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5 Best Cryptocurrency to Buy for the Weekend Rally – July 2022 Week 2

07/15/2022
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The cryptocurrency market has had a boost in the past day, decoupling a little from stock markets. Its total cap has pushed to $974 billion, representing a rise of 4.5% in the past 24 hours and 8% in the past 48. Major coins have, on average, risen in proportion with the market, although some have been especially strong in the past day. We collect the most notable performers — and those due a good run — into this list of the 5 best cryptocurrency to buy for the weekend rally.

5 Best Cryptocurrency to Buy for the Weekend Rally

1. Battle Infinity (IBAT)

Running on Binance Smart Chain, Battle Infinity (IBAT) is a new play-to-earn games platform. Its presale launched earlier this week, with IBAT available at a price of $0.0015 and purchasable using BNB. The sale will run for around 90 days, and impressively managed to raise 500 BNB ($110,000) within the first 72 hours.

With its team based largely in India, Battle Infinity is building a metaverse enabling users to participate in a variety of sports-themed games. This includes, for example, the IBAT Premier League, in which players can build their own fantasy sports team, made up of real-life athletes. They win points — and IBAT tokens — based on the performance of selected players.

Battle Infinity also plans to include other games in the future, as well as competitive staking, its own decentralised exchange and an NFT marketplace. This ambition is highly bullish, and it’s likely that IBAT could surge after its public sale ends and it receives its first exchange listing.

Based on this model, Battle Infinity has already begun generating a good amount of excitement and buzz. Most notably, its presale has become one of the biggest trends on Twitter in India. This suggests it could enjoy a big surge once the presale finishes and it’s listed for this first time.

Battle Infinity trending on Twitter.

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2. Lucky Block (LBLOCK)

LBLOCK has inched up by 0.8% in the past 24 hours, reaching $0.00084167. This means it has fallen by 14% in a week and by 15% in a month.

Lucky Block (LBLOCK) price chart - 5 Best Cryptocurrency to Buy for the Weekend Rally.

LBLOCK remains 94% up from its price at launch in late January, but 91% down from its all-time high on February 17. Fortunately, its fundamentals are moving into a position where it should be able to rise strongly again, particularly when market conditions improve.

For example, Lucky Block has recently confirmed a new exchange listing: MEXC Global. Based in Singapore, this international exchange will commence LBLOCK trading from August 1st. This will provide the coin’s market with greater liquidity and demand, boosting its price.

Lucky Block is also launching an ERC-20 version of the LBLOCK coin, which should pave the way for more exchange listings. In turn, this will boost demand and liquidity even further, potentially catalysing more price gains.

In addition, Lucky Block began holding regular prize draws at the end of May, awarding $1 million to two winners. It’s therefore only a matter of time before it enjoys a significant rally. This is why it’s one of our 5 best cryptocurrency to buy for the weekend rally.

3. Aave (AAVE)

AAVE appears to be on a roll of sorts. At $92.45, it’s up by 18% in 24 hours and by 29% in a week. It’s also up by 63% in a fortnight and by 48% in a month.

Aave (AAVE) price chart - 5 Best Cryptocurrency to Buy for the Weekend Rally.

AAVE’s indicators reveal plenty of momentum. Its relative strength index (in purple) is nearing 70, meaning that its market is heating up but still has some space before it becomes overbought. Likewise, the fact that its 30-day moving average (in red) is still far below its 200-day (in blue) suggests there’s still plenty of time before a reversal downwards is due.

There’s one main reason why AAVE has been rallying for the past week or so: Aave has announced plans to launch its own stablecoin. Dubbed GHO, it will be collateral-backed and pegged to the US dollar, and would work in a way not too dissimilar from DAI. It’s likely that AAVE will be used to collateralise GHO, something which could result in a supply squeeze. In other words, AAVE will experience a spike in demand, meaning a spike in price.

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Looking at its fundamentals, Aave remains the second-biggest DeFi platform in crypto, according to DeFilLlama. Running on Ethereum, it accounts for $5.62 billion in total value locked in, and once GHO is launched it could account for much more. It easily makes the cut of our 5 best cryptocurrency to buy for the weekend rally.

4. Ethereum (ETH)

ETH is $1,222, representing a rise of 12.5% in the past 24 hours. It’s actually down by 1.5% in the past week, but up by 15% in the last 14 days.

Ethereum (ETH) price chart.

ETH may have hit a bottom in the past weeks, and is now beginning to recover. Its RSI sunk as low as 20 in mid-June, and is now rising steadily to 50. At the same time, its 30-day average has flattened out after several weeks of decline. It may be about to begin rising up again.

Regardless of the particular timing involved, ETH is due for a big rally sooner or later. This is because Ethereum is due an upgrade later this year, when it moves to a proof-of-stake consensus mechanism.

Known as the Merge, the shift to PoS will enable Ethereum to become more energy efficient and, over time, more scalable. This will increase its blockchain’s usability, while the successful completion of the Merge — after months of negativity — will help to reinvigorate investor confidence.

Not only that, but the introduction of staking will increase demand for the altcoin, and with 10% of ETH’s supply already staked on the PoS Beacon Chain, the cryptocurrency could become deflationary. These are all highly bullish factors in favour of including ETH in our list of the 5 best cryptocurrency to buy for the weekend rally.

5. Polygon (MATIC)

At $0.705329, MATIC has increased by 14% in 24 hours. It has also posted a 25% gain in a week and a 69% jump in a month.

Polygon (MATIC) price chart.

MATIC’s indicators show very strong momentum. Yet with its RSI still not over 70 and its 30-day average still below its 200-day, its rally still has steam.

There’s little doubt that MATIC has been one of the strong-performing coins of the past month, and with good reason. Most recently, it announced an update that will bring high-performing zero-knowledge proofs to its network, improving security and efficiency for its users.

 

On top of this, it announced the launch of a testnet for Polygon Avail at the end of June. This is an additional network which will enable Ethereum to store much of its transaction data off-chain, thereby reducing costs even further. It’s targeted primarily at the growing Web3 ecosystem, putting Polygon in a prime position to profit if the latter expands substantially.

And it really does seem that the past few months have witnessed one positive news story after another for Polygon. Also in June, Coinbase selected the layer-two scaling platform as its network for sending transfers of ETH and USDC (as well as MATIC). This kind of endorsement strongly suggests that Polygon will remain out in front as the layer-two solution of choice for Ethereum. Taken together with its total value locked in of $1.65 billion, MATIC sits comfortably in our list of the 5 best cryptocurrency to buy for the weekend rally.

 

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Source: https://insidebitcoins.com/news/5-best-cryptocurrency-to-buy-for-the-weekend-rally-july-2022-week-2