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The best cryptocurrencies to buy now on May 20th: Fantom, Injective, Sui
Last updated: May 20, 2024 1:37 pm EDT | 3 minute read
As cryptocurrency markets push higher on Monday, with Bitcoin (BTC) climbing above $68,000, traders anxiously await the release of minutes from this week’s Fed meeting. Coupled with Nvidia’s upcoming earnings and the SEC’s decision to single out Ethereum ETFs, investors are looking for the best cryptocurrency to buy now that could offer them quick gains.
While upcoming risk events could hurt sentiment, cryptocurrency markets maintain strong momentum despite favorable macroeconomic factors and subsequent technical breakouts.
Mood at $68,000 #Bitcoin Today pic.twitter.com/fIBrDUcGny
— Bitcoin Munger (@bitcoinmunger) May 20, 2024
Bitcoin it just pushed convincingly above its late April highs. Returning above all of its major moving averages, the next upside target for Bitcoin is the April highs at $72,800.
After finding support in the 2024 uptrend, Ether (ETH), meanwhile, is trying to break out of key resistance around $3,150-3,200.
This could open the door for a rapid run towards $3,700.
Solana (SOL), meanwhile, has enjoyed strong momentum since breaking out of the mid-April to mid-May range of $120 to $160. A return above $200 in the near future is very likely.
While blue-chip cryptocurrencies look set to do very well in the short term, some impatient traders are on the hunt for even quicker gains.
Smaller and less known altcoins with smaller market capitalizations you have a better chance of achieving quick, double or higher earnings.
Let’s take a look at some candidates for the best cryptocurrency to buy now.
The best cryptocurrencies to buy now
Fantom (FTM)
Layer 1 blockchain competitor to Ethereum and Solana Ghost (FTM) is going strong on Monday, up 13.5% in 24 hours, according to CoinMarketCap.
After breaking resistance around $0.80, FTM appears poised for a quick test of its 2024 highs around $1.23.
If this is the start of a new upward push, FTM could quickly return to 2021 record highs above $3.50. Here’s why it might be the best cryptocurrency to buy right now.
Fantom will keep pumping and leave everyone pissed off for all the right reasons.
You don’t understand how optimistic I am.
— hoem (@crypthoem) May 20, 2024
Injective (INJ)
Another flashy layer-1 blockchain altcoin Injective (INJ) is also pumping hard, +11% in 24 hoursaccording to CoinMarketCap.
If the Injective price manages to break out of the 50DMA, a quick test of the resistance at $30 becomes likely.
A break above these levels would open the door to a rapid return to March highs above $52.
Given that it could quickly make 2x gains, INJ could be the best cryptocurrency to buy today.
Sui (SUI)
On a day where tier 1 altcoins lead the market higher, Sui (SUI) is another token performing well.
As per CoinMarketCapit rose 10% in 24 hours to $1.13 and its market capitalization was about $2.6 billion.
Like Injective, SUI may be able to quickly double back to yearly highs.
But that depends on breaking through key resistance, such as around $1.40.
Cryptographic alternatives to consider
Altcoins are a great way to make quick cryptocurrency gains. However, most of the coins mentioned above are already too established to provide traders with up to 10x earnings.
To make bigger gains, traders will have to get into the latest coins very early.
For risk-taking investors looking to add upside exposure to their portfolios, pre-sale investments it is potentially a good strategy.
Web3 Startups often sell their tokens at an upfront discount in pre-sales to fund development and create hype.
With so many pre-sales on the market, it can be difficult to know where to start. Here are some of Cryptonews’ top picks.
21 Best Cryptocurrency Presales to Invest in Now
Disclaimer: Cryptocurrencies are a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all your capital.