.
Crypto is bouncing on news the FED kept rates the same
Imagine what happens once they start cutting rates! pic.twitter.com/XkiyS6Jy5L
— borovik (@3orovik) May 1, 2024
However, the Fed kept rates unchanged in its FOMC meeting yesterday, and it counteracted any negativity by also announcing that it would reduce the speed and severity of its recent quantitative tightening program.
This came as a relief to markets, with the three cryptos featured below all benefiting more than most others.
Best Crypto to Buy Today, May 2
Pepe (PEPE)
PEPE has rallied by an impressive 18% in the past 24 hours, reaching $0.057446 and easily cementing its position as one of the best cryptos to buy today.
This price means it’s also up by 50% in a fortnight and by 520% in a year, with the meme token remaining highly popular among whales as a vehicle for profit.
Source: TradingView
In fact, data suggests that a whale has recently accumulated a large quantity of PEPE, having withdrawn more than $2 million in the token from Binance in the past 24 hours.
Combined with PEPE’s bullish indicators, this would suggest that the token has more gains in store in the near term.
Assuming the market as a whole continues to recover, it could reach $0.0000080 within a week, and potentially $0.000010 in a month or so.
dogwifhat (WIF)
WIF has jumped by 15% today, with its move to $2.76, which also represents a 12% gain in a fortnight.
That said, the popular Solana meme token remains down by 28% in a month, while it’s also down by 43% in relation to its all-time high of $4,83, set in late March.
Source: TradingView
Such declines have given WIF’s chart quite a bearish appearance, even with the gains of the past couple of days.
However, we are about to see the coin’s 30-day average (orange) overtake its 200-day (blue), providing a bullish reversal that could signal a period of sustained recovery.
Indeed, its RSI (purple) has just hit 70 after spending around a week near or below 50, meaning that the market had oversold it recently.
It’s also encouraging that its volume has climbed today, reaching approx. $675m from barely $275 million a couple of days ago.
This could suggest that the WIF price will enjoy more rallies in the coming days, potentially helping it to return to $3 in the next one or two weeks.
Optimism (OP)
Rounding off this list of the best crypto to buy today is Optimism, which has recovered by 4.5% in the past 24 hours.
It has reached $2.72, marking a 14% gain in a week and a 23% increase in a fortnight.
This makes it one of the best-performing major tokens over these periods, even if it is up by only a modest 28% in a year.
Source: TradingView
OP’s indicators give the impression that the altcoin – the native token of layer-two network Optimism – has recently begun a medium-term growth cycle.
Its 30-day average climbed over its 200-day yesterday and is continuing to rise strongly, indicating plenty of momentum and buying pressure.
Likewise, its relative strength index is hovering the 60 level and looks like it could rise some more in the next few days, meaning that OP’s price will rise with it.
Other positive features include the fact that the coin’s resistance (red) and support (green) levels are both moving up in parallel, implying that it will trade within a steadily rising band.
And more fundamentally, Optimism remains one of the biggest layer-two Ethereum networks in the sector, with close to $1 billion in total value locked in.
OP’s price should therefore see more joy in the coming days and weeks, potentially returning to $3 quite soon.
Diversification Alternatives – Crypto Presales
The coins, above all, hold the potential for further gains in the shorter term, yet because they have already risen strongly recently, buyers need to be aware of the possibility of corrections.
However, there are many newer tokens in the market that still have the potential to rally big in the near future, with presale coins, in particular, being one promising source of gains.
Such coins are native to new projects that are opening their launch to investment from whale and retail investors, who can equally buy a token early before it becomes big.
As with any other investment, investing in presales comes with risks, with some projects potentially failing to gain enough traction or adoption to become a success.
Yet recent history has shown that some of the biggest sales can be highly lucrative for early investors.
This is especially the case if a given project becomes successful and grows, something that can put initial investors in line to post big returns.
To help investors identify the tokens that have the best chance of succeeding, analysts at Cryptonews have scoured the market for the best new presales.
The post Best Crypto to Buy Today, May 2 – Pepe, dogwifhat, Optimism appeared first on Cryptonews.
