Bitcoin’s week started off on a gloomy note, as the digital currency continues to struggle with challenges that affect the entire market, as well as the general unpredictability of the macroeconomic environment.
The decline is largely attributable to the legal action taken on Monday by the Commodity Futures Trading Commission (CFTC) against Binance and its CEO, Changpeng Zhao. This move brought about legal proceedings.
What kind of an impact, if any, may this new regulatory framework in the United States have on our choice of the top cryptocurrencies to buy right now?
The cryptocurrency market reacted swiftly to the news of the CFTC’s assault on Binance, with the lawsuit sending Bitcoin and other digital assets into a downward spiral on Monday. The CFTC’s action was in response to Binance’s alleged violation of commodity futures trading commission regulations.
After reaching a high of $28,919 for the first time in nine months, the price of Bitcoin dropped below $28,000, where it remained for most of the week.
At the time of this writing, the price of bitcoin is hovering at $27,000, which is very close to being even for the day.
Predictably, the performance of Binance’s own digital currency, BNB, has been poorer in response to the news when compared to that of other top coins.
The alternative cryptocurrency experienced a loss of almost 6% yesterday, coming in at $310.60, and is currently down 6.8% on the weekly chart.
When selecting digital assets for their portfolios, investors are urged to exercise caution in light of the shifting regulatory landscape and the potential repercussions that legal actions could have on the cryptocurrency industry. In addition, investors are urged to conduct in-depth research before making their decisions.
The following cryptocurrencies are some of the finest cryptos to buy right now, according to both fundamental and technical considerations: FLR, LHINU, GMX, FGHT, ADA, CCHG, and TARO. These cryptocurrencies are all listed in alphabetical order.
Network of Flares (FLR)
In spite of a general decline in the value of cryptocurrencies across the market on Monday, the price of Flare Network’s native cryptocurrency, FLR, has been significantly going up.
The previous day’s candle for FLR ended with a gain of 7%. This positive trend has been followed up by FLR, as seen by the company’s recording of an intraday high of $0.04453 earlier today.
This price change is very significant, particularly when contrasted with the performance of a large number of other digital assets traded on the cryptocurrency market.
Throughout the same time period, the majority of these assets either saw a fall in value or displayed trading behavior that was quite stable with low levels of volatility.
The ecosystem surrounding Flare Network has recently witnessed the rise of new protocols and alliances, which may be affecting investor sentiment.
SpendTheBits Inc., a Canadian company that provides a service for digital currency wallets, just recently made an announcement that it has begun the proof of concept phase for the integration of its STB app with Flare Network. Through this integration, the company hopes to bring innovative Bitcoin payment solutions to the market.
The dissemination of information regarding the aforementioned collaborations and advances may have contributed to an increase in investor confidence in the potential of the Flare Network and FLR, the network’s native coin.
The previous day’s trading price for FLR was $0.03766, representing a price movement of 7.05% over the course of the previous day.
The price is currently $0.04281, representing an increase of 13.67% thus far today.
According to CoinMarketCap, the consistent upward rise is indicative of a significant bullish attitude among traders. This can be inferred from the roughly 650% increase in trading volume, which currently stands at $65,329,861.
The potential resistance levels for FLR’s price are shown by plotting a reverse Fibonacci retracement level on its most recent swing low. These levels could prompt a price reaction.
As has been seen, FLR is currently facing some rejection from the 0.786 level of the Fibonacci sequence, which is located at $0.04369.
The immediate resistance area for FLR consists of the Fib 0.786 level and the range between $0.04250 and $0.04333 that has previously served as a resistance zone.
On the other hand, support may be located around the level of $0.03745, which is the previous support level, followed by the level of the 0.5 Fibonacci retracement at $0.03630.
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