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As cryptocurrency markets rise on Monday, with Bitcoin (BTC) exceeding $68,000 as traders anticipate this week’s release of the Fed meeting minutes, Nvidia earnings, and the SEC’s ruling on spot Ethereum ETFs, investors are searching for the most promising cryptocurrencies to purchase that could yield quick returns.
Mood at $68,000 #Bitcoin today pic.twitter.com/fIBrDUcGny
— Bitcoin Munger (@bitcoinmunger) May 20, 2024
Although upcoming risk events may affect sentiment, the crypto markets continue to exhibit strong momentum due to macroeconomic support and following technical breakouts.
Bitcoin has convincingly surpassed late-April highs. With all major moving averages now in its favor, the next target for Bitcoin is its April peak at $72,800.
Bitcoin could soon return to $72,800, making it potentially the best crypto to buy now. Source: TradingView
Meanwhile, Ether (ETH) has found support at its 2024 uptrend and is aiming to break through significant resistance around $3,150-3,200.
This could pave the way for a swift ascent towards $3,700.
Source: TradingView
Solana (SOL) has been experiencing robust momentum since breaking out of its $120-$160 range from mid-April to mid-May. A return above $200 in the near term appears quite probable.
While established cryptocurrencies seem poised for strong short-term performance, some traders are seeking even quicker profits.
Smaller and lesser-known altcoins with lower market capitalizations may offer better opportunities for rapid 2x or greater returns.
Let’s examine some candidates for the best crypto to buy now.
Best Crypto to Buy Now
Fantom (FTM)
Fantom (FTM), a layer-1 blockchain competitor to Ethereum and Solana, is experiencing significant gains on Monday, rising 13.5% in the past 24 hours.
According to CoinMarketCap, its market capitalization stands at $2.68 billion.
After breaking through resistance around $0.80, FTM appears poised for a quick retest of its 2024 highs near $1.23.
If this marks the beginning of a new upward trend, FTM could potentially increase 3.5x to reach its 2021 record highs above $3.50. This is why it might be the best crypto to buy now.
Fantom will continue to pump & is going to leave everyone p*ssed off for all the right reasons.
You don’t understand how bullish I am.
— hoeem (@crypthoem) May 20, 2024
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Injective (INJ)
Another notable layer-1 blockchain altcoin, Injective (INJ), is also seeing substantial gains, up 11% in the last 24 hours according to CoinMarketCap.
If Injective can surpass its 50DMA, a quick retest of resistance at $30 becomes likely.
A breakout above this level would facilitate a swift return to March highs exceeding $52.
Injective could quickly 2x if it can break above short-term resistance levels, making it potentially the best crypto to buy now. Source: TradingView
Given its potential for rapid 2x gains, INJ could be the best crypto to buy today.
Sui (SUI)
On a day when layer-1 altcoins are leading the market upward, Sui (SUI) is another token performing well.
According to CoinMarketCap, it was last reported up 10% in the past 24 hours at $1.13, with a market cap around $2.6 billion.
Similar to Injective, SUI may also be able to quickly 2x to return to yearly highs.
However, this depends on its ability to break through key resistance, such as around $1.40.
Crypto Alternatives to Consider
Altcoins can be an effective way to achieve quick gains in crypto. However, many of the previously mentioned coins are already too established to offer traders returns of over 10x.
For those seeking larger gains, traders will need to invest early in newer coins.
For risk-tolerant investors looking to enhance their portfolios, presale investing may be a viable strategy.
Web3 startups frequently offer their tokens at an early discount during presales to finance development and generate interest.
With numerous presales available, it can be challenging to determine where to begin. Here are some of Cryptonews’ top selections.
21 Best Crypto Presales to Invest In Now
The post Best Crypto to Buy Now May 20 – Fantom, Injective, Sui appeared first on Cryptonews.
