The U.S. Securities and Exchange Commission (SEC) has chosen to delay its decision on the Ark Invest Bitcoin ETF proposal, continuing a long-standing challenge for cryptocurrency assets seeking inclusion on mainstream U.S. financial platforms.
The U.S. Securities and Exchange Commission (SEC) announced Friday that it will seek public comments on a specific amendment in the Ark 21Shares Bitcoin ETF application, which could extend the decision-making process into 2024.
Grayscale finds itself in a legal limbo, awaiting a court ruling. Their application to convert the Grayscale Bitcoin Trust into an ETF has been rejected multiple times by the SEC.
Earlier this year, Cboe BZX Exchange submitted a proposal to the SEC seeking to amend the rules to accommodate the listing of the Ark21 spot Bitcoin Fund. The proposal was amended several times to include supervisory sharing provisions similar to those in the BlackRock Bitcoin Fund application.
Past efforts to establish a spot in Bitcoin ETFs have often been rejected. This year, SEC Chairman Gary Gensler appears to have stepped up scrutiny of the cryptocurrency industry. However, some events hint at changes in the industry. Ripple’s recent partial legal victory calls into question the SEC’s efforts to label most cryptocurrency assets as securities.
Despite the strict scrutiny and hesitation over spot Bitcoin ETFs, the SEC has approved the launch of some Bitcoin futures ETFs. Judging from the cryptocurrency market reaction, Bitcoin prices fluctuated slightly, remaining above $29,300, down 0.24% as of today. In addition, the total market value of cryptocurrencies is currently $1.131 trillion, down slightly by 0.38% as of the time of writing.
Given this evolving macroeconomic situation, what are the best cryptocurrencies to buy right now?
FTM
Fantom (FTM) is at a critical stage and is showing some promising bullish signs. After struggling to break through the Fibonacci 0.786 level ($0.2382) from August 4 to August 9, Fantom finally broke through and rose 1.27% yesterday.
It is currently trading at $0.2415, up 0.84% year to date as it seeks to gain a foothold above the Fibonacci 0.786 level, where it is currently testing support. The 20-day moving average at $0.2434 acts as an immediate resistance level, with the current price trading just below that level. This is followed by a hotly contested horizontal resistance zone ranging from $0.2485 to $0.2526, which is a barrier that traders should keep a close eye on.
The 50-day and 100-day EMAs are at $0.2636 and $0.2963, respectively, indicating a broader bearish bias in the medium term. However, the recent price action could signal a possible reversal in this trend. The relative strength index (RSI) is at 45.31, up from 43.73 yesterday, suggesting a slight increase in buying momentum but still in neutral territory. This could mean there is room for further gains before the asset becomes overbought.
The MACD histogram’s current value of 0.0019 is up from 0.0015 yesterday, also validating the bullish sentiment observed, albeit a subtle one. Traders may find this indicator valuable in confirming a potential continuation of the bullish trend.
The market capitalization increased by 1.05% to $675.5 million and the 24-hour trading volume increased significantly by 36.75% to $61.2 million, creating favorable conditions for continued gains. Immediate support is located at the Fib 0.786 level at $0.2382, followed by the $0.2245 to $0.2329 swing low support area. These levels should be closely watched for signs of stability or a potential breakdown.
Fantom’s technical indicators show tentative bullish sentiment in the short term. Traders may consider taking advantage of this sentiment by keeping an eye on resistance levels and monitoring for continued support in established areas. Caution should still be exercised as the broader bearish bias in the moving averages may still have a lingering effect on the asset’s price. The confluence of these technical signals calls for a balanced approach, keeping an eye on short-term opportunities while remaining cognizant of the underlying trend.
RPL
Coinbase Ventures, the investment arm of major cryptocurrency exchange Coinbase, has made a strategic investment in Ethereum liquid staking protocol Rocket Pool. The news was announced on August 10, but specific investment details have not been disclosed, including the amount of Rocket Pool’s native token RPL that Coinbase acquired.
Rocket Pool (RPL) initially had a positive price reaction to the news, closing up 4.24% yesterday. However, its price trajectory has since declined and has been unable to maintain the levels seen over the past two days.
Currently, RPL is trading at $27.28, down 5.11% so far. The 20-day EMA is at $29.09, followed by the 50-day EMA at $33.01 and the 100-day EMA at $36.94. The progress of these EMAs indicates a long-term bearish trend. Since the current price is below all three moving averages, it strongly suggests that the bears are in control and the price may continue to face downward pressure in the near future.
The RSI is at 38.21, down from 43.24 yesterday. An RSI below 40 typically indicates that the asset may be oversold, hinting at a possible bullish reversal. The Moving Average Convergence Divergence (MACD) histogram is at 0.20, up slightly from 0.19 yesterday, presenting mixed signals. While the uptick could be seen as a sign of underlying bullish momentum, the gains are too small to provide strong confirmation without support from other indicators.
Market dynamics further indicate a bearish trend, with market capitalization falling 3.44% to $534.4 million and trading volume decreasing 61.34% to $6.8 million over the past 24 hours. Declining trading volumes typically indicate a lack of interest from buyers and can support a bearish trend.
Near-term resistance levels are key for traders to watch. RPL has resistance at the Fib 0.236 level ($28.09), followed by the 20-day EMA ($29.09), which are crucial in determining the current price direction.
If RPL closes below the 0.236 Fibonacci level, it could signal further bearish momentum.
On the other side, an immediate support is found at the $24.46–$25.24 swing low support area.
If the price continues to decline, traders might look for potential buying opportunities within this support area.
Rocket Pool’s (RPL) technical indicators are currently leaning bearish in the short term. Traders and investors should remain vigilant and utilize appropriate risk management strategies while considering both resistance and support levels. Potential entry points for long positions may be identified within the support area, while a close above the resistance could signal a trend reversal.
SUI
SUI seems to be in a consolidation phase after recently rebounding from the 0.786 Fibonacci level at $0.5921.
SUI has been battling selling pressure after hitting an intraday high of $0.6269 earlier today, and despite a brief uptick, SUI is down 0.97% so far in the current trading session, with the current price at $0.5994.
Key technical indicators are giving mixed signals. The 20-day moving average is $0.6188 and the 50-day moving average is $0.6852, both above current price levels.
The 100-day EMA is even further away at $0.8174, indicating a long-term bearish trend. The stock is now facing immediate resistance from the 20-day EMA, which it had attempted to break earlier today but failed. However, there is still a ray of hope for bullish investors. The MACD histogram is showing a new bullish crossover from 0.0006 to 0.0015. If the uptrend continues, this could indicate a possible bullish reversal in the coming days. Moreover, the RSI has declined slightly from 40.76 yesterday to 39.23 today. This suggests mild bearish sentiment in the short term as the stock is currently trading in a weak position.
Given these technical indicators, it seems that SUI needs to consolidate further above the Fibonacci 0.786 level at $0.5921 before making the next bullish move. Immediate support is located at the Fibonacci retracement level and staying above this level could provide the needed stability for the next leg up.
Investors should keep an eye on the MACD indicator for further signs of a bullish crossover and the RSI for any potential shift in momentum. A sustained move above the 20-day moving average could signal a potential bullish reversal, while a move below the Fibonacci 0.786 level could signal further downside.
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.