Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
Best Cryptocurrencies to Invest in Right Now October 23 – Gnosis, Pendle, Cosmos

Best Cryptocurrencies to Invest in Right Now October 23 – Gnosis, Pendle, Cosmos

InsidebitcoinInsidebitcoin2024/10/23 15:00
By:Insidebitcoin

The cryptocurrency market constantly evolves, with new projects and innovative solutions emerging. Investors are paying attention to platforms with unique features, diverse use cases, and promising market trends.

From meme coins to decentralized finance (DeFi) protocols, each project brings a different perspective to the crypto space. This overview explores some of the best cryptocurrencies to invest in right now , highlighting their goals, market performance, and potential for growth.

Best Cryptocurrencies to Invest in Right Now

The ADA token experienced a modest 0.74% gain over the past month. Meanwhile, Pendle’s price surged by 6.77% this week, reaching $5.08. At the same time, Gnosis (GNO) increased by 4.44% in the last 24 hours, trading at $194.41, making it one of the day’s top-performing cryptocurrencies.

1. Crypto All Stars (STARS)

Crypto All Stars is gaining attention and has raised over $2.6 million. The project offers a different take on the meme coin market, primarily through its unique feature, MemeVaults. This protocol allows users to stake various meme coins and earn rewards in STARS tokens, providing an alternative to holding assets and waiting for potential price movements.

Many meme coins operate independently, but Crypto All Stars aims to consolidate these tokens, bringing together various meme coin mascots into one ecosystem. This structure sets it apart from the traditional standalone approach seen in most meme coin projects.

Best Cryptocurrencies to Invest in Right Now October 23 – Gnosis, Pendle, Cosmos image 0 Best Cryptocurrencies to Invest in Right Now October 23 – Gnosis, Pendle, Cosmos image 1

The STARS token, currently priced at $0.0015188 during the ICO, plays a crucial role within the platform, particularly in its staking mechanism. Early investors are closely monitoring the token’s performance, anticipating potential price growth as the presale continues. Increased social media activity has also contributed to Crypto All Stars ’ visibility, positioning it as a notable option for investors in the meme coin sector.

Visit Crypto All Stars Presale

2. Cardano (ADA)

Cardano is a blockchain platform focused on flexibility and sustainability. It supports smart contracts, allowing the development of decentralized finance applications, tokens, and games. The platform competes with Ethereum, offering users the ability to store value, make payments, and stake within the network.

In terms of price movements, the ADA token has seen modest gains recently, with a 0.74% increase over the last month. However, it dropped by 1.75% in the past 24 hours and is currently trading between $0.35 and $0.37.

Best Cryptocurrencies to Invest in Right Now October 23 – Gnosis, Pendle, Cosmos image 2 Best Cryptocurrencies to Invest in Right Now October 23 – Gnosis, Pendle, Cosmos image 3

Technical indicators show mixed results. The 10-day simple moving average is $0.36, slightly higher than the 100-day average of $0.35, suggesting a possible short-term upward trend. The 14-day Relative Strength Index is 58.44, indicating that ADA is neutral and may continue to move sideways.

In terms of performance, ADA has gained value against the U.S. dollar and Bitcoin but has underperformed compared to Ethereum. Its 24-hour volume-to-market cap ratio stands at 0.0412, reflecting moderate liquidity relative to its market size. This means ADA can be traded with a relatively low impact on its price. 

3. Pendle (PENDLE)

Pendle is a decentralized finance protocol that focuses on tokenization and the trading of future yields. The platform enables users to separate the ownership of an underlying yield-generating asset from its future yield. This separation allows for the creation of new financial instruments that can be traded on Pendle’s marketplace. 

Essentially, the protocol offers users the ability to manage and trade yield in a more flexible manner than traditional DeFi platforms. Recent developments have contributed to its steady growth. These improvements reflect Pendle’s ongoing efforts to enhance its platform and broaden its influence within the DeFi ecosystem.

Best Cryptocurrencies to Invest in Right Now October 23 – Gnosis, Pendle, Cosmos image 4 Best Cryptocurrencies to Invest in Right Now October 23 – Gnosis, Pendle, Cosmos image 5

Meanwhile, Pendle saw a price surge of 6.77% this week, hitting $5.08. Nevertheless, at the time of writing, the token is trading at $4.65, following an intraday decline of 3.73%. Despite this dip, market sentiment remains optimistic, supported by a bullish price prediction outlook. The Fear & Greed Index is currently at 71, indicating greed among market participants.

In terms of technical indicators, the 14-day RSI is 48.46, suggesting that the asset is neutral and could experience sideways trading in the near future. Additionally, PENDLE is trading above its 200-day simple moving average. The token also maintains high liquidity relative to its market cap, indicating ease of trading and market depth.

Coincodex forecasts predict Pendle’s price could rise to $15.84 next month, driven by continued market momentum. The short-term outlook for Pendle remains uncertain, but overall sentiment leans toward continued bullish growth, with expectations of price recovery and potential upward movement.

4. Cosmos (ATOM)

Cosmos is focused on solving the issue of blockchain interoperability by creating an “Internet of Blockchains.” Through the Cosmos Hub, it allows secure communication between over 249 interchain applications and services. The goal is to enable different blockchains to interact more effectively, something that most blockchain networks struggle with.

Best Cryptocurrencies to Invest in Right Now October 23 – Gnosis, Pendle, Cosmos image 6 Best Cryptocurrencies to Invest in Right Now October 23 – Gnosis, Pendle, Cosmos image 7

The ATOM token is essential for several functions on the network, such as paying transaction fees, staking for security, and participating in on-chain governance. Staking is particularly important as it helps keep the network decentralized and secure by encouraging users to lock their tokens in the system.

Meanwhile, ATOM’s price dropped 2.23% in the last 24 hours but increased 3.89% over the past week. The market sentiment is neutral, and the Fear & Greed Index is at 71 (Greed), suggesting possible sideways trading. The token also has strong liquidity due to its market cap. 

The 14-day Relative Strength Index (RSI) is at 61.84, indicating neutral conditions and potential sideways trading. Last month, ATOM saw a 1.80% price gain, and some analysts expect this trend to continue into October. 

5. Gnosis (GNO)

Gnosis (GNO) has seen a solid 4.44% increase in the past 24 hours, trading at $194.41, which places it among the top-performing cryptocurrencies for the day. This steady upward trend reflects growing interest in Gnosis, a platform designed to innovate within the decentralized finance (DeFi) space. 

The Gnosis ecosystem centers around the Gnosis Chain, with a focus on security and usability. Additionally, through initiatives like Gnosis Studios and GnosisVC, the platform supports and invests in projects such as Metri, which aims to develop accessible, secure financial tools. Gnosis’s emphasis on inclusivity sets it apart in the DeFi sector.

Best Cryptocurrencies to Invest in Right Now October 23 – Gnosis, Pendle, Cosmos image 8 Best Cryptocurrencies to Invest in Right Now October 23 – Gnosis, Pendle, Cosmos image 9

In terms of token performance, GNO has shown strong consistency. Over the past 30 days, it recorded 18 green days, indicating steady upward momentum. However, with a 14-day Relative Strength Index (RSI) of 71.57, the token appears overbought, signaling the potential for a price correction in the short term. 

Despite this, Gnosis remains in a strong position, trading 44.76% above its 200-day Simple Moving Average (SMA) of $134.59. This highlights its sustained long-term strength. Current sentiment around Gnosis remains positive, with a bullish outlook for its price trajectory. The Fear & Greed Index currently sits at 71, indicating a “Greed” sentiment, which often reflects heightened market enthusiasm. 

Over the past year, Gnosis has seen an 80% price increase and outperformed 51% of the top 100 cryptocurrencies during the same period. With its focus on security, consistent growth, and innovative approach, Gnosis continues to attract attention as one of the best cryptocurrencies to invest in right now.

Read More

  • Best Performing Crypto Assets to Consider Right Now
0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like