Best Crypto to Buy Now August 5 – Aave, Chimpzee, Chainlink

On Aug 5, 2023

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We cover some contenders for the best cryptocurrency to buy right now, potentially worth adding to your watchlist over the coming days.

The dust in the DeFi sector may be settling down gradually as the weekend exploiter responds to rational dialogue.

On the 3rd of August, the joint effort of Curve, Metronome, and Alchemix proposed a workable solution to the situation. They offered the hackers a chance to keep 10% of the stolen funds if they would refund the remaining 90%.

Fortunately, the exploiter responded positively to the amnesty offer. With the new development, the DeFi sector is gradually returning to where it was before it hit.

Global Crypto Market Cap Chart

Best Crypto to Buy Now

Hence, assets in the DeFi sector are making impressive progress, and they might be the best cryptos to buy now. Even CRV, that’s been on a declining trend all week, saw a boost of about 7% in the last 24 hours. As the direction unfolds, the tokens in the sector might find their way back to the top of the gainers’ list before the end of the new week.

1. Chainlink (LINK)

Chainlink is among the altcoins to watch this month. Even though the performance of the link towards the end of the previous month wasn’t so impressive, the trend is quite different now.

LINK is retracing its price actions as the new month progresses. Similarly, the DeFi sector is following the same trend. For over 14 days, LINK has been on a declining trend. Consequently, its price decreased by nearly 7% in that period.

Before the decline, the asset price went up by about 15% between the 20th and 21st of July, making it one of the biggest gainers of that period.

Fortunately, the trend is about to change. Investors should watch closely; the probability that it will soon swing into recovery is relatively high. The signal from its price moment confirms this.

A good example is the price consolidation trends on its chart in the last 24 hours. Also, its relative strength index identifies that the token is getting closer to its oversold range.

Hence there might be a period of reversal any moment from now. LINK is likely testing its $7.2 resistance before the new week kicks in, and by the end of the coming week, it might be back at its $8.0 resistance zone.

Part of the trend that would contribute to the token’s performance is the DeFi sector’s recovery. LINK, and other platforms in the crypto oracle category, play a significant role in DeFi. With the recovery of the industry, LINK and other assets would see a boost in their prices too.

While LINK may be one of the best cryptos to buy now, it is necessary to remember that LINK is notorious for its high volatility and might only hold its grounds for a short time.

2. Aave (AAVE)

The price of Aave may have suffered some damaging hit from the DeFi downturn, but it is not entirely out. The hopes are gradually getting restored with the current price trend. Today, the token is showing signs of recovery.

Its trading volume is starting to pick up steam. While this may have nothing to do with price action, it may indicate that the market is getting renewed confidence in the asset.

Furthermore, the token is now in the oversold range, with its price down from $74 to $62. But the token has started testing the $66 resistance since the early hours of yesterday.

AAVE may find the rally it needs to break above this zone. The fact that it had made two attempts in the last 48 hours shows the possibility is relatively high. With its GHO coin still in play, it could break through.

Hence, it might be best to look closely at these assets. Due to recent trends, Aave might be one of the best cryptos to buy now.

However, AAVE is not without its downsides. The asset is quite volatile. According to Coincodex, its volatility rating exceeds 5.7%. Also, its current price is much below its 200-days moving average. Consequently, it might only hold its gains for a short time.

The Aave DAO has successfully launched @GHOAave on the Ethereum Mainnet. Congrats to the Aave community on this historic moment! pic.twitter.com/Br3QGqMU8X
— Aave (@AaveAave) July 15, 2023

Nonetheless, its high liquidity rating could attract investors and traders once the uptrend starts. Watch its chart to see how it performs against its $66 resistance.

3. Toncoin (TON)

Is Toncoin the best crypto to buy now? Since the declaration of Pavel Durov in July, the price of Toncoin has declined. Who ought to put the token on the map ended up putting it on the hit list of the bears.

However, TON is seeing a boost in price. The increase might take the price back to the $2 zone. As of today, TON is trading close to the $1.2 resistance. Breaking out of these zones means the asset’s price might be headed for the $1.4 price range.

Investors should watch the price action of TON as closely as possible. It has a knack for printing higher gains in the third quarter. And as the second month of Q3 races on, we might see the TON effect.

However, to be more realistic, TON also has some downsides to watch out for. Firstly, its liquidity is at a medium rating, which means investors might not be overtly attracted to the token.

Furthermore, its current price is widely below its long-term moving averages. With that, long-term holders might be forced to dump, lowering the price.

Besides those tendencies, TON can perform better if it can attract enough investors to beat the immediate resistance.

4. Curve DAO Token (CRV)

Some traders decided to short the CRV token due to the recent incident, but the token showed intense resilience. CRV tops the top crypto gainers list across several platforms, including CoinMarketCap.

The recent move by the hackers to refund the drained fund from the network has further strengthened the investor’s confidence in the asset. The resultant effect is a boost in trading volume and price. Trading volume is up by 43%, and the price is up by 9%.

The CRV chart still tilts to the oversold range, meaning its price still has room for increase. However, the short-term moving average lagging its long-term might threaten its prospect of future gains.

Most of the funds still remaining in crv/eth pool were recovered to Curve DAO (veCRV-controlled contract) in this txhttps://t.co/hRfbpcF2TM
— Curve Finance (@CurveFinance) August 5, 2023

Nonetheless, the rising price of the asset and the move to refund the stolen fund from the Curve finance network would influence the asset’s price in the coming days. Thus, it is possible to see a complete reversal before the end of the third quarter.

Is CRV the best token to buy now? It might be too early to give a positive answer to the question. But CRV is showing potential in the short run. Therefore, it is safe to add it to the watch list and see how the current development plays out.

5. Chimpzee (CHMPZ)

The innovative, animal-friendly project, Chimpzee, just entered stage 9 of its presale. And it has seen some impressive results, coupled with significant turnout from investors.

The project is moving relatively fast and getting closer to its goals. So far, Chimpzee has raised over $1.1 million via its presale effort. It means that hundreds of people already believe in the project and agree with the mission to preserve wildlife and their habitat.

Hey #ChimpzeeArmy!🌟🦍
We’ve just entered the 9th Stage of the #Chimpzee #Presale!🚀💎
It’s the final golden phase in the presale!💰⏰
Participate in the #Chimpzee mission to earn, combat climate change, and support animal conservation!💸🐾https://t.co/Geog3EVuMC#EcoCrypto pic.twitter.com/No4xaFzuhk
— Official Chimpzee Project (@RealChimpzee) August 5, 2023

As the project progresses, the team continues to introduce incentives that provide immediate rewards for investors who believe in the vision. The Chimpzee team offered about 10,000,000 airdrop tokens. The offer was also initiated to commemorate the $1 million presale fund raised by the Chimpzee army.

At press time, 1,475,000 airdrop tokens are still available, and the public can still claim them by participating in the presale. The project features other benefits as well. An example is the 100% bonus for early investors.

Additionally, the project’s tokenomics comes across as impressive. It includes buybacks and burn strategies that would take a large chunk of CHMPZ out of circulation over time.

Therefore, investors can rest assured that there will be a deflationary effect. On top of that, the Chimpzee army is another big plus. Joining forces with a group of people who are trying to make the world a better place is quite intriguing.

The project still invites more investors to join the movement, and the presale page contains further information.

Visit Chimpzee Presale.

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