Santiment, a cryptocurrency analytics platform, recently warned Bitcoin (BTC) enthusiasts to exercise caution as several on-chain metrics for the digital asset raised concerns. In a blog post, Santiment cited Bitcoin’s address growth, which is not as pronounced as it was during the previous bull market. The number of unique tokens transacted daily has also decreased by 6.4% compared to January 1st. The firm also pointed out that Bitcoin’s network is not experiencing the same exponential growth it witnessed during the 2021 bull market. However, Santiment acknowledges the possibility of a Bitcoin comeback and advises BTC enthusiasts to monitor on-chain metrics for signs of improvement.
Bitcoin’s circulating metric reveals that the number of coins transacted daily has decreased compared to its position at the beginning of the year when BTC was approaching a value of $16,000. This present less favorable outlook compared to the previous period, and the analysts have examined the activity of unique Bitcoin addresses on the blockchain. They noted that active addresses have risen by 11% since the beginning of 2023 while BTC’s price has jumped by 65%. Santiment believes that bull traps occur when prices surge rapidly without a corresponding increase in utility, a phenomenon observed in Q1 of this year.
Santiment has also referenced other key on-chain indicators, such as whale activity and MVRV (market-value-to-realized-value), as important factors to consider. Meanwhile, Standard Chartered has made a bold prediction for Bitcoin’s price, forecasting it will reach $100,000 by the end of 2024. Analyst Geoff Kendrick attributes this optimism to the collapse of several U.S. banks, which has strengthened Bitcoin’s case as a decentralized and scarce digital asset. Kendrick believes the “crypto winter” is over and anticipates a bullish market cycle ahead.
As the cryptocurrency landscape continues to offer promising avenues for those seeking to capitalize on the cryptocurrency space’s ongoing long-term growth, several best cryptos to buy now based on fundamentals and/or technical analysis are LHINU, INJ, DLANCE, CHZ, ECOTERRA, RNDR, and TARO.
One of the recommended cryptocurrencies to buy now is Love Hate Inu (LHINU). It is a meme coin that recently marked a notable milestone by amassing over $6.9 million in its ongoing presale. LHINU stands out for its distinctive vote-to-earn feature, and its user-friendly platform emphasizes collective decision-making through voting. The Management Dashboard serves as a hub for conducting surveys, utilizing the earnings generated by the platform itself. Love Hate Inu lays a solid groundwork for the development of decentralized applications and allows individuals to link their digital wallets, engage in ongoing surveys, and propose fresh surveys for the collective to evaluate.
Another promising crypto to buy is Injective (INJ), with significant fluctuations in value recently. On April 17, it reached a year-to-date high of $9.97, not seen since February of the previous year. The past week has seen a downward trend, but yesterday saw a bullish hammer candlestick accompanied by strong trading volume, signaling a possible shift in market sentiment for INJ. Its short, medium, and long-term EMAs indicate positive price momentum across different timeframes. Its RSI is currently moderately bullish, while the MACD suggests a possible shift in momentum. With trading volume surging, immediate resistance can be found at the Fibonacci 0.236 level of $8.474, with the Fibonacci 0.5 level of $6.807 serving as a potential support level.
The freelancing industry projected to reach $12 billion by 2028 creates an optimal window for enterprises to broaden their freelance talent base and forge collaborations within the freelancing sector. DeeLance, a web3 platform for independent work and talent acquisition, is leading the charge in this nascent sector. Utilizing the capabilities of decentralized web3 technologies, DeeLance is redefining the manner in which independent workers interact with prospective clientele. Its triad of foundational elements—a marketplace for NFTs, a metaverse, and a talent acquisition platform—provide a holistic suite of tools that streamline the independent work process in a transparent and safeguarded setting. DeeLance’s web3-oriented token, $DLANCE, has triumphantly concluded its initial presale phase, achieving over $473,000 and indicating substantial enthusiasm from traders and financial enthusiasts.
Lastly, another recommended crypto is Chiliz (CHZ), which discovered a support zone ranging from $0.1184 to $0.1197 after experiencing a decline between April 19 and April 21. Since then, it has been moving sideways, benefiting from the wider cryptocurrency market rebound and registering a 2.92% gain so far today. Its 20-day EMA suggests a relatively stable short-term trend, whereas the slightly higher 100-day EMA could indicate that the longer-term trend has experienced a mild downturn. The proximity of the RSI for CHZ suggests that the market sentiment is neither bullish nor bearish at this time.
