The U.S. Securities and Exchange Commission (SEC) is expected to approve Bitcoin ETF applications from financial giants BlackRock and Invesco. Galaxy Digital CEO Mike Novogratz said the approval could come within four to six months.
Novogratz cited contacts who said they believed approval was just a matter of time, according to a transcript of the call shared by Bloomberg Senior ETF Analyst Eric Balchunas. Novogratz also said on the call that competition among companies for market share in the space will be fierce.
Invesco, which partnered with Novogratz’s Galaxy Digital to launch the Invesco Galaxy Bitcoin ETF in September 2021, reapplied on June 21 after BlackRock initiated a new batch of applications.
The creation of a spot Bitcoin ETF would be a major development for Wall Street, allowing investors to track Bitcoin (BTC) price movements without directly owning the currency.
This financial product will allow institutions and traders to deal with the price of Bitcoin as they do with traditional finance, without the usual complexities of understanding digital wallets and cryptocurrencies.
Given this changing macroeconomic environment, what are the best cryptocurrencies to buy right now?
HBAR
Hedera (HBAR) has made impressive progress over the past few days. HBAR hit a new 3-month high of $0.0628 earlier today and is currently hovering confidently at $0.0605, with the short- to long-term exponential moving averages (EMA) positioned as follows: the 20-day EMA ($0.0540) is above the 50-day EMA ($0.0525) and the 100-day EMA ($0.0532). The sequence indicates a bullish trend, with the short-term EMA above the long-term EMA.
Recent price activity clearly reflects this bullish trend as the current price of $0.0605 is above these EMAs. The RSI was 61.76 yesterday and surged to 69.26 today, signaling strong bullish momentum.
The MACD histogram is currently at 0.006, a sharp rise from yesterday’s 0.0003. This reinforces the bullish sentiment and suggests the possibility of further price increases. HBAR’s bullish narrative is further validated by its market cap, which surged 8.65% to $1.9 billion.
Additionally, the 24-hour trading volume has increased by 114.95% and currently stands at $152 million, which indicates an increase in trader interest and liquidity in the cryptocurrency. HBAR faces its next big challenge at the $0.0635 to $0.0643 horizontal resistance zone.
If the momentum fades, the most important support to watch is the Fib 0.236 level ($0.0566), which interestingly aligns perfectly with the $0.0566 to $0.0574 horizontal support area.
EGLD
MultiversX (EGLD) saw an impressive surge earlier today, hitting an intraday high of $33.46, up 8%. However, a series of challenges followed as EGLD tackled a series of resistance levels.
Specifically, the asset must face the Fibonacci 0.618 level at $32, the stubborn 20-day moving average at $32.28, the Fibonacci 0.5 level at $33.17, and the 50-day moving average at $33.47.
Despite these attempts to hold higher, EGLD has retreated and is currently hovering around $31.66, still maintaining a positive stance and up 2.49% year to date. A deeper look at its technical indicators paints a mixed picture for potential traders.
The 20-day moving average at $32.28 and the 50-day moving average at $33.47 have already shown their importance as resistance earlier today. This, combined with the 100-day moving average at $35.13, suggests that EGLD has some resistance before it can establish a clear bullish trend.
Fib 0.786 at $30.34 acts as an immediate support, suggesting a potential consolidation phase.
If EGLD sustains this level, it will establish a strong platform for the asset to retest and potentially break above previous resistance points. Further insights can be drawn from the RSI, which currently reads 40.77.
While this is up from yesterday’s reading of 31.60, EGLD remains in neutral territory, suggesting it is neither overbought nor oversold. The MACD histogram recently read -0.07, up slightly from yesterday’s reading of -0.15, suggesting that bearish momentum may be waning.
This could indicate a bullish crossover in the future where buyers could regain control. One cannot ignore the tremendous growth in EGLD’s market indicators. As of now, the market cap has risen by 3.07% to a commendable $816 million, hinting at increasing interest and stake in the asset.
Additionally, 24-hour trading volume surged 301.92% to $44 million. A surge in trading volume indicates increased interest and activity in EGLD, while high volumes, especially in the green, typically indicate strong buying pressure.
SOMETHING
Algorand (ALGO) surged yesterday as its price moved above its 20-day moving average. This breakout is significant for technical analysts as it suggests that bullish momentum is strengthening.
The RSI is currently at 54.15, up from yesterday’s level of 50.08. This uptrend suggests that buying momentum is building.
Although it is still some distance away from the overbought threshold (usually set at 70), its positive trajectory suggests that bullish momentum is strengthening. The MACD histogram has also doubled to 0.0008 from 0.0004 yesterday. This shows a growing bullish sentiment, echoing the sentiment portrayed by the RSI.
Algorand’s market dynamics further support these bullish indicators. ALGO’s market capitalization rose 2.84% to $893 million, and its 24-hour trading volume increased significantly by 47.78% to $73 million, showing increasing interest and investment in ALGO.
If ALGO can sustain its current momentum, a breakout above the immediate resistance at the 0.5 Fibonacci level could propel it to challenge the 50-day moving average resistance.
Conversely, if the sellers take over, the immediate support to watch is the 20-day EMA at $0.1110. Further down, a support confluence can be observed at the Fib 0.618 level ($0.1096), reinforcing the horizontal support area between $0.1076 and $0.1106.
As Algorand (ALGO) struggles to stay above its 20-day moving average, traders should keep a close eye on the aforementioned technical indicators and price levels. RSI, MACD, and volume data show that recent bullish momentum suggests that the next phase of ALGO’s trajectory could offer opportunities for discerning traders.
Finally, there are still many things that are not written down, such as specific opportunities and specific decisions. These things are often not something that can be summarized in one article.