Market sentiment continues to be cautious as Bitcoin (BTC) and Ethereum (ETH) experience heightened volatility leading to the U.S. presidential election. This prompts investors to evaluate the best crypto to buy now.
Recent data from Coinglass indicates over $230 million in liquidations, primarily long positions, as Bitcoin’s price retraced from recent highs.
Market activity reflects the uncertainty around the election outcome and the Federal Open Market Committee (FOMC) meeting this Thursday.
Regarding the election outcome, candidates Kamala Harris and Donald Trump are in a close race. Polymarket odds still favor Trump, with a 55% likelihood of winning. Today, he claimed Pennsylvania back with a 10% difference compared to Harris.
A few hours left to the election, and Trump still dominates four of the six states.
Bitcoin has fluctuated around the $68,500 mark, while analysts observe a cautious market tone due to potential election-related volatility.
They forecast that a Trump victory might spark a short-term rally, while a Harris win could lead to a temporary price dip.
The options market, on the other hand, has shown a growing interest in $75,000 calls for Bitcoin, reflecting optimism for year-end gains.
Additionally, the divergence in election odds on platforms like Polymarket signals market participants’ varied expectations, which creates trading opportunities for altcoins like KCS, SUI, and TRX.
Ethereum’s price has recently dropped below $2,500, and it is struggling to regain momentum despite institutional interest and the development of Ethereum-based financial products, such as tokenized assets by BlackRock and others.
The election’s outcome could also impact Ethereum’s trajectory, with some analysts suggesting a Harris victory might favor Ethereum over Bitcoin due to its utility in decentralized applications and finance.
Speculations aside, here are the best crypto to buy now.
Best Crypto To Buy Now – Which Are They?
KuCoin (KCS)
KuCoin’s native token, KCS, has shown impressive performance, fueled by increased trading volume and the speculation surrounding centralized exchange tokens.
The recent surge in KCS, especially amid volatility in the broader crypto market, suggests an optimistic trend.
At the time of writing, KCS is trading at $8.97. It has climbed 21.58% from its October low of $7.37, forming a double-bottom reversal pattern that indicates potential for further gains.
On the 4-hour chart, KCS is approaching the $9 resistance level, poised to break through if market conditions remain favorable.
Analysts note that KCS has a strong support base of around $8.50, suggesting a potential bullish breakout of $10 if it surpasses $9.37.
KuCoin’s popularity as a major exchange and the general anticipation of a “Moonvember” rally could favor KCS.
The token might also gain traction from rising market activity around the U.S. presidential election as centralized exchange volumes increase due to speculative trading.
Sui (SUI)
Next on the list is Sui, a relatively new layer-1 blockchain that has attracted attention with its high transaction speed and scalability.
SUI’s strategic positioning in the layer-1 ecosystem, where it competes with giants like Ethereum and Solana, has garnered attention from both developers and investors.
Its adoption rate is steadily rising, with an increase in DeFi and NFT projects launching on the platform. At the time of writing, SUI is trading at $1.90, with a 1.65% 24-hour gain.
SUI benefits from the increasing focus on interoperability and scalability within blockchain ecosystems.
Its emphasis on high transaction throughput and low fees aligns well with current market demands, especially as Ethereum’s gas fees fluctuate and layer-2 solutions mature.
If the U.S. election favors a more crypto-positive candidate, SUI and other layer-1 platforms may receive an added boost, and all the odds are currently pointing toward that.
Tron (TRX)
Tron’s ecosystem has steadily expanded, and its focus on decentralization and growing partnerships make it a strong contender for investors seeking a stable yet promising altcoin.
TRX has shown resilience, particularly in payment integrations and cross-border transactions, offering a stable foundation in a volatile market.
TRX has recently bounced from a support level of around $0.080 to $0.090, with analysts predicting a potential upward trend if it can maintain above this threshold.
A rally could take TRX towards the $0.190 resistance level in the short term, which is currently trading around that.
Tron has been integrated with several payment solutions, and a favorable regulatory environment post-election could benefit TRX as it seeks to expand its presence in payment networks.
Furthermore, Tron’s founder, Justin Sun, has been the project’s backbone. He made a headline today for his claim on Coinbase, charging surprisingly high listing fees, and his appearance at the recent Smartcon conference by Chainlink.
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