Crypto space is again recovering after the Binance debacle and tokens like FTX Token (FTT), Toncoin (TON), and Polygon (MATIC) are some of the best cryptos to buy now in November.
While Bitcoin is still leading the race with a huge upsurge within a couple of months, FTT along with TON and MATIC is spiking gradually. This led the market to technically speculate the dynamics of the crypto space. Let’s examine each of them to see what potentials these tokens hold.
Best Crypto To Buy Now
As the top 10 cryptos didn’t gain much in value, the under 200 has shown potential to replace underperforming cryptos.
FTX Token (FTT), the infamous native crypto of the FTX exchange has gained more than 20% recently with a huge jump in trading volume. Analysts attribute the unexpected increase to a combination of causes, including speculation about the possible revival of the defunct cryptocurrency exchange. While the token is up 20%, it’s still 94% below its all-time high.
Navigating to the second gainer, Toncoin (TON) has recently partnered with various firms to expand its ecosystem. Partnering with Metaverse and Gamefi firm Animoca Brands, TON has cemented its place in the web3 gaming also. The recent funding from MEXC ventures is also one of the potential reasons why TON is up more than 3%.
The Toncoin has made it into the top 20 cryptocurrencies from its past rankings, jumping directly to #12. This increase is also attributed to a 12% jump in TVL which spiked from $41 million to $46 million in a month.
Coming to Polygon (MATIC), the crypto has recently encountered a 300% surge in its daily transactions, recording the highest in the month. The ongoing developments and recent partnerships are some of the main reasons behind the accumulation.
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FTX Token (FTT) Price Prediction: Possible Revival of The Defunct Crypto Exchange
FTT currently shows a crucial support at $2.92 and resistance at $4.76, with a breached declining pattern indicating a potential reversal.
The local support at $3.44 serves as an immediate buffer, and a breach could lead to a test of the next critical support at $2.92. The 14-day RSI at 58 suggests a slightly overbought condition, possibly signaling a need for caution.
Traders should monitor the price action, especially around the local support, to gauge the sustainability of the potential trend reversal and be mindful of the overbought RSI levels.
FTX (FTT) was trading at $4.22 at the time of publication, with a 24-hour trading volume of $233,061,048.79. This is a 16.57% increase in the previous 24 hours and a 41.95% increase in the last 7 days.
Toncoin (TON) Price Prediction: TVL Surge Drives The Price Spike
Toncoin currently exhibits notable technical features that provide insights for traders and investors. The cryptocurrency is in an uptrend pattern, with a clear resistance level at $2.70 and support at $2.31.
The breakout above the resistance at $2.70 could potentially lead to a significant upward price movement, targeting $3. On the other hand, a breach of the support at $2.31 may result in a downturn, with the next key support at $2. The Relative Strength Index (RSI) at 57 suggests a moderate strength in the current trend.
At the time of writing, Toncoin was priced at $2.46, showing a 2.86% increase in the last 24 hours and a 3.99% increase in the past 7 days, indicating positive momentum.
Traders should closely monitor the resistance and support levels for potential breakout or breakdown scenarios while considering the RSI as an additional tool for trend confirmation.
Polygon Price Prediction: Approaching Possible Breakout
Polygon (MATIC) is currently in a consolidation phase, with a well-defined resistance at $0.92 and support at $0.72. The cryptocurrency has been trading within the range of $0.9 and $0.8, and a breakout above the resistance could propel the price towards $1.
Conversely, a breakdown below the support may lead to a decline towards $0.7. The Relative Strength Index (RSI) at 46 signals a bearish nature, indicating a potential weakness in the current trend.
Analyst Rekt Capital notes that Polygon is in the process of retesting the top of the macro market structure to confirm a breakout. As of now, MATIC was priced at $0.742211, reflecting a -0.10% decline in the last 24 hours and a -5.45% decline in the past 7 days.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/best-crypto-to-buy-now/
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