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5 Top Cryptocurrency to Buy for Best Short-Term Returns June 2022

06/29/2022
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The cryptocurrency market is on the slide again after some hopeful signs of stabilisation. Its total cap has fallen by 4% in the past 24 hours, to $941 billion. This represents a 1% dip in the past week and a 26.6% dive in the past month. Of course, with prices continuing to fall, certain coins are now going at a significant discount. This introduces the potential for some big short-term gains, particularly with altcoins that present fundamental reasons to be bullish. We round up a selection of such coins in this list of 5 top cryptocurrency to buy for short-term returns.

5 Top Cryptocurrency to Buy for Best Short-Term Returns

1. TerraClassicUSD (USTC)

For the risk-takers out there, USTC is the best-performing coin in the top-100 today. At $0.082295, it has risen by just over 200% in 24 hours, and by nearly 900% in a week. It is, of course, down by roughly 90% from where it should be, which is pegged 1:1 to the US dollar.

TerraClassicUSD (USTC) price chart - 5 Top Cryptocurrency to Buy for Best Short-Term Returns.

Looking at USTC’s relative strength index (in purple), it’s currently overbought. In other words, its current rally could end anytime soon. However, it has gone through a number of these sudden pumps on various occasions since it de-pegged from the US dollar.

As such, it’s always worth watching, even if it is effectively a zombie coin. That’s because its status as such a coin makes it an ideal vehicle for pumps. In other words, because it’s no longer a live coin, it’s less effected by ‘fundamental’ reasons to go up or down, as well as less effected by external shocks. This makes watching indicators such as its RSI arguably more useful than with other, fundamentally stronger coins.

2. Polygon (MATIC)

At $0.532258, MATIC is down by nearly 3% in the past day. On the other hand, it has risen by 27% in the past week, while remaining down by 11% in the last 30 days.

Polygon (MATIC) price chart.

MATIC appears to be in the middle of a recovery, albeit one that today’s market selloff has briefly interrupted. Its RSI remains at 50, having risen from 30 earlier in June. This suggests it could continue rising once today’s dip is over.

There are plenty of good reasons why MATIC is ripe for some more short-term rises. Firstly, Coinbase has selected the layer-two scaling platform as its network for sending transfers of ETH and USDC (as well as MATIC). This will see Polygon’s traffic increase considerably, strengthening the bull case for MATIC.

Polygon also recently launched Polygon ID, a self-sovereign digital ID solution based on zero-knowledge cryptography. This will facilitate growing use of the layer-two network, enabling it to push further ahead of its rivals. This is why MATIC is one of our 5 top cryptocurrency to buy for short-term returns, even if it’s also set up nicely for long-term profits as well.

3. ApeCoin (APE)

APE is down by 13% in the past 24 hours, at $4.76. It is, however, up by 8% in the past week and by 31% in the past fortnight.

ApeCoin (APE) price chart - 5 Top Cryptocurrency to Buy for Best Short-Term Returns.

APE is on the downswing after a rally that saw it rise to $5.50 yesterday. This correction is arguably good for traders who want to buy low, with the coin’s RSI now nearing 40.

The governance and utility token of the ApeCoin DAO, APE is well-placed to enjoy a few more short-term rallies in the near future. Not least because Bored Ape Yacht Club has announced a variety of high-profile partnerships in recent weeks. For example, it very recently collaborated with major music publication Rolling Stone on a small series of NFTs.

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Bored Ape Yacht Club also has also just held ApeFest 2022. Staging a variety of household name-level musicians, it has served to get the NFT collection into the public eye again.

Looking at its fundamentals, ApeCoin continues to enjoy a steady stream of development and upgrades. This all strengthens the case that, alone with being a good short-term investment, it may also be a good long-term one.

4. Shiba Inu (SHIB)

SHIB is $0.00000991 today, representing a 10% drop in the past 24 hours. It’s also down by 6% in the past week, but up by 21% in the last 14 days.

Shiba Inu (SHIB) price chart.

SHIB’s RSI has dropped down to 30, suggesting that it could be due for a rebound soon. Its recent rise was due to a series of token burns that have been gaining momentum over the past week or so. In fact, these burns are continuing apace, raising hope that SHIB’s supply will be squeezed enough to drive up its price.

The strength of the Shiba community is another big reason why SHIB can always be counted on to produce the occasional short-term spike. Indeed, with nearly half a million Reddit followers, and over a three quarters of a million Twitter followers, Shiba Inu certainly commands plenty of loyalty. It’s precisely because it has an army of followers that its price can spike at a moment’s notice.

SHIB has also witnessed increased accumulation among whales, a process which could heighten its ongoing squeeze. This is why it’s in our list of the 5 top cryptocurrency to buy for short-term returns.

5. Synthetix Network (SNX)

SNX is up by 6% in the past 24 hours. At $2.63, it’s down by 15% in a week, but up by 41% in the last 14 days.

Synthetix Network (SNX) price chart.

SNX may be on the cusp of a rally. Its RSI is closing on 60, having dived down to nearly 25 a few days. As its chart shows, it has been an up-and-down cryptocurrency over the year to date, so it’s likely to experience a few more surges before 2022 is done.

A platform for issuing tokenised and synthetic assets on the Ethereum blockchain, Synthetix has witnessed growing usage in recent weeks and months. This largely comes from the DeFi sector, which has a growing appetite for atomic swaps and other functions offered by Synthetix.

In fact, Synthetix has been on something of a run for the past week or so no, posting growing transaction volumes. This reveals growing usage, and why SNX is one of our 5 top cryptocurrency to buy for short-term returns.

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Source: https://insidebitcoins.com/news/5-top-cryptocurrency-to-buy-for-best-short-term-returns-june-2022