The month of June has begun with cryptocurrencies in a bear market – this paradoxically makes it a good time to buy cryptos Bitcoin, Cardano, and EverGrow Coin.
Most major cryptocurrencies are at prices well below key indicators like the 20-week SMA, with low relative strength indicators (RSI). The cryptocurrency is volatile at the best of times and your own research is paramount – but these indicators in the past have proven to make for lucrative accumulation phases.
In this article, we will explore reasons to buy cryptocurrencies Bitcoin, Cardano, and EverGrow Coin in June 2022.
EverGrow Coin has emerged as the top reflection token for stablecoin passive income.
Since launching in September last year, EverGrow Coin has paid over $37 million in Binance-pegged USD (BUSD) to wallets holding EverGrow Coin. The figure is astounding for a cryptocurrency with a modest market cap under $200 million and still in the early stages of its roadmap.
EverGrow Coin charges a 14% transaction tax on buy/sell orders, with 8% redistributed to investors in BUSD. A further 3% goes towards liquidity on PancakeSwap, with 2% kept back for buyback and burn and 1% used for marketing.
In the next few months, EverGrow Coin will launch its NFT marketplace called LunaSky, a content subscription service called Crator, and build these applications plus a crypto exchange into The Abstract metaverse.
Reflection tokens are a new phenomenon in the crypto DeFi space and EverGrow Coin has quickly emerged as an industry leader and hence the top crypto to buy in June 2022.
Investors often flock to safe assets during a crash – in the world of crypto, this safe asset is Bitcoin.
Bitcoin's market-share dominance grew from 41% to 46% during the crypto market crash. This dominance is the highest Bitcoin has seen since October 2021. The faith in Bitcoin bodes well for long-term price gains and tips Bitcoin as still a good crypto to buy in June 2022.
The 20-week SMA indicator for Bitcoin is up over $38,000. This is well above the current Bitcoin price of $31,600. Bitcoin's RSI when looked at a weekly timeframe is under 40%. An RSI of 30% is considered an optimum time to buy – while 70% and over is considered an optimum time to sell, as an asset is overpriced.
It was only in November last year that Bitcoin was over $60,000 in price. Bitcoin was at this price again in April last year. Once this bear market is over, Bitcoin could see yet another 100% price hike making it good crypto buy in June 2022.
Cardano (ADA) has long been a top 20 cryptocurrency.
In the past few days, it saw a 25% price increase from a low of $0.45 to a current price of $0.6173. During the price rally, Cardano flipped both BUSD and Solana to become the 6th biggest crypto by market cap in the rankings today.
In the next few weeks, Cardano is scheduled to undergo a 'hardfork' – this is when a blockchain network undergoes a software upgrade. The next and second Cardano upgrade is called the Vasil hardfork and is expected to greatly enhance the capabilities for DeFi, DEX, and smart contract applications to be built on the Cardano blockchain.
The upgrade will enhance the scalability of the network and bring its user-friendly programming languages to more and more developers. Cardano is already prized as a low-cost, low energy-intensive, and secure blockchain platform. This is compounded by Cardano's strong academic foundations where all upgrades go through peer review before getting close to implementation.
Cardano and its IOHK and EMURGO for-profit technology arm are well placed to bring blockchain technology to a range of sectors and applications, including for academic certifications, ticketing systems, environmental projects, supply-chain tracking in agriculture, digital identity services, and more. The upcoming Vasil hardfork and Cardano potential make it good crypto to buy in 2022.
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.