The cryptocurrency market is declining. Over the last 24 hours, the global cryptocurrency market cap has plunged by 5.7% to below $1 trillion. Bitcoin and Ether have also registered losses of around 7% each.
However, despite the dip, some cryptocurrencies have set themselves aside, showing signs of delivering short-term gains. The best cryptos to invest in during the current dip are Ripple (XRP), Ethereum (ETH), Chiliz (CHZ), and Tamadoge (TAMA).
XRP has been one of the biggest gainers this month. Data from CoinGecko shows that XRP has gained by 26% during the last two weeks. However, the bullish sentiment seems to be weakening.
At the time of writing, XRP had dropped by 11.6% to trade at $0.419 at the time of writing. The current dips seem to be growing the risk of a trend reversal. XRP’s 24-hour trading volumes stand at $2.5 billion, while its market cap has also dropped to $20.96 billion, making it the 6th largest cryptocurrency by this metric.
The Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) prove that XRP is on a bearish trend. The RSI of 43 and the MACD line show that XRP is currently on a bearish trend. This could see XRP drop lower to test support levels at $0.38.
XRP’s bullish rally was created by news that the case against Ripple and its executives by the US Securities and Exchange Commission would end. XRP could make a significant jump if the judge rules that it is a token, while the reverse will happen if the judge rules it is a security. Nevertheless, XRP is a crypto to watch out for in the coming months.
Ethereum has also been one of the poor performers during the past day. Over the last 24 hours, Ether has dipped by 7.6% to trade at $1,276. The current dips have wiped out yesterday’s rally that nearly saw Ether breaking past $1,400.
The Ethereum RSI of 48 shows that bears are fighting for control, and the price could go lower in the short term. The MACD line is also in bearish territory, further showing that a steep decline could be on the way.
If the bearish sentiment holds, Ether could drop towards the $1000 lows. Ether bears have persisted since the Ethereum Merge. The bearish sentiment has been caused by critics such as Charles Hoskinson, Cardano’s founder, who now says that the road ahead is rough for the Ethereum community.
The other token worth watching out for in September is CHZ. CHZ is the native token for the Chiliz platform, popular in the sports sector. The CHZ token has dropped by 10.5% during the past 24 hours, and it was trading at $0.233 at the time of writing, according to CoinGecko.
The current downtrend is wiping off the gains that CHZ had attempted to make during the past week. CHZ increased by 20% during the past two weeks as it gained interest from whales. However, it seems as if the bullish momentum is now fading.
CHZ’s chart (above) shows that some bullish momentum could still be at play despite the double-digit loss during the past 24 hours. Therefore, in the short term, the price could consolidate at the $0.23 region before an uptrend or a downtrend is registered.
The MACD line shows that further dips could be on the way, and CHZ could test the lower support levels at $0.22. If the selling pressure intensifies, CHZ could drop below the $0.20 level.
The Chiliz crypto app has become quite popular in the sports sector following the boom of fan tokens created through the Socios platform. Therefore, traders could buy the token in hopes that its utility will deliver gains in the long term.
The other exciting crypto that is also worth checking out is Tamadoge (TAMA). Tamadoge is the newest cryptocurrency in the market, and after completing a presale that raised $19 million, the token was listed on the OKX exchange.
TAMA was trading at $0.0237 at the time of writing after a 14.44% gain in 24 hours. Its trading volumes during the past 24 hours are $69 million according to CoinMarketCap, showing that it has ample liquidity.
Tamadoge is attracting attention for promising to be one of the best play-to-earn games in the crypto sector. By offering utility, Tamadoge is setting itself apart from the other memecoins in the market.
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